Catalysts for the Entrepreneurial Dream
SomerCor is one of the largest 501(c)(3) non-profit SBA lenders in the Midwest and consistently ranks in the top 15 of CDCs nationwide. We are a mission-based, nonprofit corporation certified by the Small Business Administration.
Our mission is accomplished through SBA loans in partnership with lenders, and through the administration of grant funds through economic development organizations.
Since 1992, SomerCor has deployed $1.65 billion in SBA loans to 3,696 businesses in 1,649 communities, leading to the creation of 45,774 jobs throughout Illinois. SomerCor also administers small business grants on behalf of the City of Chicago to promote new economic development in underserved neighborhoods. Between the Small Business Improvement Fund (SBIF) and Neighborhood Opportunity Fund (NOF), more than $123 million has been invested back into the community.
What we Offer:
SBA 504-
We help you obtain the SBA 504 loan which provides financing or refinancing for up to $5.5 million, as much as 90% of the total project cost. Use the 504 loan program to finance the purchase, or refinance, of owner occupied commercial real estate and heavy equipment.
SBA 7(a) Community Advantage (CA) loans are used for working capital, debt refinance, tenant improvements, and significant purchases that are part of the day-to-day necessities of running your business. Loans range from $50,000 to $350,000, a range that often falls in a financing gap between microloans and the loan sizes that conventional lenders provide.
City of Chicago Grant-Small Business Improvement Fund (SBIF) grants reimburses you for the pre-approved repair or rehab of your business facilities or adjacent land acquisition. You must be located within a specific TIF district. The maximum grant assistance is $250K.
City of Chicago Grant- Neighborhood Opportunity Fund (NOF) was created by Mayor Rahm Emanuel to strengthen commercial corridors on Chicago’s South,
Company Details
- Employees
- 42
- Founded
- -
- Address
- 209 S La Salle St,
- Phone
- (312) 360 3300
- hi****@****cor.com
- Industry
- Financial Services
- NAICS
-
Finance and InsuranceMonetary Authorities-Central Bank
- Website
- somercor.com
- Keywords
- Real Estate & Equipment Financing, Small Business Improvement Fund (SBIF), Community Advantage Lender, SBA 504 loan, Economic Development, Neighborhood Opportunity Fund.
- HQ
- Chicago, Illinois
Somercor Questions
Somercor's helpline number is (312) 360 3300
Somercor's website is somercor.com
Somercor's LinkedIn profile is https://www.linkedin.com/company/somercor
Somercor has
42 employees.
View email and phone details for 42
employees at Somercor.
Somercor's industry is
Financial Services
Somercor's support email address is hi@somercor.com
Somercor's categories are Financial Services
Somercor's founding year is 1992
