It’s been 10 years since Mercantile Capital Corporation was founded. When Geof Longstaff and his partners started this company, they got a lot of funny looks from others who thought they were crazy to put all their eggs in one basket. That metaphorical basket was (and is) the SBA 504 loan program. Geof became convinced that this particular loan was too important for small business owners to be as underutilized as it was. He believed that if Mercantile made it its sole focus and provided a great experience for its small business clients (and did a good job of marketing it), it would ultimately be successful.
A decade later, through many ups and downs, we’re proud to announce that we closed our 504th loan in October. We know it’s common for businesses to announce round-number-milestones (100th, 500th, etc.), but we tend to be a little uncommon, abnormal, unordinary. And, since the 504 loan is our specialty, making a big deal about our 504th loan seemed appropriate.
If you’re curious, said loan provided permanent financing for a Hampton Inn & Suites in Roseville, CA. The total project cost was $8.24 million and helped create and retain 58 permanent jobs. Coastal Partners, LLC, constructed the hotel and CEO Brett Baumgarten had this to say:
“This project would have been much more difficult without Mercantile’s expertise in the 504 loan. The recent government shutdown proved to be a significant problem, but Mercantile helped us work around it to get the project closed and funded on time.”
You can read more from our official press release here.
It took us 10 years to get to this milestone, but we’re hoping to cut that time in half to get to 1,008 loans (you know, 504 times 2). If you or someone you know is interested in owning commercial real estate for a small business, call us at 1-866-622-4504 or email us at info@MercantileCC.com. We’re here to answer any questions you have and help you get started right away.
Thanks for reading and sharing this — the more we can promote the 504 program, the more we can help small business owners grow and succeed in any economic environment.
– Your 504 Experts