We’ll be perfectly honest with you: last year was full of uncertainty, surprises, frustrations, victories, and defeats. We knew at the outset that 2013 would be a rather “interesting” year for Mercantile and the SBA 504 lending industry in general. There was good news and bad news regarding supply and demand. More business owners sought SBA financing, but the expiration of the 504 refinance program left a gaping hole in the range of services we could provide for them. We predicted that SBA 504 loan volume would be down by 30% industry-wide, and were nearly right — we read just the other day that it was a full 40% decrease.
Despite the uncertainty and all the news about the sluggish economic recovery, we had our second-best year ever in terms of loan volume. In fact, we managed to beat our 10-year average by 77%. Read on for a full summary of our 2013, and go here to read our official year-end press release.
P.S. If you know of a business owner who made a New Year’s Resolution to purchase their commercial property in 2014, send them our way! Call us at 1-866-622-4504 or email us at info@MercantileCC.com and we’ll see how we can help. Thanks in advance for the referral!