Company Profile

Founded in 1992, SomerCor 504, Inc. is a non-profit development company certified by the U.S. Small Business Administration (SBA) to originate SBA 504 loans in Illinois. SomerCor holds a portfolio in excess of $481 million, comprised of more than 925 loans, and is one of the largest SBA lender in Chicago, consistently ranking in the top 15 CDC’s nationwide.

Why SomerCor?

10172485_sIt’s not always easy to find reliable financing when planning for growth. High cash outlay requirements, uncertain interest rates, and short payback periods make conventional loans unappealing or unavailable- even when expansion makes sense for a business, its employees and the community. At SomerCor, we can help achieve growth plans with a smart financing solution called the 504 Loan Program.

The 504 program helps healthy, for profit businesses with financing for projects involving the purchase, construction, improvement, or refinance of fixed assets. Banks and other lenders participate for 50% of the total project cost, while SomerCor finances 40% (up to $5.5 Million) of the balance.

This leaves only a 10% down payment for the business, helping it to preserve valuable working capital. The 504 program is a win-win arrangement. The business maximizes the amount of money it receives and the bank gets a first lien on all the assets with only a 50% loan to value. The business is happy and so is the bank.

Loan Servicing

Here are just a few of the many services we offer:

  • Subordinations
  • Prepayment of loans/loan payoff
  • Monthly payments for your SBA loan
  • Assumptions
  • Guarantor releases
  • Collateral releases
  • Changes in your ACH debit account
  • Payment deferrals
  • Interest statements
  • Loan activity

Board of Directors

Jeff Bronswick
Bronswick Benjamin P.C.
Martin Castro
Castro Synergies, LLC
Lynn Dubajic
Yorkville Economic Devlopment Corp.
Manuel Flores
Arnstein & Lehr, LLC
Santiago Martinez
Gold Coast Bank
Michael Plumb
Lee & Associates of Illinois, LLC
Carrie Pohl
Bank of America, N.A.
Domenic Rinaldi
Sun Acquisitions
Jeff Scott
First Capital Bank
Eric Spokas
SomerCor 504, Inc.
Margy Sweeney
Akrete Communications
Jon Winick
Clark Street Capital Management
Joseph B. Brocato
Gozdecki Del Guidice Americus Farkas-Brocato LLP

Members

Russ Botwin
Barrington Bank & Trust
Jeff Bronswick
Bronswick Benjamin P.C.
Brian Burke
First Midwest Bank
J. Lance Carter
Heartland Bank & Trust Co.
Martin Castro
Castro Synergies, LLC
Pam Cumpata
McHenry County EDC
Will Deeds
Wintrust
Lynn Dubajic
Yorkville Economic Development Corp
Garcia Dussard
Bank of the West
Manuel Flores
Arnstein & Lehr, LLC
Richard Freeman
PNC
Mark Frighetto
Glenview State Bank
Filip Gagovic
First Merit Bank
Diane Gallion
Radius Bank
Chuck Gitles
MB Financial Bank, N.A.
Steve Gnuse
Town & Country Bank
Lucas Goucher
First Midwest Bank
John Paul Hills
Wintrust
Chris Hould
First Nations Bank
Tom Huffman
Wintrust
Michael Knazur
Ridgestone Bank
Santiago Martinez
Gold Coast Bank
Mark Nelson
NelsonHill
Michael Nelson
NelsonHill
Ankur Patel
Liberty SBF
Michael J. Plumb
Lee & Associates of Illinois, LLC
Carrie Pohl
Bank of America, N.A.
Domenic Rinaldi
Sun Acquisitions
Daniel Salazar
First Midwest Bank
Jeff Scott
First Capital Bank
Matt Sloan
MB Financial Bank, N.A.
Eric Spokas
SomerCor 504, Inc.
Margy Sweeney
Akrete Communications
Mark Trivellini
American Community Bank
Steve Vilatte
First Merit Bank
Mark Wagner
Heartland Bank & Trust Co.
Maggie Webb
Fifth Third Bank
Jon Winick
Clark Street Capital Management, LLC
Joseph B. Brocato
Gozdecki Del Guidice Americus Farkas & Brocato LLP