Are you a business owner in the Chicago suburbs? Check out the December issue of the Daily Herald Business Ledger for their small business resource guide. SomerCor is featured with information about the SBA 504 loan – a proven public-private partnership financing tool that is industry agnostic and open to startups.
Established in 1958, the SBA 504 loan has a long track record of success for small business owners looking to buy, expand or refinance a commercial building or heavy equipment.
The program terms set it apart from any conventional loan on the market. A 504 loan offers up to 90% financing for established businesses. This means that the borrower only needs to put down 10% of the total project cost. In addition to a lower down payment, borrowers have the option of 10, 20 or 25 year loan terms available at below market fixed interest rates.
Most importantly, this financing structure frees up working capital to reinvest back into growing the business. Plus, owning your commercial property, rather than leasing it, is a great way to enhance both personal and business wealth.
You can read the full article here. Ready to turn your entrepreneurial dreams into reality? Download the program flyer and connect with a member of SomerCor’s loan origination team today to learn more!
Margaret Griffin
EVP, Chief Lending Officer
mgriffin@somercor.com
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Brian Comiskey
EVP, Chief Credit Officer
bcomiskey@somercor.com
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Elisabeth Williams
VP, Loan Officer
ewilliams@somercor.com
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Eric Bacon
VP, Loan Officer
ebacon@somercor.com
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