The week of May 16, 2022, members of the SomerCor team were in Washington, DC, as part of the National Association of Development Companies (NADCO) Spring Summit. Two of our senior team members, Mickey Maslic, Executive Vice President, and Brian Comiskey, Chief Credit Officer, lead education panels to start off the week.
On Tuesday and Wednesday, the team headed to Capitol Hill to advocate for the SBA 504 program. In FY22, program demand continues at an unprecedented rate. We are extremely thankful Congress increased the 504 program authorization level to $11 billion for the remainder of FY22 averting a significant disruption in the market.
It is important for Congress to take new steps now to avoid another program shutdown in the future as we anticipate continued growth in demand. As a zero-subsidy program that encourages small business expansion, we asked Congress to combine the authorization levels of the regular 504 program and debt refinance without expansion program, so all 504 programs are under the same authorization level of $15 billion. A permanent combined cap would allow the program to be better positioned to always remain open. CDCs would be able to use any of the 504 financing options to best meet the most timely and immediate needs of the small business community. A special thanks to Congressman LaHood, Congressman Krishnamoorthi , and Congresswoman Newman for meeting with SomerCor leadership.
To learn more about how the SBA 504 program, download the program flyer and connect with a member of SomerCor’s loan origination team.
Margaret Griffin
EVP, Chief Lending Officer
312.360.3320
mgriffin@somercor.com
Eric Bacon
SVP, Loan Officer
312.360.3335
ebacon@somercor.com
Darin Gehrke
SVP, Loan Officer
217.793.1075
dgehrke@somercor.com
Elisabeth Williams
SVP, Loan Officer
312.360.3302
ewilliams@somercor.com