504 Business Loans
504 Loan Process
Here’s how it works:
Borrower/Banker contacts SomerCor to discuss scope of financing needs
SomerCor sends loan documentation to Borrower/Banker
Borrower/Banker is encouraged to call/meet with SomerCor professionals as needed during the process
Borrower/Banker submits final documentation to SomerCor
SomerCor prepares loan analysis and begins the review process, typically within 2 to 4 days.
SomerCor meets with the Borrower/Banker to finalize document signatures and loan package.
Somercor submits loan to Small Business Administration and can typically receive written approval in 5 business days.