SomerCor

On Monday, November 4th, SomerCor is partnering up with the U.S. Small Business Administration Illinois District Office, Illinois Department of Commerce and Economic Opportunity, Illinois Hispanic Chamber of Commerce, and NORTHWEST COMMUNITY CU for an event to connect entrepreneurs with financing options to support their small business growth. RSVP today using the QR code to learn more about the #SBA504 loan and other #accesstocapital resources. #smallbusinessloan #sbaloan #smallbusinessfinancing

Congratulations to three of our team members - Darin Gehrke, Manish Laroia, CFA, and Daniel Reyes - on their work anniversaries! We appreciate all your efforts on behalf of small businesses. Thank you for all that you do! #sba504 #accesstocapital #somercorstrong

According to the Illinois Manufacturers' Association, it's estimated that the manufacturing industry supports nearly 30 percent of all jobs in Illinois, making it among the state’s largest industry sectors. SomerCor is proud to support small and mid-size manufacturers through the #SBA504 loan and refinance programs. Click here: https://hubs.li/Q02VK20R0 to learn three ways the 504 maximizes stability, capacity, and cash flow for manufacturers. #manufacturing #accesstocapital #fixedassetfinancing #buildbuyrefi #ManufacturingMonth

Inspiring coverage in the The New York Times about "one of the pandemic’s most unexpected economic legacies: an entrepreneurial boom." During that time, Americans started businesses at the fastest rate in decades - but even more impressive, those businesses thrived despite economic uncertainty and other challenges. According to the Census Bureau, businesses formed from 2020 to 2022 had created 7.4 million jobs by the end of 2022. See the full article here: https://hubs.ly/Q02Vwt6t0 to read more on how these new businesses have played "a crucial role not just in job growth but also in innovation, making the economy more productive and adaptable." #dreamitdoit #entrepreneurship #smallbusinessgrowth

Have you heard about the Illinois Green Alliance Building Energy Resource Hub? Serving Chicagoland, this free resource provides education and training to advance energy efficiency in the region. SomerCor is proud to partner with them on a webinar about the #SBA504 Green Loan Program. The borrower-friendly terms of the SBA 504 Green Loan support business owners seeking to incorporate energy efficient elements or renewable energy technologies into their commercial real estate projects. Learn more about the 504 Green Loan and other energy efficiency resources for businesses at buildinghub.energy #gogreen #energyefficiency

Hyun’s Hapkido Taekwondo and Self-Defense School has operated at the intersection of of Diversey, Western, and Elston Avenues since 1973. Grandmaster Hyun worked closely with North Branch Works to apply for a #SBIF grant in the spring of 2022. The scope of work at Hyun’s Hapkido included roofing repairs, HVAC improvements, masonry work including tuckpointing, and exterior lighting. The Addison South TIF is now open for new applications through 5pm on October 30th. Click here to learn more: https://hubs.li/Q02VbYjD0 #SmallBusinessImprovementFund #economicdevelopment #neighborhoodinvestment #smallbusinessgrant #Avondale

Congratulations to the SomerCor loan origination team on a banner year! In FY24, 113 #SBA504 loans were authorized totaling $118,301,000 for SomerCor clients. These loans financed fixed assets for small and mid-size businesses across Illinois, northwest Indiana, and southeast Wisconsin. This critical capital helped entrepreneurs create jobs, improve cash flow, optimize operations, maximize production, and build equity. Excited to see the team's impact in FY25! #buybuildrefi #accesstocapital #dreamitdoit #SomerCorStrong

BIG NEWS: Effective November 15th, changes by the U.S. Small Business Administration to expand the #SBA504 Debt Refinance program will go into effect. The SBA 504 refinance program helps small and mid-size businesses take advantage of lower interest rates and access equity for working capital. The program improvements by the SBA will help streamline the loan process and expand borrower eligibility. Think you or your business client could be a good fit for the SBA 504 Refi? Check out a breakdown of the upcoming rule changes here: https://hubs.li/Q02TRqlR0 and contact a member of the SomerCor team today! #buildbuyrefi #refinance #accesstocapital

Congratulations to The Record Track on their ribbon cutting last Saturday! This music shop has been in South Chicago since 1990 and is being reimagined as an immersive experience including music education, audio recording resources, and live performances. Owners Clifton Muhammad and Connie Anderson received a Chicago's Neighborhood Opportunity Fund (NOF) grant to support building renovations for the relaunch of this business. SomerCor is proud to administer the NOF grant on behalf of the Chicago Department of Planning and Development. To learn more about The Record Track - check out this article by Block Club Chicago: https://hubs.li/Q02TJx5j0 #economicdevelopment #neighborhoodinvestment #dreamitdoit

October is #ManufacturingMonth! SomerCor is proud to work with great organizations like the Technology & Manufacturing Association (TMA), IMEC Illinois, and the Illinois Manufacturers' Association to connect manufacturers with financing solutions for fixed assets. Contact our team today to learn more about how the purchase of commercial real estate and equipment with the #SBA504 loan can help manufacturers diversify operations, increase efficiency, and offset energy costs. #MFGDay24