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.

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

What we offer business owners

We work with you, the business owner, to access the loan or grant to help fuel your dream.

Oftentimes entrepreneurs find it difficult to get the financing they need to grow.  SomerCor plays a critical role in filling the financing gap for those businesses that face barriers to traditional loans and for those that want to preserve working capital.  We facilitate an impactful range of financing options available for new and growing businesses in Illinois.

Those options include SBA 504 loans, as well as grants administered for the City of Chicago’s Small Business Improvement Fund (SBIF) and Neighborhood Opportunity Fund (NOF) programs.  Each of these products has specific uses, requirements and advantages. It’s our role to help you navigate them, to select the most advantageous financing product (or products) for your business, and to guide you through the entire process.

Our ongoing engagement

We work closely with you and the lending institutions to facilitate and process SBA 504 loans. Our engagement with you doesn’t stop there though; we continue to service the SBA loans for their entire term. The loan services we offer include monthly payments, prepayments, guarantor and collateral releases, assumptions, subordinations and changes in your ACH account.

We’re the people you’ll call. We’ll be here for you.

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What we offer lenders

With SomerCor, you’re working with a reliable SBA lending expert.  We develop long-term, collaborative relationships with financial institutions, including banks, credit unions, and alternative lenders. By working with SomerCor to finance SBA 504 loans, lenders can:

  • Gain business opportunities with new borrowers
  • Maintain first-lien position in the loan
  • Mitigate risk by reducing loan exposure
  • Retain commercial account relationships
  • Expand long-term relationships in the community
  • Grow Community Reinvestment Act credit opportunities

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What we offer economic development organizations

SomerCor administers grant and loan funds that are made available through economic development organizations, including municipalities. By working with us, organizations enhance their impact and extend their reach – creating more jobs, stimulating the local economy and broadening the tax base.

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We know your world

Our value is not only in what we do, but also in what we know. We know your world. Whether you are a business owner, a lender, or an economic development organization, we know you’re working hard and grappling with challenges in order to create an economic impact.

We also know you need a partner who can help make your hard work pay off. A partner who can help deliver impactful financial solutions that are customized to achieve the entrepreneur’s business goals.

SomerCor is that partner.  Reach out to us and let us help you dream it and do it!