SomerCor is proud to announce a formalized partnership with NAWBO Chicago. Formed in 1978, it is the largest of NAWBO’s U.S. chapters – supporting more than 200 members who represent businesses in all major industrial, service, and retail sectors.
Access to capital remains a critical issue for all entrepreneurs. NAWBO’s own public policy survey found nearly two-thirds of members rated access to capital to be a very or an extremely important issue. As a non-profit, Small Business Administration (SBA) certified lender, SomerCor is a natural fit to support NAWBO Chicago members with their capital needs.
“Diversity and inclusion are fundamental elements of SomerCor’s DNA and provide us a strong guiding force as we seek to serve all communities throughout Illinois,” said SomerCor President and CEO, Manny Flores. “Our partnership with NAWBO Chicago helps expand our footprint in a committed effort to be a resource for women small business owners.”
“We are proud to count SomerCor among our key partnerships,” said NAWBO Chicago Executive Director, Melissa Lagowski. “Not only are they subject matter experts, we already have members who count them as trusted lending partners. The SomerCor team is fully engaged and I look forward to collaborating on innovative programming with them in 2020.”
Click here to learn more about SomerCor and our partnership with NAWBO Chicago. For more information about SBA loans, contact Elisabeth Williams at (312) 360-3302 / [email protected].
SomerCor is a Certified Development Company (CDC), a nonprofit corporation certified by the Small Business Administration (SBA). Founded in 1992, SomerCor provides capital to entrepreneurs throughout Illinois with a mission of business growth and job creation by offering SBA 504 loans in partnership with banks, credit unions and other lending institutions. SomerCor also facilitates and processes SBA 7(a) Community Advantage loans, City of Chicago Small Business Improvement Fund grants, and City of Chicago Neighborhood Opportunity Fund grants. SomerCor is committed to growing economic development opportunities for businesses, entrepreneurs, employees and communities through partnerships with lending institutions and economic development agencies. SomerCor is ranked a Top 25 National CDC for SBA 504 loans and is one of Chicago’s largest 504 loan providers.
About the SBA 504 Loan Program
The SBA developed the Certified Development Company/504 Loan Program (504 loan program) to promote economic development, create and retain jobs and meet certain additional public policy goals including providing capital to women, veteran and minority-owned businesses. The program helps lenders, such as national banks and federal savings associations, provide eligible small businesses with long-term financing to acquire and improve major fixed assets for owner-occupied commercial real estate and heavy machinery. The program helps businesses by giving them access to long-term, fixed-rate financing with as little as 10 percent owner equity.