We are Catalysts for the Entrepreneurial Dream

We are fully committed to helping entrepreneurs achieve the dreams they have for their businesses. That has been our sole purpose for the past 25+ years – whether we’re working directly with the business owner, a lender, or an economic development organization.

Who We Are


Catalysts for the Entrepreneurial Dream

For more than a quarter century, we have helped entrepreneurs like you obtain the financing they need to realize their business dreams. We are a non-profit, small business lender that offers SBA 504 and SBA 7(a) Community Advantage loans, and we administer the City of Chicago’s Small Business Improvement Fund (SBIF) and Neighborhood Opportunity Fund (NOF) grants.

Purpose Driven

Behind every good business is a compelling vision. And a need for capital. Our purpose is to guide your vision to reality through impactful financial solutions. That’s because business growth, job creation and community impact are our priorities.

Values Oriented

We get how tough it can be. That’s why we never forget compassion, patience and honesty when we work with you. With our lending partners, we work efficiently and ethically to provide outstanding customer service and tangible results.


Mission, Vision & Values


Mission

We are catalysts for the entrepreneurial dream.  We assist in bringing the entrepreneurial vision into reality through impactful financial solutions. We help businesses grow and positively impact the owners, employees and communities.

Vision

We seek to become a national leader in SBA lending and economic development; thereby helping as many Americans as possible take the next steps towards fulfilling their entrepreneurial dreams.

Values

We care about our clients and believe in treating them with compassion, integrity, fairness and honesty. We work efficiently and ethically with our partners to provide outstanding customer service and tangible results. In doing so, we have the greatest positive impact on our clients, their businesses, employees and communities.


The significance of a mission-based Certified Development Company

With a portfolio of nearly $500 million, SomerCor is one of the largest SBA lenders in the Midwest, consistently ranking in the top 25 Certified Development Companies (CDC’s) nationwide. We are a mission-based, nonprofit corporation certified by the Small Business Administration (SBA). Our mission is accomplished through SBA loans in partnership with lenders, and through the administration of grant funds through economic development organizations.

That mission is three-fold:

  1. Business Growth
  2. Job Creation
  3. Economic Development

The numbers speak for themselves

  • $1.48 billion in funding for Illinois small business
  • 3,500 businesses helped
  • 41,400 jobs created
  • 1,608 communities affected

SomerCor Significant Events

1992

JULY: SomerCor 504, Inc is incorporated

JULY: Karen Lennon elected President & Executive Director, first woman to create and lead an Illinois CDC

1995

SomerCor moves into its first location at Two East 8th Street, Chicago, IL 60605

1998

SEPT: Portfolio hits $100,000,000

1998

SEPT: City of Chicago enters into an agreement with SomerCor to administer the SBIF program

SEPT: City of Chicago enters into an agreement with SomerCor to administer the Central Loop Improvement Fund program

2001

JAN: Russ Lenich elected President & Executive Director

2004

SomerCor is awarded the Arthur Goodman Achievement and Diversity Award for the Small Business Improvement Fund by NADCO

2005

DEC: Portfolio hits $250,000,000

2007

MAY: SomerCor moves into its current location at 601 S. LaSalle Street,
Suite 510, Chicago IL

JUNE: David Frank elected President & Executive Director

2008

SomerCor is awarded the Greatest Increase in Number of 504 Loan Approvals – Portfolio over $200 Million by NADCO

2009

SomerCor is awarded the Greatest Increase in Percentage of 504 Loan Approvals – Portfolio over $200 Million by NADCO

2012

NOV: SomerCor is named one of the Largest SBA Lenders by Crain’s Chicago Business

2013

APR: U.S. Small Business Administration enters into an agreement with SomerCor to become a Community Advantage lender

2016

SomerCor is awarded the NADCO Diamond Award for Innovation in Economic Development

NOV: Eric Spokas elected President & Executive Director

2017

FEB: City of Chicago enters into an agreement with SomerCor to administer the NOF program

MAY: SomerCor is awarded the Illinois Community Advantage Lender of the Year by the U.S. SBA

2018

NOV: Manuel “Manny” Flores elected President & SomerCor’s first Chief Executive Officer; first Latino to lead an Illinois CDC

2019

JAN: SomerCor achieves official accreditation with an A+ rating from the Better Business Bureau