Daniel Rogers, owner of RMC Stadium Cinemas in Jacksonville, IL,  has been in the theater business since he was a teenager. Eventually he worked his way up to manager and later worked on the corporate side of a large theater company. After additional opportunities in the private sector, he returned to the theater business in 1996 and built his first theater in Waterloo, IL. In 2001, he built the Jacksonville theater from the ground up. The location includes seven auditoriums, features luxury seating, and an expansive food and drink menu – taking the typical movie going experience to the next level.

In 2018, Rogers connected with SomerCor through his local business banker to utilize the SBA 504 refinance program. This allowed Rogers to re-amortize his current debt into a 20-year below market fixed rate, as well as receive a cash-out portion to help service a variety of expenses. For RMC Stadium Cinemas, this helped to cover inventory, utilities, repairs and wages over the short term. But most importantly, the resulting lower monthly mortgage payment increased business cash flow and lead to significant annual savings. In the case of RMC Stadium Cinemas, the monthly mortgage payment dropped by 23%.

The 504 refinance program is limited to debt from a commercial loan. For a business to be eligible for the 504 refinance program, it must meet the following requirements:

  • The business must have been in operation for at least two years;
  • The original loan was used to acquire an 504 eligible fixed asset (i.e., owner-occupied real estate, land, equipment, etc.);
  • The debt is secured by 504 program eligible fixed assets;
  • The borrower has been current on all payments for at least the last 12 months prior;
  • The debt cannot be the result of an existing 504 project or government-guaranteed loans.

To see if your business is eligible to save through the SBA 504 debt refinance program, contact SomerCor today at (312) 360-3300 or visit www.somercor.com

About SomerCor

SomerCor is a Certified Development Company (CDC), a nonprofit certified by the Small Business Administration. Founded in 1992, our mission is to be a go-to financing resource to provide greater access to capital for small businesses, specializing in SBA 504 lending and economic development grant administration. SomerCor, through our partnerships with lending institutions, economic development agencies, and government entities, provides financial solutions with a purpose of business growth, transformational community impact and job creation.