BY SOMERCOR PRESIDENT & CEO, MANNY FLORES
For more than a quarter century, SomerCor has operated under the mission of helping entrepreneurs obtain financing to realize their business dreams. We care about our clients, and believe in treating them with compassion, integrity, fairness and honesty. SomerCor’s priorities are inclusive business growth, job creation and community impact.
African American entrepreneurs have a profound impact on the business landscape, but despite significant forward momentum, they still face a number of challenges – primarily, a lack of access to capital. According to the Kaufman Foundation, “African Americans are almost three times as likely as white entrepreneurs to have profitability hurt by lack of access to capital and more than twice as likely as whites to have profits negatively impacted by the cost of capital.”
When it comes to the importance of diversity and inclusion, SomerCor acts beyond the four corners of our office by making sure that our team is representative of the communities we serve. This also means being a leading resource of capital for ALL communities. We place an emphasis on inclusive investment and impact, and find ways to connect with our small business borrowers, particularly women, minority and veteran-owned businesses. Our team is engaged in communities of all income-levels and makeup, to educate entrepreneurs on the benefits of our financial products and to provide greater access to capital – whether it be through our SBA 504 loan program or administration of the City of Chicago’s Small Business Improvement Fund (SBIF) and Neighborhood Opportunity Fund (NOF) grants.
In celebration of Black History Month, SomerCor honors Dr. Juanita Macklin. She is an entrepreneur, health care professional, and an educator – passionate about serving at-risk communities. After teaching nursing students at three different institutions, Dr. Juanita Macklin launched J´Reneé College with the goal of teaching both the art and science of nursing to a diverse population. SomerCor provided Dr. Macklin an SBA 504 loan to fund her vision of transforming an old chain restaurant space into a modern, state-of-the-art educational facility. Helping fulfill Dr. Macklin’s vision was more than improving a building or helping a business, it was also about creating educational and professional opportunities for aspiring nursing professionals to serve the healthcare needs of diverse communities.
Entrepreneurs like Dr. Juanita Macklin are an inspiration. The SomerCor team is grateful for the opportunity to serve business leaders like her. We are committed to supporting current and future African American business owners through the SBA 504 loan program and the City of Chicago SBIF and NOF grants. Growing access to capital is a way we can help strengthen diversity and inclusion in a lasting and transformative manner.