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 $100,000, 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
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!
