Mercantile Capital Corporation Provides Commercial Real Estate Loan in Orlando Worth $476,000

Altamonte Springs, Fla. – Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed a commercial loan for Suhaag Garden, Inc. recently for $476,000 in total project costs.

Suhaag Garden, Inc. is a full service event décor and design company specializing in South Asian weddings and events.

“With the help of MCC, we were able to secure an SBA 504 loan for our new property and are excited to serve the Orlando community on a full-time basis with a brand new state-of-the-art showroom,” said owner, Jilna Jasani.

“We especially want to thank Monica and Zenia from MCC, who guided us through the whole process and answered all our questions in a timely manner,” she added.

The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like Suhaag Garden, Inc., have an opportunity to create wealth and financial freedom. Their specialization in SmartChoice Commercial Loans, also known as SBA 504 loans, allows borrowers, like Jigar and Jilna Jasani, to own their commercial property with the highest cash-on-cash return financing available, without tying up their precious capital, so they can grow even faster.

For more information, visit www.TheSmartChoiceLoan.com and www.504Blog.com.

Mercantile Capital Corporation closes on loans in May to finance commercial real estate projects valued at more than $11.6 million

ALTAMONTE SPRINGS, Fla. --- Mercantile Capital Corporation, a wholly owned subsidiary of Old Florida National Bank, closed on loans to finance commercial real estate projects valued at more than $11.6 million in May.

Geof Longstaff, chairman of Mercantile Capital Corporation, said the firm’s largest single loan financed the construction of a $6.5 million multi-specialist medical office facility in Newport Beach, Calif.

Mercantile Capital Corporation ranks as one of the nation’s largest providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities.

For information visit www.TheSmartChoiceLoan.com or www.504Experts.com and post: www.504blog.com.

Mercantile Capital Corporation Best First Quarter Ever is Lead-in to Projected Major Loans in May

ALTAMONTE SPRINGS, Fla. --- Mercantile Capital Corporation, which earlier reported its best first quarter ever in 2011 with 15 commercial property loans to finance projects that total more than $54.8 million — a 44.6 percent increase over the same period in 2010 — projects record or near record transactions scheduled for May.

Chris Hurn, chief executive officer of Mercantile Capital Corporation said seven commercial loans scheduled to close in May will finance real estate projects valued at more than $11.7 million in three states. Mercantile Capital Corporation closed two loans in April for projects that total more than $1.7 million in Massachusetts and Illinois.

Mercantile Capital Corporation, a wholly-owned subsidiary of Old Florida National Bank, is one of the nation’s leading providers of U.S. Small Business Administration (SBA) loans for small business owners who want to acquire or develop their own facilities. Additional information about Mercantile can be found at www.504Experts.com and www.504blog.com.

Mercantile Capital Corporation Names Three New Executives

ALTAMONTE SPRINGS, Fla. --- Mercantile Capital Corp. in Altamonte Springs appointed three new executives recently.

Christopher Hurn, chief executive officer at Mercantile Capital Corporation, said he appointed Derek J. Housh as Loan Officer, who will focus on healthcare lending.

Housh earned his B.A. Degree in Economics from Ohio State University in 1999 and has more than 10 years of experience as a loan officer specializing in financing medical, dental, and veterinarian practices. Housh was formerly southeast regional manager for Bank of America Practice Solutions.

Hurn appointed Zenia Birdie as Closing Officer at the firm. Birdie earned her B.S. Degree in Business Administration from the University of Florida recently with a specialization in marketing. She was formerly an intern for Mercantile Capital Corp. In her new role, Birdie will facilitate closings and work with borrowers.

Hurn appointed Stephen Robertson as Sales Associate. Robertson has more than six years of experience in financial service, including a position as a wholesale mortgage business account executive with J.P. Morgan Chase. Robertson plans to graduate from the Warrington College of Business at the University of Florida in April with his MBA Degree.

“Mercantile Capital Corporation posted its best year ever in 2010, and we are expanding to accommodate growing demand for our services,” Hurn said.

The firm, which merged with Old Florida National Bank in Winter Park last year, specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities.
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For more information about this press release, contact: Chris Hurn, Chief Executive Officer Mercantile Capital Corporation, 407-786-5040; Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Mercantile Capital Corporation Provides Commercial Real Estate Loan to Grocery Store Owners in Sorrento, Fla. Worth over $2.4 Million

ALTAMONTE SPRINGS – Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, recently closed a commercial loan for

Mt. Plymouth IGA for $2,410,000 in total project costs.

Mt. Plymouth IGA is a community grocery store serving the Mt. Plymouth and Sorrento communities and surrounding areas. They have been in business at the present location for more than 50 years and were acquired by Nakul and Nisha Patel in 1998. Upon completion of this expansion, they will be able to offer a full service deli including custom subs and wraps, roasted chicken, in-store bakery, and expanded produce, meat and poultry offerings with a temperature-controlled meat processing area.

“Three years ago, if you had talked to me about doing an SBA loan, I would have laughed and said ‘No way,’ said owner, Nakul Patel. “But, today with historic low interest rates, plus the ability to finance building and equipment with a fixed rate for 20 plus years, we would be crazy not to do it,” Patel said. “Mercantile has a team that understands small business and its needs.
They are experts at the 504 loan program, so for any small business owners who have been banging at the door of banks not getting anywhere, I recommend you give MCC a call,” he added.

The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like Mt. Plymouth IGA, have an opportunity to create wealth and financial freedom. Their specialization in SmartChoice Commercial Loans, also known as SBA 504 loans, allows borrowers, like Nakul and Nisha Patel, to own their commercial property with the highest cash-on-cash return financing available, without tying up their precious capital, so they can grow even faster.

For more information, visit www.TheSmartChoiceLoan.com and www.504Blog.com.
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For more information about this press release, contact: Chris Hurn, Mercantile Capital Corporation, 407-786-5040 churn@mercantilecc.com or Robin Lashley, Mercantile Capital Corporation, 407-786-5040 rlashley@mercantilecc.com orLarry Vershel Communications 407-644-4142 Lvershelco@aol.com

Old Florida National Bank and Mercantile Capital Corporation Announce Merger Agreement

ORLANDO - Old Florida National Bank and Mercantile Capital Corporation have entered into a merger agreement. Old Florida National Bank (Old Florida), headquartered in downtown Orlando, expects the merger to be finalized in the late fourth quarter or early first quarter of 2011.

Randy Burden, chairman of Old Florida, and Geof Longstaff, chairman of Mercantile, jointly announced the merger.

Old Florida National Bank, formed in 1982, currently operates eight full-service retail banking facilities throughout Central Florida and Inverness, Fla. and boasts over $375 million in assets
Mercantile, the seven-year-old Altamonte Springs firm that specializes in U.S. Small Business Administration (SBA) 504 loans for owners of small to mid-sized businesses who want to acquire or develop their own facilities, has provided commercial loans in 30 states and Puerto Rico for more than $513 million in total project costs since it opened as Mercantile Commercial Capital, LLC in late 2002.

“The merger substantially extends Old Florida’s capacity to engage in commercial lending,” Randy Burden said.

“Mercantile ranks as one of the largest and best known providers of SBA-504 lending in the nation,” Burden said. “They have succeeded in developing a well-known and well-respected brand with a solid reputation in the small business community,” Burden added.

Longstaff, who has served as president of three banks in the area over the past three decades, said the merger brings substantial resources to bear on Mercantile’s effort to serve small business owners nationwide.

John Burden, president of Old Florida, said “the merger creates a strong, cohesive banking organization squarely focused on serving consumers, professionals and the small business sector.”

“Old Florida National Bank is a hometown bank well known for personal service to our customers and a smart, reliable approach to banking,” Burden said.

“We are very pleased to offer Mercantile’s services to our customers and to further our service to Central Florida’s small business community,” he said.

Christopher G. Hurn, chief executive officer of Mercantile Capital Corporation, said “the merger enables Mercantile to expand its services and to help more small business owners nationally.”

“Our merger substantially expands the capital resources we can bring to the small business sector of the U.S. economy,” said Hurn.

Mercantile Capital Corporation will operate as a wholly-owned subsidiary of Old Florida National Bank. The combined entities are estimated to have nearly $400 million in total assets upon completion of their merger, making Old Florida one of the largest Orlando-based community banks.

For more information, Contact: John Burden, President Old Florida National Bank, 407-388-6136

Mercantile Capital Corp. CEO Chris Hurn working hard to convince support of Obama administration’s HR 5297 small business bill

ALTAMONTE SPRINGS - Mercantile Capital Corporation Chief Executive Officer Christopher G. Hurn in Altamonte Springs is more at home on the Fox News set or the pages of Forbes magazine than his current soap box. — Stumping to drum up Republican support for HR 5297, the Obama administration’s efforts to provide capital for small businesses neglected by the major banks.

“This is a no-brainer for me,” said Hurn. “HR 5297 will benefit American small businesses. That’s the core of the American economy. That’s the primary job-creating sector of the economy,” he said.

“We’ve spent billions bailing out financial services and major manufacturers, making short term transfer payments and extending unemployment benefits, with little to show in stimulating the U.S. economy,” Hurn said.

“In the end, American small business will shoulder all those bills. We’ve got to fix the economy, and HR 5297 is the first big step in the right direction that I’ve seen so far,” he said.

Mercantile Capital Corporation ranks among the most active providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities.
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For more information about this press release contact: Chris Hurn, CEO/Cofounder, Mercantile Capital Corporation, 407-786-5040; Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040; Larry Vershel, Larry Vershel Communications 407-644-4142

Mercantile Capital Corp. Reports SBA 504 Commercial Loan Volume up in June, First Half of 2010 Loan Closings Soar

ALTAMONTE SPRINGS - Mercantile Capital Corp. reports the dollar volume of commercial loans it closed in June was up more than 284 percent over the same period last year.

At the same time, Christopher Hurn, chief executive officer of Mercantile Capital Corp., said since January Mercantile Capital closed 29 commercial loans for projects valued at $81.6 million, a spectacular jump (416.46 percent) over the same six-month period in 2009 when $15.8 million was funded for 10 loans.

“This marks the best six-month period in our company’s history,” Hurn said.

Mercantile Capital Corp. – which ranks as one of the most active providers of U.S. Small Business Administration (SBA) 504 Loans in the nation – closed seven loans in June for projects that totaled just over $20 million in four different states and the District of Columbia.

Visit www.504Experts.com and www.504Blog.com.

For more information about this press release, contact: Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040; Robin Lashley, Mercantile Capital Corporation, 407-786-5040

Mercantile Capital Corporation Reports Two Commercial Loans in February worth More Than $8.3 Million

ALTAMONTE SPRINGS - Mercantile Capital Corp., which ranks as one of the nation’s largest providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, reports it closed on two commercial property loans in February that totaled over $8.3 million on total project costs.

Christopher Hurn, chief executive officer of Mercantile Capital Corporation, said January’s total project costs of over $11.5 million marked the firm’s largest single month in two years, with the totals of February not far behind.

Hurn said the largest loan in February paid for a nearly $7.6 million Hampton Inn & Suites in Port Arthur, Texas.
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For more information about this press release, contact:
Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040; churn@mercantilecc.com; Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040; glongstaff@mercantilecc.com

Mercantile Capital Corporation Provides Commercial Real Estate Loan in Lake Mary worth $712,000

Altamonte Springs – Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, recently closed a commercial loan for Out-

Spoke’N Bike Shops, Inc. for $712,000 in total project costs.

Family owned and operated since 1997, Out-Spoke’N Bike Shops, Inc. is a retail bicycle store that focuses on all aspects of cycling, and is a popular cycling destination in Central Florida, located in Lake Mary.

“Working with Mercantile was great. Not only did they have excellent product knowledge, but they were available well past regular working hours, which was so helpful, considering I still had a business to run during the loan process.” said Michael Cottle, co-owner with his wife, Arden.

The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like Out-Spoke’N Bike Shops, Inc., have an opportunity to create wealth and financial freedom. Their specialization in SmartChoice Commercial Loans, also known as SBA 504s,, allows borrowers, like Michael and Arden Cottle, to own their commercial property with the highest cash-on-cash return financing available, without tying up their precious capital, so they can grow even faster.

For more information visit www.TheSmartChoiceLoan.com and www.504Blog.com.

For more information about this press release Contact:
Chris Hurn, Mercantile Capital Corporation, 407-786-5040 or Robin Lashley, Mercantile Capital Corporation, 407-786-5040

Mercantile Capital Corp. Reports 12.8 Percent Jump in Commercial Lending Volume in 2009

ALTAMONTE SPRINGS, Fla. --- Mercantile Capital Corporation, the Altamonte Springs firm that ranks as one of the largest providers of U.S. Small Business Administration (SBA) 504 loans in the nation, reported it saw a 12.8 percent increase in lending volume in 2009 over 2008 dollar volume totals.

Chris Hurn, president of Mercantile Capital Corporation, said the number of transactions declined slightly in 2009 but loan amounts---to small business owners who want to acquire or develop their own facilities---increased, Hurn said.

Geof Longstaff, chairman, said the firm’s largest single loan was $8.1 million to Blaine Convention Services in California to acquire a retail warehouse.

Mercantile Capital Corporation provided loans to small businesses in some 14 states in 2009, Longstaff said.

Since Mercantile Capital opened its doors in late 2002, the firm has provided 262 commercial loans valued at more than $424.7 million and created 2,983 jobs.
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For more information about this press release, contact:
G. Geoffrey Longstaff, Chairman, Mercantile Capital Corporation 407-786-5040
Christopher G. Hurn, CEO, Mercantile Capital Corporation, 407-786-5040

President Obama’s Jobs Initiative a Small Step in the Right Direction, Says Mercantile Capital Corporation President Chris Hurn

ALTAMONTE SPRINGS, Fla. --- Christopher Hurn, president of Mercantile Capital Corporation, the region’s most active provider of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, appeared on Fox Business News recently to comment on President Obama’s efforts to stimulate job growth in the U.S.

“Some of the things being discussed -- like tax credits for new hires and a payroll tax holiday for employers -- are a good step in the right direction,” Hurn explained, “but I’m not entirely convinced that the Obama Administration has figured out how to truly stimulate our economy and actually create jobs.”

Economic stimulation starts with taxation, Hurn asserted. “You have to put money in people's pockets and then trust the American consumers and businesses to do what is best with it,” he said.

“You can't stimulate job growth without stimulating spending,” he said. “The tax credits that have been proposed are marginally beneficial, but tax credits for new hires were included as part of the original recovery bill. It’s easy to see that they haven’t had the impact we all hoped,” he said.

Hurn unveiled his own four-point plan to jump-start the national economy:

1. Implement a meaningful payroll tax holiday for both employers AND employees (Jan. 1 to July 1, or better yet, all of 2010);

2. Permanently abolish the capital gains tax on any investments made in eligible small businesses (fewer than $100 million or under 500 employees) during 2010;

3. Repeal or drastically modify Sarbanes-Oxley, as it has hampered business growth and hasn't done nearly as much good as was intended;

4. Get health reform right---the plans in circulation are still missing two very important things: tort reform and the ability to purchase health insurance across state lines.

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For more information, contact:

Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040

Larry Vershel, Larry Vershel Communications 407-644-4142

Mercantile Capital Corp. Reports More Than $13 Million in Total Projects for November, Over $81 Million Volume for 2009

ALTAMONTE SPRINGS, Fla. --- Mercantile Capital Corporation, the Altamonte Springs firm that ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, reports it closed on seven commercial property loans that totaled more than $13 million in total project costs in November.

Christopher G. Hurn, chief executive officer of Mercantile Capital Corporation, said he projects the firm will close on six more commercial property loans in December for a total of $9.2 million to close out the year with more than $81 million in total project costs financed.

“We will complete the year with over $81 million in total project costs,” Hurn said. “Our dollar volume is up nearly 15 percent from 2008,” he explained.

Hurn said one of Mercantile Capital’s most important measurements---job creation---is also up this year.

“Our lending funded projects that created more than 480 new jobs in 2008,” Hurn said. “For 2009, employment growth we helped fund will total more than 500 new jobs,” he said.

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For more information contact:
Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040
Larry Vershel, Larry Vershel Communications 407-644-4142

Expansion of SBA’s latest initiative could have dramatic impact on Small Businesses, National Economy, says Chris Hurn

Expansion of SBA’s latest initiative could have dramatic impact on Small Businesses, National Economy, says Chris Hurn

ALTAMONTE SPRINGS, Fla. - The U.S. Small Business Administration’s helpful decision recently to extend its SBA-504 lending program ---which helps small business owners who want to acquire or develop their own facilities---doesn’t go far enough, says Chris Hurn, chief executive officer of Mercantile Capital Corporation in Altamonte Springs.

Hurn’s analysis, which he published at www.504Experts.com, is getting some major media traction, including a lengthy interview in the New York Times.

The most recent SBA initiative---announced last February and put into effect recently---extends the SBA’s 504 lending program to include refinancing.

Hurn gives the SBA credit for extending the 504 loan program. But the SBA initiative requires businesses to use new funds for expansion purposes only.

“That’s the kink,” Hurn said. “How many small businesses are in an expansion mode in this economy?” he asked.

Billions of dollars worth of potential small business loans go unfunded every year, Hurn said.

“That money needs to be in the marketplace to have any positive effect on small business growth. The $255 million,” Hurn said.

The numbers back Hurn’s proposition: SBA 504 loans are down 41.5 percent this fiscal year and the total dollar amount funded has dropped 42.5 percent from last year.

“The SBA is moving in the right direction, but the positive impact on small business growth in the U.S. would be explosive if SBA would lift its restriction to small business expansion and open the door to true refinancing,” Hurn added.

For more information, contact:
Chris Hurn, Chief Executive Officer Mercantile Capital Corporation, 407-786-5040
Shannon Marks, President, Mercantile Capital Corporation, 407-786-5040
Larry Vershel, Larry Vershel Communications 407-644-4142

U.S. Economic Stimulus Program Contains Promising Elements,But Not Enough, Lender Says

U.S. Economic Stimulus Program Contains Promising Elements,But Not Enough, Lender Says

ALTAMONTE SPRINGS, Fla. - The U.S. Economic Stimulus program has many good elements that will help small businesses but some miss the point, according to Christopher Hurn, chief executive officer of one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners.

Hurn, CEO of Mercantile Capital Corporation based in Altamonte Springs and a popular speaker at banking conferences and seminars who posts his own blog at http://www.504blog.com/, said the U.S. Economic Stimulus program deserves kudos for promising to buy up to $15 billion worth of guaranteed SBA loans.

Hurn said the stimulus package also eliminates all SBA fees on both SBA 504 loans and the agency’s SBA 7(a) loan program at a cost of $245 million.

In addition, the administration has announced it will waive capital gains taxes for small business owners who hold or have held their shares for a minimum of five years.
“Those are positive signs for small business owners,” Hurn said.

“The Treasury buys in the secondary market will add liquidity to the banking environment and thaw out the secondary market and commercial lending---small business lending,” Hurn explained.

But, Hurn cautioned, temporarily eliminating fees on SBA loans won’t have much effect on economic stimulation or job growth.

“Fee elimination, even on a temporary basis, doesn’t impact small business owners that much because these aren’t out-of-pocket fees. These fees are actually financed in the loans, so even though it sounds good rhetorically, I don’t know that it’s going to have much of a stimulative effect,” Hurn said.

Hurn said the stimulus program fails in some other regards as well.

“We haven’t addressed any taxation at all,” he said. “There are no new higher tax credits for 2009, which I think would help grow the job base if properly incentivized. There is no mention of a payroll tax holiday for 2009. That would put more dollars in employees’ and employers’ pockets, and these are the kinds of elements that would have an immediate effect and jump start the economy,” Hurn said.

For more information, please contact
Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040
Shannon D. Marks, COO, Mercantile Capital Corporation, 407-786-5040
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142