Celebrating Hispanic Business Success Through SBA Support
SomerCor plays a pivotal role in showcasing the growth of Hispanic-owned businesses across the United States. Recently, it hosted a significant event emphasizing the contributions of these businesses to the economy. This gathering included federal elected officials, highlighting the dedication to promoting diverse entrepreneurial avenues.
During Hispanic Heritage Month, SomerCor showcased the entrepreneurial journey of companies like Osorio Metals Supply Inc. Ruben Osorio, the founder, started this venture as a humble operation in his garage back in 1992. Driven by hard work and determination, the company has grown significantly, driven by the support of the Small Business Administration (SBA) 504 loan program.
Impact of SBA on Latino Business Growth
The event brought together key figures such as Geri Aglipay, SBA Regional Administrator, and Congresswoman Delia C. Ramirez. They highlighted the remarkable statistic that Latino-owned businesses are experiencing their fastest growth in decades. In the past three years, the percentage of the SBA's lending portfolio allocated to Latino businesses has risen from 7.8% to 12.2%, a clear indication of the growing recognition and support for these crucial contributors to the economy.
How Osorio Metals Thrives Through SBA Partnership
Osorio Metals stands as a testament to the positive effects of SBA loans. The company underwent a transformative renovation of its manufacturing facility, all thanks to the assistance received through the SBA 504 program. Adriana Osorio, Chief Operating Officer, expressed gratitude for the vital role this financial support played in their growth trajectory, stating that the SBA 504 loan was essential to expanding their family business.
SomerCor's involvement and expertise in facilitating these loans have empowered many businesses, including Osorio Metals, to fulfill their expansion plans. Manuel Flores, President and CEO of SomerCor, praised the SBA's commitment to supporting minority-owned businesses and expressed appreciation for Geri Aglipay's visit, which underscores the importance of Hispanic entrepreneurship to the economy.
Supporting Generational Wealth and Economic Growth
Osorio Metals, employing 30 local community members, embodies how small businesses enable Latino and immigrant families to build generational wealth. Congresswoman Ramirez noted that the United States boasts over 5 million Latino-owned businesses generating substantial revenue and providing many jobs. The success of these businesses is seen as interconnected with the overall economic prosperity of the nation.
Opportunities Through the SBA 504 Loan Program
The SBA 504 loan program is designed to assist small business owners in acquiring commercial real estate and fixed assets. With financing options available for up to 90 percent, this program presents below-market interest rates, fostering long-term financial health. Its primary goal is to stimulate job creation and economic development within communities.
About SomerCor and Its Mission
SomerCor, established in 1991, is recognized as one of the largest non-profit SBA lenders in the Midwest. The organization has executed over $1.8 billion in SBA loans, supporting nearly 4,000 businesses and leading to the creation of thousands of jobs. Its mission focuses on driving business growth, job creation, and impactful investment opportunities across diverse communities.
To find out more about how the SBA 504 loan program can help your business grow, reach out to SomerCor for guidance and support.
Frequently Asked Questions
What is the role of SomerCor?
SomerCor assists minority-owned businesses by providing access to the SBA 504 loan program, facilitating growth and job creation.
How does the SBA 504 loan program benefit small businesses?
The program offers low-interest financing for purchasing and renovating commercial property, which helps in expanding business operations.
Why is Hispanic Heritage Month significant for businesses?
It celebrates the contributions of Hispanic entrepreneurs and highlights the fast-growing segment of Latino-owned businesses in the economy.
How has the SBA supported Latino businesses recently?
In the past three years, the SBA increased the percentage of its lending portfolio for Latino-owned businesses, demonstrating a commitment to supporting diverse entrepreneurship.
What success story exemplifies the impact of the SBA?
The journey of Osorio Metals showcases the positive effects of SBA loans and the entrepreneurial spirit of the Latino community, emphasizing resilience and growth.
