The November 2022 SBA 504 debenture pricing was competed on November 10, 2022.

25 Year Term 6.53%

20 Year Term 6.03%

The SBA offers a 504 Loan with a 25-year maturity for the acquisition of owner-occupied commercial real estate and related costs. This is in addition to the 10 and 20 year loans currently available in the 504 Loan Program. Loans are typically eligible for up to 90% financing of project costs. Rates include monthly servicing fees to CDC, SBA, and central servicing agent; based on SBA FY23 fees. SBA 504 refi rates are approximately 3 basis points higher than debenture pricing noted above.

SomerCor Hires Darin Gehrke to Head SBA 504 Lending in Central and Southern Illinois 

SomerCor is proud to announce the hire of veteran SBA banker, Darin Gehrke, as Senior Vice President and Market Lead for Central and Southern Illinois. Based in Springfield, Gehrke will lead strategy planning and business development to expand SomerCor’s SBA 504 lending and other economic development services in Central and Southern Illinois. Gehrke comes to SomerCor with more than 15 years of SBA 504 and commercial lending experience. Most recently, Gehrke served as Community Bank President at Town and Country Bank in Jacksonville, Illinois, where he oversaw a diverse banking portfolio that included agriculture, commercial, and SBA loans. Previously, Gehrke spent more than ten years at SomerCor as a Vice President, SBA 504 Loan Officer. “Joining SomerCor gives me the unique opportunity to combine my expertise in commercial lending and economic development,” said Gehrke. “SomerCor is doing exceptional work with its SBA 504 lending and small business grant services. I look forward to connecting SomerCor with new lending partners and small businesses to grow local economies in Central and Southern Illinois.”

We’re Moving!

SomerCor is celebrating 30 years of serving small businesses! As part of a year full of milestones, SomerCor is moving to a new space in the historic Rookery building. Starting December 1, 2022, the SomerCor address will be:

209 S. LaSalle St.

Suite 203

Chicago, IL 60604

Please update your records with our new address. Our email addresses and phone numbers will remain the same. We look forward to serving you and your small business