Community Advantage Loans

Loan Eligibility

For a Community Advantage Loan through SomerCor, a business must satisfy these eligibility requirements.

Business Requirements

  • Are for-profit, have been in operation for at least two years and are seeking to grow.
  • Have a minimum of four employees.
  • Have revenues between $150,000 and $4 million dollars *Exceptions for manufacturing companies.
  • Are engaged in business in the Chicago-land area.
  • Have reasonable invested equity.
  • Have used alternative financial resources, including personal assets, before seeking financial assistance
  • Plan to use the funds for a sound business purpose
  • Are not delinquent on any existing debt obligations to the U.S. government.

Loan Use

  • Finance increased receivables and augment working capital, or inventory
  • Expand or modernize facilities, purchase machinery, equipment, fixtures, and leasehold improvements
  • Purchase, new, existing commercial buildings (owner-occupied)
  • To assist in the acquisition, operation or expansion of an existing business
  • To refinance existing business debt, under certain conditions


Loan Qualifications

  • Capacity: Ability to Repay loan on time from business cash flow (1.1 DSC).
  • Character: Adequate management experience and/training.
  • Creditworthiness: Satisfactory payment history with creditors.
  • Collateral: Adequate equity investment and collateral coverage including “all available assets”.
  • Capital: Positive net worth/working capital.
  • Commitment: Personal.

Red flags or Deal breakers

  • Poor Personal Credit, Poor personal character, 912 issues.
  • ‘Collateral’ Absent Request
  • Non owner occupied real estate, apartments and rental property, developers.
  • Industry Pyramid sales, gambling, speculative businesses, adult entertainment, private clubs.
  • Arrearages or in default on child support, payroll taxes, SBA or other CDFI obligations.
  • Revenues do not demonstrate the ability to service the debt.
  • Assumptions of SBA loans at other institutions.
  • Refinance were the current lender is in a position to experience a loss.
  • Life Insurance Companies (Some Life Insurance Agents may be eligible).

Contact Us

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

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