SomerCor is a Certified Development Company (CDC) - a nonprofit small business lender certified by the Small Business Administration (SBA). For more than a quarter century, SomerCor has helped entrepreneurs obtain the financing they need to grow their small businesses. Our mission is to be a go-to financing resource to provide greater access to capital, specializing in SBA 504 lending and economic development grant administration.
SomerCor is ranked a Top 25 National CDC for SBA 504 loans and is one of Chicago’s largest 504 loan providers. The 504 loan is a powerful tool that allows businesses looking to purchase, expand or refinance a commercial building or equipment to secure long-term financing at below-market rates.
We also offer SBA 7(a) Community Advantage loans to address working capital needs, as well as administer the City of Chicago’s Small Business Improvement Fund (SBIF) and Neighborhood Opportunity Fund (NOF) grants.