I went to our Nation’s Capitol a few weeks back to ask for a handout. Believe it? I hope not. You probably know me a little better than that by now.
The REAL reason I went to Washington, accompanied by our Senior Credit Officer, Dwayne, was to talk to our elected officials (and their staffs) about how they can (and should) serve America’s small business owners better by doing things like making some important changes to the SBA 504 refi program.
For a full summary of what we accomplished and what we learned, watch the short video below.
Let me know what you think about this video, our trip to D.C., and if I can help answer any questions regarding SBA 504 refis, “regular” 504 loans, or commercial real estate ownership in general. There are two ways you can leave me a comment on this blog:
1) At the very bottom of this page, you’ll find a box marked “Leave a Reply,” which will let you leave a comment here.
2) We’ve added a new feature that allows you to leave a comment here and on Facebook simultaneously (if you have a Facebook account and are logged in). You’ll find it immediately after this blog post, before the main comments section. If you’re up for it, I’d like you to try this out, because more people will see your comments on Facebook and check out this blog as well. The more eyeballs and opinions we get here, the better the conversation and the more we all learn from each other.
Thanks for taking the time to read and view all the text and video content we post here. I wouldn’t go to the trouble of doing it all if owning commercial property and being educated about the SBA 504 loan (aka the SmartChoice® Commercial Loan) weren’t extremely important things for small business owners, entrepreneurs and their advisors.
Dedicated to Your Continued Success,
Chris
P.S. If you need to get in touch with me immediately, you can always call 1-866-622-4504 (toll-free) or email ChrisHurn@mercantilecc.com.
P.P.S. At the top of this blog, we’ve put two buttons to help you tell others about the information we post here. The first is a Facebook “Like” button and the second is a Twitter “Retweet” button. Again, we’re just trying to make it easy for you to share this information with other like-minded entrepreneurs and those that help them. Please do us (and them) a favor by “Liking” this and “Retweeting” this if you’re on Facebook and Twitter, respectively.
Tags: 504 Refinance, Chris Hurn, commercail refinance, commercial property financing, commercial property loan, Mercantile Capital Corporation, real estate ownership, SBA 504 Experts, SBA 504 Loan, SBA 504 Refi, Small business
Nori Suzuki says:
Hi Chris,
Let me know about how I get a loan from Gvt.subsidy loan for my business expansion.
I was appraoched by several US Grant companies with $7,000 advance payment recently. Are these companies which most of them are from Las Vegas. NV, good companies or scam?
It is too good to be true. I am so confused about it.
Thanks, Nori
Jim DeGennaro says:
Hello Chris: Thanks for traveling to DC to support the SBA 504 program. We appreciate you.
Saw Atlas Shrugged last night in Lakeland. I thought the movie was stylish and fast paced. Despite the mostly poor reviews, I would give it three stars. Folks who do not know the story (first one-third of the book) might be a bit confused. I may take my father-in-law to see the flick as he worked railroad all of his life and was the founder of CJ Bridges Railroad Contractors in Mulberry. In my earlier days, I worked lengthy derailments so I understand the basic components of RR construction and maintenance. Please take care.
Chris Hurn says:
Thanks, Dege! I appreciate the insights.
Michael Best says:
What a shame!!
Chris Hurn says:
Michael – what do you mean?
Bill Pickens says:
Thank you VERY much for your trip to D.C. Your video was thorough
& informative. I am working with Stephen Robertson on a 504 re-fi. Keep up the good work.
Chris Hurn says:
Thanks for the kind words! You’re in good hands.
Rick Delisle says:
Nice job on this video blog about your trip to Washington.
Would like to catch up with you sometime on a few SBA 504 loans and refi deals I will be needing help with.
Jack Weaver says:
Thank you Chris for your reports. When you speak of commercial loans and 504 it is totally confusing how anyone gets a loan on such properties. we about 45 days ago completed a very, very detailed business plan and all information including personal statements, in fact about 100 pages. The data was checked by the Business Department of Radford University to verify our figures and plan. I can not get it before a bank. It is a win-win-win loan and business plan. In fact, we are not even sure if we have your ear to look at the plan and advise us if it would work for your financial institution.
Your advice please as you are an excellent business person and have an understanding of commercial financing.
Thank You !
Chris Hurn says:
Thanks for your comments, Jack. Bottom line: the 504 is simply a type of commercial loan (used almost exclusively for commercial real estate)– having one of them myself (and having my company specialize in these types of loans), I’m willing to admit I’m a bit biased as to their general superiority to other alternative commercial loans for commercial property.
Regarding your unique situation, without reviewing things, I can’t really opine on it with any authority. I WILL say that our 504 loans may NOT be a good fit for your project if there’s start-up capital and other working capital requirements. Your better bet, if that’s the case, is to try to get an SBA 7 (a) loan. Contact your local branch of one of the larger banks in the country near you — they usually have somewhat experienced SBA lenders there. Best of luck to you!
Nolen Taton says:
Well, I went to Washington a few weeks ago and spend a week on Capitol Hill concerning banking issues. I do not recall your organization represented or slated to be present any time soon. Please advise.
Chris Hurn says:
Thanks for your email, Nolen, but I didn’t know I had to let anybody know when I was going or when I was “slated to be present any time soon”? I was with the National Association of Premier Lenders, otherwise known as NAPL, but some of my associates here were there (in DC) three weeks before I was – they were with the National Association of Development Companies (NADCO). I generally go about twice a year, but this was the first time I’ve let the “general public” know that. And who, may I ask, are YOU with?
Nolen Taton says:
You are absolutely right. I was out of line; I do thank you for the work you do. I get very frustrated with our elected officials; it seems so many people (like you and me) try to give reasonable advice & possible approaches to issues; but there are so many deaf ears. I represented American Bankers, Kansas Bankers, and Smaller Community Banks.
Again, thank you for your work; accept my apologies for venting; it was not well directed on my part. We all appreciate your efforts also.
Timothy Long says:
Just wanted to take the opportunity to say thanx. I am not prepared to take advantage of your financing at this time but really do appreciate being kept in the loop with your emails etal.