SBA 7(a) Community Advantage Loan

Do you need business capital to start or expand your business?

A Community Advantage loan is a Small Business Administration 7(a) loan that is financed by a mission-based lender, like SomerCor, rather than directly through a conventional lender or the SBA. We remain your point of contact for the life of the loan.

SBA 7(a) Community Advantage (CA) loans are used for working capital, debt refinance, tenant improvements, and significant purchases that are part of the day-to-day necessities of running your business. Funds can also be used to acquire a building and heavy equipment. Loans range from $50,000 to $250,000, a range that often falls in a financing gap between micro loans and the loan sizes that conventional lenders provide.

SomerCor is honored to have been selected by the SBA as Illinois Community Advantage Lender of the Year.


REQUIREMENTS

  • For-profit business with fewer than 500 employees
  • Owner net worth of $15MM or less
  • Start-up or existing business
  • Located in Illinois
  • No existing debt obligations to the U.S. government

ELIGIBLE USES

  • Long-term working capital
  • Expand or modernize facilities with leasehold improvements
  • Purchase equipment, inventory, furniture, and fixtures
  • Acquire, operate or expand an existing business
  • Buy, build or renovate commercial real estate
  • Refinance or consolidate debt (cash advances, high interest credit cards or factoring contracts)
  • Purchase commercial vehicles

BENEFITS TO YOU

  • Streamlined application process
  • Quick approval process
  • Provides loans where many conventional lenders will not
  • Seven-year term
  • Application fee is credited back at closing

Process

1

Business is in need of debt refinance, financing for working capital, purchase commercial vehicles or inventory

2

Submit pre-qualification form to SomerCor

3

Once approved, submit complete loan package

4

SomerCor underwriting process for internal approval

5

Project sent to SBA for loan authorization

6

Close and fund loan

Dream it, Do it.

Find everything you need to start on a SBA 7(a) loan right here:

GET STARTED

Ready to start the SBA 7(A) Community Advantage process? Great! Download everything in the Get Started section and fill it out. For additional material on the SBA 7(a) Community Advantage loan, download the CA flyer and FAQ.

Pre-Qualification Form

CA Loan Program Information

FAQs

Questions? Reach out to us!

David Sommers

EVP, Chief Credit Officer
(312) 360-3322
dsommers@somercor.com