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.

You can read the full article here.  Contact the SomerCor team today and check out the program flyer to learn more!

                   

Brian Comiskey                Elisabeth Williams          Eric Bacon                        Joseph Bailey
Chief Lending Officer      VP, Loan Officer               VP, Loan Officer               AVP, Loan Officer