Community Advantage Loans


CA Loan Structure

The CA loan is an SBA guaranteed 7 year term loan with loan amounts from $50,000 to $150,000

7 years
$50,000 min
$150,000 max

CA Loan Features

  • Rates

    Variable at prime (adjusted quarterly) + maximum of 4.0%.

  • Amortization

    Fully amortizing

  • SBA Guaranty Fees

    3% for loans greater than $150,000

  • Loan Fees

    Application fee $500.00 Packaging fee* $2,500 maximum *Financeable.

  • Collateral

    SBA requires collateral coverage of 1:1 if the assets are available. Personal assets may be required to secure the loan.

  • Personal guarantees

    Required of each owner holding 20% or greater interest in the business.

  • Paperwork

    Community Advantage features streamlined paperwork, with a two-page application for borrowers.

  • Approval Times

    Most Community Advantage loans will be approved within 4-6 weeks of receipt of completed application package.

  • Lender Requirements

    60% of loans must be targeted to low-moderate income markets.

  • Technical assistance

    Available through SomerCor staff.

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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