Are you a business owner in Illinois? Check out the December issue of the Daily Herald Business Ledger for guidance from industry leaders on how to navigate the impact of the COVID-19 pandemic. SomerCor AVP and Loan Officer, Joseph Bailey, wrote a piece on how the SBA 504 loan and refi programs support improved cash flow for small businesses during times of economic uncertainty. 

Since the start of the COVID-19 pandemic through the end of fiscal year 2020 (March 1-September 30), 4162 SBA 504 loans, with a volume of $3,275,074,000, were approved nationwide — 180 of these loans were for projects in Illinois.

The 504 can be a good fit for businesses growing from an increase in demand, as well as companies conserving and needing to shore up capital. Borrowers span a variety of industries, including manufacturing, health care, storage and logistics, franchises, hospitality, professional services and senior care.                                                       

SomerCor borrower success stories include a landscape design company in Villa Park, a plumbing and HVAC services firm in Roselle, a plastics recycling plant in Lake in the Hills, a sheet metal manufacturing facility in Grayslake, and a fast-food franchise in Fox River Grove.

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


Brian Comiskey
Chief Lending Officer
bcomiskey@somercor.com
LinkedIn Profile

Elisabeth Williams
VP, Loan Officer
ewilliams@somercor.com
LinkedIn Profile

Eric Bacon
VP, Loan Officer
ebacon@somercor.com
LinkedIn Profile

Joseph Bailey
AVP, Loan Officer
jbailey@somercor.com
LinkedIn Profile