SomerCor 504 Inc
- Banks - Business to Business
SomerCor is a non-profit development company certified by the U.S. Small Business Administration (SBA) to originate SBA 504 loans in Illinois. Founded in 1992, SomerCor services a portfolio of nearly $500 million, comprised of nearly 1,000 loans. SomerCor is one of the largest SBA lenders in Chicago area, consistently ranking in the top 15 CDC's nationwide. The SBA 504 Loan Program is one of the best financing solutions in the market. It provides capital to small business owners for the purchase, construction, renovation and/or refinance of owner-occupied commercial real estate, machinery and equipment. Borrowers typically receive financing for up to 90% of the project costs at low 20-year fixed interest rate. SomerCor furthers its economic development mission with SBA 7(a) Community Advantage loans and administers two City of Chicago grant programs - Small Business Improvement Fund and Neighborhood Opportunity Fund - geared to spurning small business growth.