The SomerCor Way
Mission
As catalysts for the entrepreneurial dream, SomerCor delivers capital and resources that spark business growth, drive job creation, and advance inclusive economic empowerment.
Vision
Empowering entrepreneurs to grow vibrant businesses and create thriving, economically inclusive communities.
Values
Community: We are stronger together. Our commitment to community means supporting one another, giving back, and creating a workplace where everyone feels a sense of belonging. We have a unique opportunity to create success in our community and do good things in collaboration with our network of partners. We are proud of our community involvement, recognizing that every local community is unique and that we will identify pathways to partnership in a way that most effectively drives local impact.
Accountability: We take ownership of our actions, commitments, and results. Accountability means showing up for each other and our clients, delivering on promises, and striving for excellence in all that we do.
Integrity: Trust is at the heart of everything we do. Integrity means being honest, ethical, and transparent in our words and actions, even when no one is watching.
Respect: We succeed by valuing inclusion, listening to each other, and fostering an environment where every voice is heard. Respect for others builds a culture of collaboration and innovation.
SomerCor is a U.S. tax-exempt 501(c)(3) organization.
Excellence in Service and Integrity
SomerCor is an Accredited Lender Program (ALP) Certified Development Company. ALP status is a prestigious designation granted by the U.S. Small Business Administration to high performing, non-profit SBA 504 lending companies.
SomerCor is a Better Business Bureau accredited business with an A+ rating.
SBA Lending Expertise
Partnering with SomerCor means collaborating with a trusted SBA lending resource. We build lasting relationships with financial institutions, including banks, credit unions, and alternative lenders. By working with us to finance SBA 504 loans, lenders can:
Grant Administration Expertise
SomerCor administers grant and loan funds provided by economic development organizations, including municipalities. By partnering with us, organizations can enhance their impact and extend their reach, creating more jobs, stimulating the local economy, and broadening the tax base.
Your Trusted Partner
At SomerCor, we understand the challenges you face and the hard work you put in to create an economic impact. We are not just a service provider; we are your partner in success. Whether you're a business owner, a lender, or an economic development organization, we are here to deliver impactful financial solutions tailored to your specific needs. Contact us today, and let us help you achieve your business goals.
SomerCor Significant Events
JULY 21: SomerCor 504, Inc incorporates in Illinois
SomerCor Board of Directors elects Karen Lennon, President & Executive Director, first woman to lead an Illinois CDC
SomerCor moves into its first location at Two East 8th Street, Chicago
SomerCor SBA 504 portfolio reaches $100,000,000 mark
SomerCor enters into an agreement with the city of Chicago to administer the SBIF grant program
SomerCor enters into an agreement with the city of Chicago to administer the Central Loop Improvement Fund program
SomerCor celebrates 10 years of service
SomerCor Board of Directors elects Russ Lenich, President & Executive Director
NADCO awards SomerCor the Arthur Goodman Achievement and Diversity Award for administering the Small Business Improvement Fund
SomerCor SBA 504 portfolio reaches $250,000,000 mark
SomerCor moves into 601 S. LaSalle Street, Chicago
SomerCor Board of Directors elects David Frank, President & Executive Director
NADCO awards SomerCor the Greatest Increase in Number of 504 Loan Approvals – Portfolio over $200 Million
NADCO awards SomerCor the Greatest Increase in Percentage of 504 Loan Approvals – Portfolio over $200 Million
Crain’s Chicago Business names SomerCor one of the Largest SBA Lenders in Illinois
SomerCor celebrates 20 years of service
SomerCor enters into an agreement with U.S. Small Business Administration to become a Community Advantage lender
NADCO awards SomerCor the NADCO Diamond Award for Innovation in Economic Development
SomerCor Board of Directors elects Eric Spokas, President & Executive Director
SomerCor enters into an agreement with the city of Chicago to administer the NOF grant program
U.S. Small Business Administration awards SomerCor, the Illinois Community Advantage Lender of the Year
SomerCor Board of Directors elects Manuel “Manny” Flores, President & Chief Executive Officer
SomerCor achieves accreditation with the Better Business Bureau with an A+ rating
U.S. Small Business Administration awards SomerCor the Illinois Community Advantage Lender of the Year
SomerCor partners with the city of Chicago, Cook County, and the State of Illinois in dispersing more than $10.2 million in emergency COVID-19 small business relief grants
U.S. Small Business Administration awards SomerCor prestigious SBA Accredited Lender Program (ALP) Status, a designation granted to high performing CDCs
SomerCor moves into the historic Rookery Building at 209 S. LaSalle St, Chicago
SomerCor receives SBA Local Economic Area (LEA) expansion authority to lend in Kenosha and Rock counties in Wisconsin.
SomerCor celebrates 30 years of service
SomerCor receives SBA Local Economic Area (LEA) expansion authority to lend in Jasper, Lake, Newton, and Porter counties in Indiana
SomerCor SBA 504 Portfolio reaches $500,000,000 mark
U.S. Small Business Administration grants SomerCor Small Business Lending Company status
Proudly affiliated with:
Management Operations
Small Business Grant Programs
SBA 504
Community Engagement
SBA 504 Loan Origination
SBA 504 Underwriting
SBA 504 Closing
Servicing
Board of Directors
The SomerCor Board of Directors is comprised of a diverse and dynamic group of senior-level professionals and entrepreneurs. They bring banking, finance, economic development, real estate, legal, marketing, accounting, and fintech expertise.
Our Board provides corporate governance oversight and helps shape the SomerCor strategic vision.
Margy Sweeney
Chairman
Founder & CEO
Akrete
Thomas Huffman
Vice Chairman
Executive Vice President, Wintrust SBA Lending
Wintrust Community Banks
Jon Winick
Chairman Emeritus
Chief Executive Officer
Clark Street Capital
Dean Avdalas
Senior Vice President, Commercial Lending
Byline Bank
Jeffrey Bronswick
James Bruno
Vice President, Area Manager
JPMorgan Chase
Brian Burke
Senior Vice President, Commercial Banking
Old National Bank
Manuel Flores
President & CEO
SomerCor
Michael Martino
Head of Chicago Emerging Middle Market Banking
Fifth Third Bank
Erica McPherson
Michael Plumb
Principal
Lee & Associates of Illinois, LLC
William W. Towns, PhD, MBA
Adjunct Professor
Social Impact and Sustainability
Co-Director ASCEND National Cohort
Kellogg Venture Equity Fund
Kellogg School of Management Northwestern University
Julie Winterbauer
Simon Yohanan
Senior Vice President, Managing Director of Middle Market Banking
First Bank Chicago