SomerCor's Recent Achievement in Economic Development
Recently, SomerCor, a well-regarded non-profit and Certified Development Company, received the prestigious title of CDC of the Year. This honor was given to them by the Coleman Report, which is a respected publication in the SBA lending sector, celebrating those who show exceptional dedication to fostering small business growth.
Outstanding Performance in SBA Lending
The award is a testament to SomerCor's stellar performance in the SBA lending space. Throughout their operational history, they have demonstrated an unwavering commitment to excellence by consistently producing strong SBA 504 loan numbers, even amid fluctuating economic conditions. Their dedication has not only enhanced their operational achievements but has also significantly impacted the local communities they support.
In recent years, specifically highlighted in their milestone of 2025, SomerCor originated over $100 million in SBA 504 loans for five consecutive years. They approved a remarkable 121 new loans, resulting in the funding of 81 projects. This remarkable achievement has translated into a total investment exceeding $245 million, supporting a wide array of local businesses and contributing to the economic fabric of their communities.
Impact on Job Creation and Community Growth
This capital infusion is vital for local economies, as it directly influences job creation and sustains businesses. SomerCor's efforts supported approximately 1,919 jobs and contributed to financing nearly 17 million square feet of commercial and industrial properties.
Partnerships Fuelling Regional Development
SomerCor's contribution extends beyond traditional lending. They actively engage in regional economic development through robust partnerships with both public and private sectors. Over the years, they've greatly impacted the City of Chicago by serving as the Small Business Improvement Fund (SBIF) grant administrator for 25 years. In this capacity, they've deployed over $153 million in public funding, assisting more than 2,200 businesses.
Grants and Support Initiatives
Furthermore, SomerCor has been awarded the Cook County Community Financial Institution Capacity Building Grant, which aims to enhance access to capital for small businesses. This initiative has been a game-changer, paving the way for programs like the SBA 504 Down Payment Assistance Program, designed to aid emerging business owners and first-time buyers in overcoming initial investment challenges.
SomerCor also introduced the VetLoan Advantage initiative to support veterans seeking access to financing. These targeted programs showcase their commitment to inclusivity and helping diverse groups of entrepreneurs.
Leadership Acknowledgment
Expressing gratitude for this recognition, SomerCor's President and CEO, Manuel Flores, emphasized that the honor reflects the hard work of their dedicated team and the numerous partners they collaborate with to cultivate a thriving business ecosystem.
Founded over 30 years ago, SomerCor boasts an SBA Accredited Lenders Program designation, which signifies their ability to facilitate significant and impactful financing options for various businesses. They have been recognized nationally by Inc. Magazine as a Power Partner, highlighting their role as a vital player in the financial landscape.
Moreover, they earned a Great Company Culture designation, reinforcing SomerCor's dedication to maintaining strong values, excellent service, and impactful partnerships.
Conclusion and Future Outlook
SomerCor's focus remains on growing businesses and creating job opportunities while attracting significant investments into the communities they serve. Their role as an advocate for small businesses ensures that they continue to pave the way for economic prosperity across regions.
Frequently Asked Questions
What is SomerCor known for?
SomerCor is recognized for its excellence in SBA 504 lending, promoting economic development, and job creation within communities.
How has SomerCor contributed to local economies?
Through substantial loan approvals and funding, SomerCor has supported job creation and business growth in various sectors.
What is the significance of the CDC of the Year award?
The CDC of the Year award highlights outstanding performance and operational excellence within the SBA lending industry.
What initiatives does SomerCor offer for small businesses?
SomerCor offers various programs, including the SBA 504 Down Payment Assistance Program and initiatives specifically for veteran-owned businesses.
How can businesses connect with SomerCor?
Businesses interested in connecting with SomerCor can visit their website to learn more about loan options and available resources.
