Are you a business owner in Illinois? Check out the June issue of the Daily Herald Business Ledger for guidance from industry leaders on how to navigate these uncertain economic times. SomerCor President & CEO, Manny Flores, provided a piece on why small businesses needing capital should consider the SBA 504 Refinance Program.
The Small business Administration first launched the 504 refi as a pilot program in response to the Great Recession from 2010 to 2012. The pilot was so effective it became a permanent SBA lending option in 2016. Businesses can use it to restructure existing debt on their commercial real estate to access capital resources during this time of transition.
The capital needs of small and mid-size businesses vary, especially in time of economic hardship. As we continue the fight against the COVID-19 health crisis and move to restart our economy, many industry sectors will experience radical change transforming business models, altering operations, and impacting revenue streams. Some businesses will need to expand rapidly to meet new demand, while others may need to shore up capital for expected lean years ahead. Either situation provides an opportunity to explore how the 504 refi can support your small business during this time of uncertainty.
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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