Mercantile Capital Corp Reports Record Low Interest Rate on SBA 504 Loans; Good News for Small Business Owners Looking to Buy Commercial Real Estate, Equipment
ALTAMONTE SPRINGS, Fla. — Mercantile Capital Corporation, which specializes in U.S. Small Business Administration (SBA) 504 loans for owners of small businesses who want to acquire their own facilities, reports a record low for the 20-year fixed interest rate on SBA 504 loan projects. This month, the rate fell to 5.24%, the lowest since the program’s inception more than 20 years ago.
Chris Hurn, CEO and Cofounder of Mercantile Capital Corporation, commented, “This record low interest rate for 504 loans, combined with the fee reductions included in the Stimulus Bill, makes it even more attractive for business owners to purchase or expand their facilities.”
SBA 504 loans allow owners of small and mid-sized businesses to purchase, construct, or renovate their commercial property with as little as 10 percent down, long terms (up to 25 years) and fixed interest rates. Equipment and other fixed assets can also be included in these loans, to the benefit of the borrower. The SBA announced in June that it would ease the restrictions on using 504 loan funds for the purposes of refinancing, as long as it pertains to business expansion.
“The SBA 504 loan has long been a powerful tool for business owners to grow and expand their operations. I hope the announcement of this historically low interest rate will cause more of America’s entrepreneurs to perk up and realize that there are once-in-a-generation opportunities for them to create wealth and help get our economy back on track,” says Hurn.
Mercantile Capital Corporation ranks as one of the most active providers of SBA 504 loans nationwide, allowing owners of small and mid-sized businesses to own commercial property with up to 90% loan-to-cost financing.
Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040
Shannon D. Marks, President/COO, Mercantile Capital Corporation, 407-786-5040
Larry Vershel, Larry Vershel Communications 407-644-4142