Altamonte Springs, FL (PRWEB) May 13, 2006
Mercantile Commercial Capital, LLC, the Altamonte Springs-based firm that specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, reported a big surge in commercial lending during the first three months of 2006.
Christopher G. Hurn, president and chief executive officer of the firm, said Mercantile Commercial Capital closed on 14 commercial loans during the first quarter worth a total of more than million ââ a record for the period.
Hurn said Mercantile Commercial Capital set another record for the period as well ââ the firmâs first quarter loans will generate 116 new full-time jobs, an important SBA 504 criteria.
In 2005, Mercantile Commercial Capital closed 47 loans on total project costs of ,260,255.00 and helped to create some 350 new jobs.
Hurn said the firmâs largest single loan during the first quarter of 2006 totaled more than .2 million to finance the acquisition of Hidden Harbor Marina in Sanford.
SBA 504 loans rank among the most successful of U.S. efforts to encourage small business growth. SBA 504 financing offers below market interest rates and the lowest equity-to-loan ratio in the commercial mortgage industry, Hurn said.
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