August 5, 2019
FOR IMMEDIATE RELEASE
CHICAGO – SomerCor, Chicago’s leading Small Business Administration (SBA) Certified Development Company (CDC), is proud to announce the hiring of Elisabeth (Lis) Williams as Vice President of SBA 504 Lending. Williams is an experienced SBA lender with a distinguished track record in business development and operations. She joins SomerCor as part of a growth strategy based on best-in-class customer service, enhanced marketing and new client acquisition, as well as recruitment of top market talent.
“We are thrilled to have Lis on board. She is a proven leader in the SBA 504 market and is a key addition to our talented lending and sales operations,” said Manny Flores, President and CEO of SomerCor. “Her background as an entrepreneur and deep understanding of the SBA 504 loan program strengthens our trajectory for accelerated and sustainable growth. Lis will be instrumental in helping us further diversify our business relationships while also enhancing our customer and lending partner experience.”
Most recently, Williams co-founded and served as the Vice President of Wessex 504 Corporation. During her eight-year tenure, she grew the CDC’s portfolio to more than $110 million. Her responsibilities included business development and the execution of all aspects of the loan approval process, from origination to closing.
This is the second time that Williams will be part of the SomerCor team. After receiving her MBA at the University of Chicago Booth School of Business, she served as the Manager of Community Development and Senior Officer.
“I am excited to join talented and committed professionals who work as a team to deliver quality service for entrepreneurs and lending partners,” said Williams. “The SomerCor mission to provide small businesses access to capital strongly resonates with me, and I look forward to helping expand our footprint throughout Illinois to grow more businesses and create more jobs.”
SomerCor is a Certified Development Company (CDC), a nonprofit corporation certified by the Small Business Administration (SBA). Founded in 1992, SomerCor provides capital to entrepreneurs throughout Illinois with a mission of business growth and job creation by offering SBA 504 loans in partnership with banks, credit unions and other lending institutions. SomerCor also facilitates and processes SBA 7(a) Community Advantage loans, City of Chicago Small Business Improvement Fund grants, and City of Chicago Neighborhood Opportunity Fund grants. SomerCor is committed to growing economic development opportunities for businesses, entrepreneurs, employees and communities through partnerships with lending institutions and economic development agencies. SomerCor is ranked a Top 25 National CDC for SBA 504 loans and is Chicago’s largest 504 loan provider. It holds and services a loan portfolio in excess of $487 million, comprised of more than 965 loans to Illinois entrepreneurs. For more information visit www.somercor.com.
About the SBA 504 Loan Program
The Small Business Administration (SBA) developed the Certified Development Company/504 Loan Program (504 loan program) to promote economic development, create and retain jobs and meet certain additional public policy goals including providing capital to women, veteran and minority-owned businesses. The program helps lenders, such as national banks and federal savings associations provide eligible small businesses with long-term financing to acquire and improve major fixed assets for owner-occupied commercial real estate and heavy machinery. The program helps businesses by giving them access to long-term, fixed-rate financing with as little as 10 percent owner equity.