Catalysts for the Entrepreneurial Dream

SomerCor is one of the largest 501(c)(3) non-profit SBA lenders in the Midwest and consistently ranks in the top 15 of CDCs nationwide. We are a mission-based, nonprofit corporation certified by the Small Business Administration. 

Our mission is accomplished through SBA loans in partnership with lenders, and through the administration of grant funds through economic development organizations.

Since 1992, SomerCor has deployed $1.65 billion in SBA loans to 3,696 businesses in 1,649 communities, leading to the creation of 45,774 jobs throughout Illinois. SomerCor also administers small business grants on behalf of the City of Chicago to promote new economic development in underserved neighborhoods. Between the Small Business Improvement Fund (SBIF) and Neighborhood Opportunity Fund (NOF), more than $123 million has been invested back into the community.

What we Offer: 
SBA 504- 
We help you obtain the SBA 504 loan which provides financing or refinancing for up to $5.5 million, as much as 90% of the total project cost. Use the 504 loan program to finance the purchase, or refinance, of owner occupied commercial real estate and heavy equipment.  

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. Loans range from $50,000 to $350,000, a range that often falls in a financing gap between microloans and the loan sizes that conventional lenders provide.

City of Chicago Grant-Small Business Improvement Fund (SBIF) grants reimburses you for the pre-approved repair or rehab of your business facilities or adjacent land acquisition. You must be located within a specific TIF district. The maximum grant assistance is $250K.

City of Chicago Grant- Neighborhood Opportunity Fund (NOF) was created by Mayor Rahm Emanuel to strengthen commercial corridors on Chicago’s South,

SomerCor

Hannah White

This department oversees lending operations and credit management within the organization.

Lending and Credit

This department focuses on evaluating and managing credit risks associated with lending and investment activities.

Credit Analysis

This department provides strategic direction and oversight for the organization's overall operations and governance.

Executive Leadership

This department manages the processes involved in servicing and processing loans.

Loan Operations

This department is responsible for developing and executing marketing strategies to promote the organization's brand and engage with its audience.

Marketing Department

This department manages and oversees the processes involved in closing transactions efficiently.

SomerCor

Org chart

Teams

Lending and Credit

Credit Analysis

Executive Leadership

Loan Operations

Marketing Department

Closing Operations

Offices

SomerCor

Org chart

Teams

Lending and Credit

Credit Analysis

Executive Leadership

Loan Operations

Marketing Department

Closing Operations

Offices

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