Are you a business owner in Illinois? Check out the December issue of the Daily Herald Business Ledger for guidance from SomerCor’s Chief Credit Officer, Brian Comiskey, to learn how the SBA 504 loan and refi programs support improved cash flow for small businesses during times of economic uncertainty. 

The only certainty is uncertainty. As we continue to navigate through the pandemic and a unique economic recovery, the need for liquidity is paramount. Businesses need additional working capital for purchasing additional inventory, absorbing short-term losses, increasing safety measures or possibly investing in a potential acquisition opportunity. The 504 program typically requires only 10% equity, which enables the business owner to retain more cash for short-term needs.

In addition to the borrower-friendly terms of the 504 loan, refinance clients can take cash out for eligible expenses. The cash-out piece ranges up to 20% of the appraised value of the property. Eligible expenses for cash-out funds include non-owner salaries, rent, utilities, inventory and a business line of credit or business credit card debt. The refi is a great option for existing businesses to save on monthly payments and improve cash flow to address more immediate issues.

You can read the full article in the Daily Herald Business Ledger. Also, be sure to download the program flyer and connect with a member of SomerCor’s loan origination team to learn more about how the SBA 504 loan program supports improved cash flow for small businesses.

Margaret Griffin
EVP, Chief Lending Officer
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Brian Comiskey
EVP, Chief Credit Officer
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Elisabeth Williams
SVP, Loan Officer
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Eric Bacon
VP, Loan Officer
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