“Just an April Fool’s Day Prank to Release Some Tension,” says CEO 

ALTAMONTE SPRINGS, Fla. — Mercantile Capital Corporation (formerly known as Mercantile Commercial Capital, LLC) has retracted an earlier story about its new public-private partnership with the U.S. Small Business Administration (SBA) and the U.S. Treasury.  

“Often times it’s better to laugh, than cry,” said Chris Hurn, Chief Executive Officer of Mercantile Capital Corporation.  “There’s been so much tension, anxiety and uncertainty over the past several months in the financial services industry, that we played an innocent practical joke.  This is the very first time we’ve ever fabricated something, and we would never do so on any other date.” 

There are several things Mercantile wishes to recant:

·      There have been no closed-door sessions with the Obama Administration and Mercantile officials, nor has Mercantile paid the Treasury an “undisclosed sum” of money for a portfolio purchase of SBA 504 loans or for naming rights to the program.

·      To the best of Mercantile’s knowledge, Bear Stearns never originated or held a portfolio of SBA 504 loans.

·      Lehman Brothers, while originating tens of millions of SBA 504 loans, did not sell these assets to Mercantile, nor were Mercantile officials aware of any of Lehman’s SBA 504 loans being considered “toxic.”

·      Mercantile is not in the business of assuming and/or servicing loan portfolios – they only originate SBA 504 loans nationally, one small business owner at a time.

·      The U.S. Government, the Treasury Department, nor the SBA have granted any exclusivity or other “preferential status” to Mercantile in regard to being the only private-sector lender making SBA 504 first mortgages, much to Mercantile officials chagrin.

·      Mercantile does not have license to rename the SBA 504 loan program, despite its re-positioning of the program as “The SmartChoice commercial loan” over the past year.

·      Acting SBA Administrator Hairston and soon-to-be confirmed SBA Administrator Mills have not been in contact with Mr. Hurn regarding a name change for the SBA 504 loan program… but perhaps they should.

·      Messrs. Hurn and Longstaff did not travel to the G-20 Summit this morning – in fact, Mr. Hurn traveled to Cleveland, a far cry from London.

·      While Messrs. Hurn and Longstaff would be happy to educate governmental officials (both domestically and internationally) about small business growth and small business wealth creation through smart commercial property ownership, neither men have been contacted by the Administration to do so.

·      Dr. Lopo Flairs is a fictional Treasury spokesperson with a name that is an anagram, spelling out “April Fool’s.” 

“We hope this joke did not cause anyone too much heartburn.  Anyone who knows us, knows that we take our work very seriously and believe we really are the best at providing SBA 504 loans to America’s small business community… but occasionally we like to be a little irreverent.  Life is much too short to always be serious,” said Hurn.   

“If the Administration wants to seriously consider any of the provisions in this morning’s press release to thaw-out the small business lending environment, we would be happy to do our part,” said Geof Longstaff, Chairman of Mercantile. 

Mercantile officials are reportedly working on giving all of the hundreds of people who went out of their way to call in and/or email in to congratulate them on their “fake” news some gift of appreciation for being such good sports. 

SBA 504 loans offer small business owners up to 90 percent financing at substantially reduced rates to develop, acquire, and remodel commercial facilities.  Really, it’s true!           

Mercantile Capital Corporation, formerly Mercantile Commercial Capital, LLC, really does rank as the one of the most active providers of SBA 504 financing in the nation and really has become quite well-known and decorated in their industry with such honors as being a member of the Inc. 500 list of America’s fastest-growing companies, being named “Banker of the Year,” and just last year, being named “Best Small Company in Central Florida.”  Who else could have pulled an April Fool’s stunt like this anyway?!?

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For more information contact

Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040

Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040

Shannon D. Marks, President/COO, Mercantile Capital Corporation, 407-786-5040

 

Visit www.504Experts.com or www.504blog.com for more information.