504 Business Loans

504 Loan Process

At SomerCor, we’ve made the 504 loan process efficient and easy to understand. Our goal is to process the loan quickly (typically within 20 to 28 days) and send businesses on their way to continued growth.

Here’s how it works:

Step 1

Borrower/Banker contacts SomerCor to discuss scope of financing needs

Step 2

SomerCor sends loan documentation to Borrower/Banker

Step 3

Borrower/Banker is encouraged to call/meet with SomerCor professionals as needed during the process

Step 4

Borrower/Banker submits final documentation to SomerCor

Step 5

SomerCor prepares loan analysis and begins the review process, typically within 2 to 4 days.

Step 6

SomerCor meets with the Borrower/Banker to finalize document signatures and loan package.

Step 7

Somercor submits loan to Small Business Administration and can typically receive written approval in 5 business days.

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Download the application form:

Contact Us

Chicago Main Office
601 South LaSalle, Suite 510, Chicago, IL 60605 map
P: (312) 360 3300   F: (312) 757 4370   Email

Springfield Office
3201 W White Oaks Dr, Springfield, IL 62704
P: (217) 793 1075   Email

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