SomerCor Expands Its Small Business Lending to Northwest Indiana

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Nov 01, 2023, 13:00 ET

CHICAGO, Nov. 1, 2023 /PRNewswire/ -- SomerCor, an Illinois non-profit, Certified Development Company (CDC) licensed by the Small Business Administration (SBA) under the SBA 504 loan program, proudly announces it received Local Economic Area (LEA) expansion authority to lend in Jasper, Lake, Newton, and Porter counties in Indiana.

The SBA 504 is the SBA's premier economic development loan program – helping small business owners buy, build, or refinance commercial real estate and fixed equipment with up to 90 percent financing. The program offers below-market, fixed interest rates for 10, 20, or 25 years, with the goal of enabling small businesses to create or retain jobs within their communities.

"It is a testament to our team that just one year after receiving authority to lend in Southeast Wisconsin, the SBA has approved our expansion to also serve small businesses in Northwest Indiana," said Manuel Flores, President and CEO of SomerCor. "The SBA 504 program has a long track record of success and is a helpful financing option for small businesses, especially in a higher interest rate environment. We look forward to developing new partnerships in Indiana to promote economic development and small business growth in collaboration with local stakeholders."

SomerCor is one of the largest non-profit SBA lenders in the Midwest and consistently ranks in the top 20 of CDCs nationwide. The expansion of SomerCor's lending footprint into Indiana is part of the company's strategic growth plan. Since its founding in 1992, SomerCor deployed $1.74 billion in SBA loans to 3,827 businesses, leading to the creation of 46,884 jobs.

Most for-profit businesses in the U.S. are eligible for the SBA 504 Program. Contact SomerCor to speak to a loan officer and see if an SBA 504 loan is right for your project or small business client.

About SomerCor
The SomerCor mission is to grow businesses, create jobs, and increase impactful investment in every community through the SBA 504 loan program and other financing and grant initiatives. SomerCor serves the entire state of Illinois, Kenosha and Rock counties in Wisconsin, and Jasper, Lake, Newton, and Porter counties in Indiana. For more information visit www.somercor.com.