SomerCor Hosts Federal Elected and Government Officials to Showcase Hispanic Business Growth
SomerCor, a non-profit Small Business Administration (SBA) 504 lender, proudly hosted SBA Regional Administrator, Geri Aglipay, and Congresswoman Delia C. Ramirez for Hispanic Heritage Month to recognize Osorio Metals Supply Inc. and the growth of Hispanic-owned businesses in the U.S.
“For Hispanic Heritage Month, we celebrate the entrepreneurial spirit of Latinos wherein Latinos have had the fastest creation of businesses in three decades,” said SBA Regional Administrator, Geri Aglipay. “The Latino share of the SBA’s lending portfolio has grown 4 percentage points in the last three years, from 7.8% to 12.2%. In fiscal year 2023, the agency funded a record-shattering $3 billion to Latino-owned small businesses.”
Ruben Osorio, a Mexican immigrant, started Osorio Metals as a one-person operation in his home garage in 1992. After continued success, Osorio Metals increased its operations by renovating and modernizing its manufacturing facility in Chicago through the help of SomerCor and the SBA 504 loan program.
“The SBA 504 loan was absolutely vital to the trajectory of our five-year growth plan,” said Osorio Metals Chief Operating Officer, Adriana Osorio. “We needed to transform our facility to expand our family business. It would not have been possible without the SBA 504 program and SomerCor’s guidance.”
“The Osorio Metals story is the American dream,” said SomerCor President and CEO, Manuel Flores. “I credit the SBA for its work in support of growing minority owned businesses through loans, grants, and other critical resources. I’m grateful to SBA Regional Administrator Aglipay for her visit in support of Hispanic entrepreneurs like the Osorio family whose hard work, sacrifices, and vision strengthen our economy.”
“Established in 1991 and employing 30 community members, family-owned Osorio Metals in IL-03 is a prime example of how small businesses help Latino and immigrant families build generational wealth while growing our economies. Our nation is fortunate to have over 5 million Latino-owned businesses, like Osorio Metals, generating over $800 billion in revenue annually and employing millions of workers,”said Congresswoman Delia C. Ramirez.“Because their success is our success, we must continue working with SBA Regional Administrator Geri Sanchez Aglipay to celebrate, support, and invest in Latino-owned small businesses.”
The SBA 504 loan program helps small business owners buy, build, and 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 a public policy goal of creating jobs and economic development in our communities. To learn more about how the SBA 504 loan program can support your business expansion, contact SomerCor today.
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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, Kenosha and Rock counties in Wisconsin, and Jasper, Lake, Newton, and Porter counties in Indiana.
SomerCor is one of the largest non-profit SBA lenders in the Midwest and consistently ranks in the top 15 of CDCs nationwide. Since its founding in 1992, SomerCor has deployed $1.8 billion in SBA loans to 3,843 businesses, leading to the creation of 46,907 jobs. For more information visit www.somercor.com.
