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Small Business Administration (SBA) Loans from Mercantile Bank

Mercantile Bank is pleased to offer the following loans:

Apply for a Loan
Call 800.238.8681 or stop by a local branch.

SBA 504 Loans

Borrower Benefits

  • Low down payment - As low as 10%
  • Long repayment terms reducing monthly payments
  • Frees up cash flow to expand your business
  • Many rate options including long term fixed rates

Use of Proceeds

  • Purchase, construction or renovation of owner-occupied commercial real estate
  • Refinancing of existing debt is available, but limited. Ask our SBA professionals for details.

Standard Loan Structure

  • 50% financing - First mortgage (up to $5 million)
  • 40% financing - SBA 504 second mortgage (SBA/Certified Development Corporation (CDC)
    provides up to $2 million)
  • 10% minimum down payment by the borrower (15% in the case of special use properties)

Terms

  • First Mortgage
    • 20 or 25 years, fully amortized
    • Fixed, floating and adjustable rates available
    • Competitive fee structure
    • Prepayment penalty applies & is set based on various factors
  • Second Mortgage
    • 20 years, fully amortized
    • Fixed rate is determined at SBA-guaranteed 504 debenture sale
    • Fees set by CDC
    • Prepayment penalty for initial 10 years, none after the end of year 10

Pre-Screen

  • Pre-screen service available within 48 hours with no charge or obligation by providing
    limited information.

All loans are subject to credit approval.

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