Daily Herald Business Ledger: SBA 504 Program – Proven Impact in Times of Economic Uncertainty

Are you a business owner in Illinois? Check out the December issue of the Daily Herald Business Ledger for guidance from industry leaders on how to navigate the impact of the COVID-19 pandemic. Learn how the SBA 504 loan and refi programs support improved cash flow for small businesses during times of economic uncertainty. 

Since the start of the COVID-19 pandemic through the end of fiscal year 2020 (March 1-September 30), 4162 SBA 504 loans, with a volume of $3,275,074,000, were approved nationwide — 180 of these loans were for projects in Illinois.

The 504 can be a good fit for businesses growing from an increase in demand, as well as companies conserving and needing to shore up capital. Borrowers span a variety of industries, including manufacturing, health care, storage and logistics, franchises, hospitality, professional services and senior care.                                                       

SomerCor borrower success stories include a landscape design company in Villa Park, a plumbing and HVAC services firm in Roselle, a plastics recycling plant in Lake in the Hills, a sheet metal manufacturing facility in Grayslake, and a fast-food franchise in Fox River Grove.

You can read the full article in the Daily Herald Business Ledger. Also, be sure to download the program flyer and connect with a member of SomerCor’s loan origination team to learn more about how the SBA 504 loan program supports improved cash flow for small businesses.