November 7, 2013
By Bob Coleman
Editor, Coleman Report
Inc Magazine Hosts SBA 504 Loan Webinar
Inc Magazine is hosting a webinar about the SBA 504 loan program on November 21.
Sponsored by Bank of America Merrill Lynch and moderated by Bob Coleman, the two panelists are NADCO’s Beth Solomon and Bank of America’s Rick Benito. It is open to small business owners and the small business lending community. Register for free here.
Mercantile Capital Announces SBA 504 Loan Secondary Market Partnership
ORLANDO, FL — October 30, 2013 — Mercantile Capital Corporation today announced its partnership with CDC Capital Markets and Morgan Stanley as a correspondent agent, in an effort to grow the secondary market for SBA 504 first lien mortgages. This agreement is the company’s latest venture to make commercial real estate financing via the Small Business Administration (SBA) 504 program available to more of America’s small business owners.
“A healthy secondary market for SBA 504 first lien mortgages increases bank liquidity and allows banks to make more loans to more small business owners,” said Chris Hurn, CEO and Cofounder of Mercantile. “A disrupted small business lending marketplace is partly to blame for the sluggish recovery since the Great Recession, and this new partnership will help us jumpstart the secondary market for SBA 504 first mortgages, making it possible to fund even more small business projects.”
The secondary market for SBA 504 first mortgages has existed since the mid-1990s and reached its peak in the mid-2000s. But, according to industry experts, the market contracted as much as 90 percent during the Great Recession and remains hobbled despite recent legislation aimed at bolstering it. Both the American Recovery and Reinvestment Act (ARRA) of 2009 and the Small Business Jobs and Credit Act of 2010 enacted temporary first mortgage pooling programs. Mercantile played a large role in publicizing and utilizing these programs, but their expirations left a gap in the marketplace.
Hear Banes Capital President & General Counsel talk about its Dallas Event on November 20
TMC Financing today announced the hiring of Ron Coomes, a seasoned SBA 504 expert with over 25 years experience in SBA commercial finance and real estate.
“I am honored to join the TMC Financing team. In my past career as a lender, I was always impressed with the passion and professionalism of TMC.” said Mr. Coomes. “It’s important for bankers, real estate brokers, and borrowers to partner with someone they can trust, with a proven track record and unparalleled customer service, and that’s TMC.”
“We are pleased to announce that Ron has joined the TMC team. We’ve known Ron for many years and believe he has the right talent to help us substantially grow our presence in the Southern California market,” said Barbara Morrison, TMC’s CEO.
Small Business Lending Conference Update
Alternative Investments & SBA/USDA Lending Seminar, Dallas, Nov 19-20
Preparing for an SBA 504 Loan – An Inc Magazine Free Webinar, Nov 21
Where Main Street Meets Wall Street, 6th Annual SBA Secondary Market Forum, December 3, Washington D.C.
14th Annual Rural Lender’s Retreat, December 4, Washington D.C.
Coleman’s 3rd Annual Fresno SBA Loan Servicing Workshop, December 9, Fresno
Coleman’s 5th Annual Herndon SBA Guaranty Purchase Workshop, January 23, 2014, Herndon
Southeastern Small Business Lenders Conference, Reynolds Plantation, GA, Feb 9-11