SomerCor Expanding to Serve Small Businesses in Southeast Wisconsin
SomerCor, an Illinois non-profit, Certified Development Company (CDC) licensed by the Small Business Administration (SBA) under the SBA 504 loan program, proudly announces it has been granted Local Economic Area (LEA) expansion authority to lend in Kenosha and Rock counties in Wisconsin. SomerCor is the only Illinois based CDC with LEA authority to lend in these select Wisconsin counties.
The SBA 504 loan program is an economic development initiative that helps small business owners buy, build, or refinance commercial real estate and fixed equipment with up to 90 percent financing. The program offers below-market, fixed interest rates for 10, 20, or 25 years, with the goal of enabling small businesses to create or retain jobs within their communities.
“This milestone is special as it coincides with SomerCor’s 30th anniversary of serving small businesses in partnership with banks, credit unions, and other lenders with the SBA 504 program,” said Manuel Flores, President and CEO of SomerCor. “The SBA 504 program has a long track record of success and is a helpful financing option for small businesses, especially in a higher interest rate environment. We look forward to developing new partnerships in Kenosha and Rock counties to promote economic development and small business growth in collaboration with local stakeholders.”
The expansion of SomerCor’s lending footprint into Wisconsin is part of the company’s strategic growth plan. Over the last three years, SomerCor increased its SBA 504 loan production by 183 percent. Since its founding in 1992, SomerCor has funded 2,500 loans with a total volume of $1.65 billion and assisted more than 3,600 businesses.
Most for-profit businesses in the U.S. are eligible for the SBA 504 Program. Contact SomerCor to speak to a loan officer and see if an SBA 504 loan is right for your project or small business client.
The SomerCor mission is to grow businesses, create jobs, and increase impactful investment in every community through the SBA 504 loan program and other financing and grant initiatives. SomerCor serves the entire state of Illinois and Kenosha and Rock counties in Wisconsin.