SomerCor Moves Headquarters to Chicago's Historic Rookery Building

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Jan 31, 2023, 09:36 ET

CHICAGO, Jan. 31, 2023 /PRNewswire/ -- SomerCor, a non-profit, Certified Development Company (CDC) licensed by the Small Business Administration (SBA) under the SBA 504 loan program, is proud to announce it has moved its headquarters to the historic Rookery Building located in Chicago's LaSalle financial district.

The move marks an important company milestone and takes place amid SomerCor's 30th anniversary. Since its founding in 1992, SomerCor has deployed $1.7 billion in SBA loans to 3,764 businesses in 1,713 communities, leading to the creation of 46,255 jobs throughout Illinois. SomerCor also administers small business grants on behalf of the City of Chicago to promote new economic development in underserved neighborhoods. Between the Small Business Improvement Fund (SBIF) and Neighborhood Opportunity Fund (NOF), more than $123 million has been invested back into neighborhood commercial corridors and manufacturing districts.

"We are thrilled to move into such an iconic building, designed by the great architect and urban planner, Daniel Burnham," said Manuel Flores, SomerCor President and CEO. "SomerCor helps entrepreneurs make capital investments to grow new development and local investment in neighborhoods. Like the Burnham Plan, which was developed in the Rookery Building, part of SomerCor's mission is to strengthen communities by facilitating commerce and industry. We are inspired by this symbolism and look forward to this new chapter."

SomerCor is one of the largest non-profit SBA lenders in the Midwest and consistently ranks in the top 20 of CDCs nationwide. The SBA 504 loan program provides financing for entrepreneurs to buy, build, or refinance commercial real estate and fixed equipment for their businesses with fixed, below market interest rates for 10, 20, or 25 years. SomerCor partners with banks and other lenders that use the SBA 504 program in their small business and commercial lending portfolios.

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 and Kenosha and Rock counties in Wisconsin. For more information visit www.somercor.com

Contact: Kim Brisky // (312) 505-7032 // [email protected]

SOURCE SomerCor