Two years ago, we set an audacious goal of getting to $2 billion in total project costs funded by the end of last year. It turns out that we had two really good years and got really close to hitting that goal (probably closer than we realistically expected), but we’re sorry to say we fell just a bit short. We ended 2016 with a total of $1.937 billion, which is pretty dang close, but not quite $2 billion. According to our “$2 Billion or Bust” rallying cry, we busted. As is the case with big, audacious goals, that’s just the way it goes sometimes.
But on March 15th, we hit the $2 billion mark and we’re super proud of it. Not just because we reached the number we were aiming for, but because we’ve helped small businesses all over the U.S. finance over $2 billion worth of commercial real estate projects. Wrapped up in that humongous number are countless stories of business owners working hard to make payroll, take care of their employees, treat their customers right, and grow their businesses. But those stories aren’t actually countless — they number 665 and we’re proud to have had a small part in each and every one.
Not to downplay the fact that we didn’t meet the goal we set for ourselves, but we still jumped from $1 billion to $2 billion in record time, for Mercantile that is. It took us 10 years to log our first billion in total project costs funded, and only a little over 4.5 years to achieve the second billion. We think that says a couple things: 1) the market has been getting stronger the last several years, 2) we’re getting ever better at doing SBA 504 loans, and 3) we’re working with more and more people who trust us and believe in us and recommend us to their small business clients. We know we haven’t made it to $2 billion all on our own, and we’re so very grateful for everyone who’s helped us and worked with us along the way.
If you can play a part in helping more of America’s small business owners (and helping us clear the next big milestone), let us know. Call us at 407-786-5040 or email us at email@example.com. If you ever have any questions about the SBA 504 loan or how we can help or anything else for that matter, don’t hesitate to reach out. We’re here to help.
– Your 504 Experts
Change is on all our minds right now. It’s still a relatively new year, and we (maybe) still have some resolutions that haven’t bitten the dust yet — things we want to do or stop doing or do better in 2017. We’re hoping these changes add up to improved energy, health, finances and life in general.
For our part, we don’t anticipate a lot of changing for our business this year. Well, we hope to do more loans in 2017, but we’re going to continue doing what we’ve always done: provide smarter commercial real estate financing for small business owners.
Read More »
This is a busy time of year for a lot of reasons, so this will be quick. Also, you should be doing something festive or fun or family-oriented instead of reading this email. We just wanted to wish you and yours Happy Holidays, Happy Hanukkah, Merry Christmas, and a Happy New Year.
If you have a question about SBA 504 loans, the 504 refi program, construction loans, or anything else we might be able to help with (you’d be surprised at the amount of Star Wars trivia we know), just call or email. We’ll be closed December 26th and January 2nd but other than that, we’ll be here doing what we can to answer your questions and get our clients’ 504 loans approved, closed, and funded.
All in all we have a lot to be grateful for this holiday season. We’re looking forward to 2017 — and if that includes working with you and/or your small business clients, then all the better.
Wishing you the Happiest of Holidays, the Merriest of Christmases, and the Newest of Years!
– Your 504 Experts
Changes Make Refinance Easier for Small Business Owners
As you’re more than likely aware by now the SBA 504 Debt Refinance became permanent nearly a year ago, and the SBA has been processing applications for five months. Now we want to share a couple of recent changes to the program that make it easier for small business owners to refinance their owner occupied commercial real estate debt.
Read More »
Since our merger with IBERIABANK a year and a half ago, we’ve closed a total of 15 SBA 504 loans together. One of those loans was a $3.96 million project for Islamorada Beer Company, originated by Scott McCleneghen, Commercial Group Manager in IBERIABANK’s Southeast Florida office. Since Islamorada’s brand-spanking-new production brewery is located in Fort Pierce — a mere two hours from our Mercantile headquarters — we decided to stop by and get a first-hand look at the new facility.
Read More »