Are you a business owner in Illinois? Check out the May issue of the Daily Herald for guidance from Eric Bacon, SVP and Loan Officer at SomerCor. Learn about why the SBA 504 loan and refi programs are trusted financing tools for small businesses during times of higher inflation an increasing interest rates.

According to the U.S. Chamber of Commerce Quarterly Spotlight, two-thirds of small businesses say that rising interest rates are limiting their ability to access capital for their business. The survey also found that 62% of small businesses had to seek out additional financing in the past year due to rising prices, as inflation remains the top concern for many entrepreneurs.

As small businesses face both the rising costs of operating a business and a high interest rate environment, it is important that entrepreneurs are aware of the factors causing rates to rise, understand the impact on their business finances, and learn about financing tools, like the SBA 504 program, to access capital.

You can read the full article in the Daily Herald. 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

Eric Bacon

SVP, Loan Officer

Darin Gehrke

SVP, Loan Officer

Elisabeth Williams

SVP, Loan Officer