The November 2021 SBA 504 debenture pricing was competed on November 10, 2021.
25 Year Term 2.92%
20 Year Term 2.78%
10 Year Term 2.79%
The SBA is offering a 504 Loan with a 25-year maturity for the acquisition of owner-occupied commercial real estate and related costs. This is in addition to the 10 and 20 year loans currently available in the 504 Loan Program. Loans are typically eligible for up to 90% financing of project costs. Rates include monthly servicing fees to CDC, SBA, and central servicing agent; based on SBA FY22 fees. SBA 504 refi rates are approximately 1 basis point higher than debenture pricing noted above.
Letter From the President & CEO, Manuel Flores
This November marks my third year as President and CEO of SomerCor. As I reflect on my tenure, I find myself energized and imbued with a strong sense of optimism inspired by SomerCor’s resilience and ability to overcome unprecedented challenges to ensure we remain a strong lending partner to our small business clients and a reliable resource to the many banks and credit unions who count on us for support with the SBA 504 loan program. Like many other businesses, SomerCor has been directly impacted by the pandemic.
We had to adapt to a rapidly evolving business environment and adverse economic conditions to meet the needs of our clients and partners, all the while dealing with and overcoming personal challenges and tragedy caused by the pandemic. I am proud of the SomerCor team for rising to the occasion – we worked diligently alongside other key stakeholders and lending partners to keep small businesses open, bringing hope to desperate entrepreneurs, workers, and communities. In FY 2021, we served 254 businesses, helped create/retain 4,216 jobs, authorized $103,942,000 in loans, distributed $9,915,443 in grants, and served 177 different communities. In addition to the positive impact we made to help keep our local economy strong, SomerCor obtained Accredited Lender Program status, a prestigious designation awarded by the Small Business Administration to high performing SBA nonprofit lenders.
As we pivot to rebuild our economy, I look forward to growing SomerCor’s SBA lending and grant administration services to enhance our impact. To our clients and lending partners, thank you for the opportunity to serve you. Providing you outstanding customer service and client support is a priority. Working together, we will continue to strengthen the small business ecosystem, create more jobs, and drive more investment in communities throughout Illinois.
“When I needed to purchase my dental practice and my building, SomerCor was a great partner! The process was very straight forward and the staff was excellent to work with. The benefits of the SBA 504 loan allowed me to put less money down, have a great rate, and keep my payments low enough to continue to grow my practice.”
