SomerCor

For more than a quarter century, we have helped entrepreneurs like you obtain the financing they need to realize their business dreams. We are a non-profit, small business lender that offers SBA 504 and SBA 7(a) Community Advantage loans, and we administer the City of Chicago’s Small Business Improvement Fund and Neighborhood Opportunity Fund grants.

About

With a portfolio of nearly $500 million, SomerCor is one of the largest SBA lenders in the Midwest, consistently ranking in the top 25 Certified Development Companies (CDC’s) 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. 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 7a Community Advantage- 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 $250,000, 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 $150K. City of Chicago Grant- Neighborhood Opportunity Fund (NOF)- NOF was created by Mayor Rahm Emanuel to strengthen commercial corridors on Chicago’s South, Southwest and West Sides. The NOF finances commercial and cultural projects in neighborhoods that lack sufficient private investment. Grants can be up to $250K (larger projects need City Council approval). Our value is not only in what we do, but also in what we know. We know you need a partner who can help make your heard work pay off. Reach out to us and let us help you dream it and do it.

Services

Accelerators and Incubators

  • Accelerator

Buying or Selling a Business

  • Buying or Selling a Franchise
  • Purchasing or Selling an Existing Business

Financial Resources and Assistance

  • Debt Funding
  • Equity Funding
  • Grant Funding
  • Loans
  • Matching Funds
  • Real Estate Finance
Primary ContactSavannah Allen
Addresss601 S. Lasalle St.
Suite 510
Chicago, IL 60626
Phone(312) 360-3327