SomerCor President & CEO Testifies Before House Small Business Committee on SBA 504 Program

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May 25, 2023, 12:00 ET

CHICAGO, May 25, 2023 /PRNewswire/ -- Manuel (Manny) Flores, the President & CEO of SomerCor, a non-profit, Certified Development Company (CDC) certified by the U.S. Small Business Administration (SBA) under the SBA 504 loan program, testified before the U.S. House of Representatives Small Business Committee on May 17, 2023, representing the National Association of Development Companies (NADCO).

The SBA 504 is the SBA's premier economic development loan program, which provides affordable financing for small business capital investments. The SBA 504 loan program has provided in excess of $100 billion in financing to more than 175,000 businesses at no cost to taxpayers.

The purpose of the hearing was to provide Members of Congress with a lender perspective on substantial program changes recently issued by the SBA. NADCO and the CDC lending industry have advocated for years for regulatory changes to create efficiencies in the SBA 504 loan approval process to get capital into the hands of small business owners faster while maintaining the integrity of the program.

"The CDC lending industry cares deeply about maintaining our role as a trusted partner for small business success and take seriously the integrity of the SBA loan programs," said Flores. "We will continue to collaborate with the SBA and Congress to meet our collective goal of making lending programs easier, faster, and more secure in support of a strong small business ecosystem nationwide."

"It is critical that the voice of the CDC lending industry be heard by Congress so we can continue to advance and modernize the SBA 504 program, especially when legislative action will directly impact our work and mission," said NADCO President & CEO, Rhonda Pointon. "NADCO greatly appreciates Manny's passion for and commitment to the small business community and bringing the CDC lending industry perspective to the hearing on our behalf."

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 // kbrisky@somercor.com

SOURCE SomerCor