We’re thrilled to announce something HUGE today. Ever since the first iPhone was released, we’ve wanted to make use of touchscreen technology in the small business lending industry. With the recent proliferation of biometric technology and the opportunity to work with the NSA (can’t divulge many details), we’ve been able to develop a loan application that requires only a thumbprint.
The following press release is being distributed with all the details, and you can experience it for yourself at www.504touch.com.
SBA 504 LOANS AT YOUR FINGERTIPS
Mercantile Capital Corporation Launches Touchscreen, Biometric Loan Application for SBA 504 Loans
ORLANDO, FL — April 1, 2014 — Mercantile Capital Corporation today launched its “504 TOUCH” loan application, which allows small business owners to apply for U.S. Small Business Administration (SBA) 504 loans, also known as Real Estate Advantage Loans (REAL) using only their thumbprint. The online application is the latest innovation in the company’s continuing commitment to make SBA 504 financing the first choice for small business owners who want to purchase, construct, or expand their commercial facilities. The ground-breaking loan application can be found at www.504touch.com.
For more than a decade, Mercantile Capital Corporation has been an industry leader in promoting and streamlining the SBA 504 lending process. Its seven-document Pre-Approval Application was an early improvement that saved time and increased efficiency. Mercantile, through its MCC Labs division, conducted research to explore ways to combine touchscreen and biometric technologies to improve the experience for customers.
“When I got my first iPhone, I knew touchscreen technology would mean big things for our industry,” said Geof Longstaff Chairman of Mercantile. “It’s taken a long time to put all the pieces together, but we were finally able to introduce biometric technology to our loan application process and we think we’ve done something revolutionary.”
How It Works
At www.504touch.com, users will find a combination of touchscreen and biometric technologies, along with security and information access aided by the National Security Agency (NSA). Because Mercantile provides only SBA 504 loans, the government has granted access to certain NSA databases via a Freedom of Information Act (FOIA) request by MCC Labs. When a thumbprint is scanned by the web application, it is instantly matched with NSA data to create a loan profile for the user. The security of the application is guaranteed to be impenetrable, thanks to Mercantile’s in-depth research and participation by the NSA.
A retina scan option is in the works, and will likely be available by early May, according to Hurn.
About the SBA 504 Loan Program
The SBA 504 loan program allows small business owners to finance fixed assets (commercial real estate and equipment) with long-term, below-market, fixed interest rates. These loans are designed to finance the total project cost, including purchase price, construction/renovations, equipment, soft costs, and closing costs. A typical 504 project requires only 10 percent equity (down payment) from the small business borrower, with the remaining amount split between a first mortgage provided by a commercial lender and a second mortgage provided by a Certified Development Company (CDC). The program is self-funded and historically has been operated at a zero-subsidy status.
Mercantile Capital Corporation, a wholly-owned subsidiary of Old Florida National Bank, is one of the nation’s leading providers of commercial real estate financing for small business owners via the SBA 504 loan program. As of December 31, 2013, Mercantile has closed 514 loans to fund projects worth more than $1.39 billion in 39 states, Puerto Rico, and the District of Columbia. A primary aim of the SBA 504 loan program is job creation and retention, and the company’s lending activity has helped create and retain a total of 9,403 permanent jobs since 2003. An industry leader for more than a decade, Mercantile has been on the forefront of efforts to grow the SBA 504 program by making it more widely known and available to small business owners.
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Thanks for reading and sharing!
– Your 504 Experts