SomerCor Down Payment Assistance Program
Own the Business. Own the Building.
SomerCor helps small businesses purchase owner-occupied commercial real estate through the Small Business Administration (SBA) 504 financing. With SomerCor’s new Down Payment Assistance Program (DPAP), eligible businesses in Cook County can receive a grant to reduce upfront costs when purchasing their first building.
Advantage: In addition to the SBA 504 program’s long-term fixed, low interest rate financing, the SomerCor Down Payment Assistance Program provides a grant equal to 5% of eligible project costs, up to $25,000, helping first-time SBA 504 borrowers in Cook County reduce upfront costs and maintain working capital.
Example Project for a $1,000,000 Building Purchase:
Bank Loan (50%) → $500,000
SBA 504 Loan (40%) → $400,000
Owner Down Payment (10%) → $100,000
DPAP Grant (5% up to $25,000) → $25,000
Owner contribution reduced to $75,000
Eligibility Requirements: Businesses must
- Make their first purchase of owner-occupied commercial real estate for an operating business in Cook County.
- Been in operation for at least two years and is in good standing with the State of Illinois.
- Have annual revenue between $200,000 and $5,000,000
- Total project size cannot exceed $1,000,000
- Are subject to all SBA, SomerCor, and third-party lender eligibility and underwriting requirements
Learn more about the SBA 504 program here.
Ready to start you project? Submit the form below.
