Investing in the Makers: Financing, Workforce, and Innovation for Illinois Manufacturing
October is Manufacturing Month, a time to honor the people, innovation, and impact behind one of Illinois’ most vital industries! To celebrate, Manny Flores, SomerCor President & CEO, and David Boulay, PhD., President of the Illinois Manufacturing Excellence Center (IMEC), discuss the economic and public policy challenges, and opportunities, impacting manufacturers. SomerCor has over 30 years of experience in providing SBA 504 financing to small manufacturers, partnering with almost 700 manufacturing business owners. Since 1996, IMEC has partnered with more than 2,500 manufacturers a year, providing strategic planning and innovation. Together, SomerCor and IMEC are helping Illinois manufacturers grow and thrive.
October is Manufacturing Month. What does it mean to recognize and celebrate manufacturing to IMEC?
DAVID: For IMEC, Manufacturing Month is about honoring Illinois’ proud tradition of making—it’s in our DNA. It’s a time to celebrate the entrepreneurial spirit that drives innovation, the rewarding careers that manufacturing provides today, and the opportunities ahead to keep this tradition vibrant and strong for generations to come.
MANNY: Manufacturing is part of who we are in Illinois. From food processing, automotive, machinery, pharmaceuticals, and advanced technology, Illinois manufacturing is making a significant impact in shaping local economies. At SomerCor, we’re proud to stand alongside our state’s makers by helping them access the capital they need to invest, grow, and hire.
David, to reinforce your point about what manufacturing means to Illinois, I would like to reference some compelling numbers – Illinois boasts nearly 14,000 manufacturing companies that help generate more than 724,000 jobs and contribute over $500 billion in annual economic impact. Manufacturing Month gives us the chance to not just celebrate our manufacturing legacy, but double down on our commitment to its future.
IMEC’s mission is to help manufacturers plan, implement, and excel. How do you maintain this focus across the wide variety of manufacturing partners you serve?
DAVID: IMEC’s core purpose is economic and workforce competitiveness. Aligned with our vision — igniting Illinois manufacturing excellence and global competitiveness — we meet manufacturers where they are, bring expert teams across leadership, strategy, growth, operations/automation, and workforce upskilling, and deliver through a simple loop: plan together, implement side-by-side, and sustain measurable results so companies and communities thrive.
MANNY: It’s exciting to be able to work alongside Dave and his IMEC team to provide manufacturers with the resources they need. Their hands-on, strategic approach aligns with how we work at SomerCor. We meet entrepreneurs where they are, just like IMEC does, and bring the SBA 504 loan and other SBA resources directly to them. Whether it’s financing a new facility or helping navigate federal programs, we want manufacturers to feel confident and equipped to take that next big step.
How has the recent push for onshoring changed the way you work with manufacturers? How has it changed the landscape for them?
DAVID: Implementing best practices and continuous improvement remain constants for forward thinking manufacturers, but the push to strengthen domestic manufacturing has reshaped the landscape. Manufacturers are navigating uncertainty while also facing tremendous opportunities for growth, resilience, and productivity. For IMEC, this moment has made our mission more vital than ever — which is why this has become our busiest and most impactful year yet.
MANNY: I share David’s sense of urgency and optimism. I believe we have an opportunity to make new and historic gains in growing our domestic manufacturing base. The SBA Made in America Initiative along with the recent changes to the federal tax code regarding capital investments are making it more attractive and feasible for manufacturers to buy and build here at home. As an SBA lender, it’s exciting to see an opportunity to help turn these policy wins into real growth – with financing that supports expansion, equipment upgrades, and job creation in our communities.
IMEC says that “the fourth industrial revolution is here, and workforce is our priority.” What does the workforce look like right now, and how do you hope to see it change moving forward?
DAVID: At IMEC, workforce is our priority. Today, manufacturers face both a skills gap and a shortage of available workers, in part because population growth isn’t keeping pace with industry needs. That’s why combining automation with upskilling is a game changer. Investing in new technology while reshaping the skills of your team creates a virtuous cycle — boosting productivity and company performance while opening higher-wage, higher-opportunity careers. Moving forward, we hope to see more manufacturers embrace this approach, where technology and talent grow together to strengthen competitiveness and expand career pathways.
MANNY: When Dave talks about upskilling and automation, it really hits home. Every SBA 504 loan SomerCor makes is tied to job creation, so we see the workforce impact up close. By financing growth, we help manufacturers stay competitive and build stronger teams. And with IMEC’s workforce solutions, it’s a powerful one-two punch. That’s why our partnership with IMEC works so well, it’s not just about machines, it’s about people.
The SBA recently announced that the upfront guaranty fee and the annual service fee will be waived for manufacturers in FY26. How do you see this impacting the people you work with?
DAVID: This is a big deal for Illinois manufacturers. By removing these fees, companies can invest more in growth, technology, and their teams. For the people we work with, it means more jobs, better careers, more investments in automation all leading to stronger, productive, and more resilient businesses — which ultimately benefits the communities they’re part of.
MANNY: David couldn’t have said it any better. It’s exciting to see the SBA’s continued commitment to manufacturers. These simple but impactful policy changes to the SBA 504 loan program send a very clear message that our manufactures matter and that we are here to support their growth.
At the end of last year’s Makers on the Move bus tour, you remarked on the resiliency, creativity, and pride of Illinois manufacturers. What are you hoping to see and learn on this year’s tour?
DAVID: Every year, I am inspired by the stories, creativity, and passion of manufacturers across Illinois. I continue to be in awe of how the entrepreneurial spirit comes alive in companies and communities large and small. This year, with the shifts underway in manufacturing, I’m excited to see and learn about the new approaches and ways of thinking — all grounded in the pride, tradition, and ingenuity that define Illinois makers.
MANNY: The SomerCor team and I are huge fans of the Makers on the Move bus tour. I have been fortunate enough to have joined several of the stops over the years, and I always come away inspired by seeing the production lines in motion, the state-of-the-art machinery, and the workers enthusiastically applying their skills in making things. The Makers on the Move tour is such a big deal for us that we even gave Dave his own SomerCor Big Green Pencil to celebrate a visit with Morton Industries, a SomerCor client. This year, we look forward to another great stop with IMEC and our partner the DeKalb County Economic Development Corporation when we visit the Suter Company Inc to celebrate its 100 years of business.
What are some of the biggest challenges facing your manufacturers today? How can SomerCor partner with you to help them?
DAVID: Manufacturers today face a range of challenges — workforce shortages, rising costs, supply chain disruptions, and the need to adopt new technology to stay competitive — all while trying to grow and create better careers. SomerCor can be a strong partner by leveraging its expertise in financial and loan guarantee products, and its deep connections with communities and local financial institutions, to help manufacturers access the capital and resources they need to strengthen their businesses and the communities they serve. After all, in manufacturing, having the right tools is important — but having the right money behind them doesn’t hurt either!
MANNY: Working with IMEC gives us a clearer understanding of the challenges manufacturers face, which enables us to provide the right solution – whether it’s financing an expansion or equipment to modernize operations or helping with other SBA resources and programs. We also know that trusted partners and relationships are critical in connecting with businesses. IMEC has an outstanding reputation and a strong record as a resource provider for manufacturers. By working together, we can deliver a broader range of services in a seamless manner.
How can SomerCor and IMEC support one another?
DAVID: Over the years, IMEC and SomerCor have built a strong, positive collaboration. IMEC helps manufacturers improve productivity, culture, and overall performance — all critical levers for boosting cash flow and making sound investment decisions. SomerCor brings the expertise to determine the best financial approach, from loans to loan guarantees. Together, we aim to be a seamless solution for companies, helping them grow, invest wisely, and create stronger, more resilient businesses.
MANNY: Dave, we really appreciate your leadership and our collaboration with IMEC. We look forward to building on our continued work and identifying new and innovative ways to grow manufacturing in Illinois. Your team excels in improving manufacturing performance and culture, which in turn sets the stage for smart investments. SomerCor’s mission is to help facilitate and bring these investments to reality through SBA 504 financing and other resources. We also know that we have greater impact working together – the capital and expertise we offer is important, however it’s the trust and alignment we share with IMEC that makes the difference.
Manufacturing Month reminds us that strong manufacturers build strong communities and that supporting them is a shared responsibility. At SomerCor, we’re honored to work alongside IMEC to ensure Illinois manufacturers have the tools, training, and capital to compete, grow, and innovate.
Whether it’s a family-run shop on Chicago’s South Side or a high-tech facility in rural Illinois, every manufacturer has a story and we’re proud to help write the next chapter.
If you’re a manufacturer looking to invest in your business, or an economic development partner ready to collaborate, we’d love to connect. Let’s keep building something great, together.
Interviewed by Sarah Boghossian for SomerCor
