504 Process
The loan process begins with either a business concern or a lender contacting SomerCor to discuss the project, at which time a loan application and additional forms will be sent to the potential borrower or bank. At any point in the process, a professional SomerCor employee will gladly meet with the borrower, banker or both in order to discuss the project breakdown and any questions that may arise. Upon receiving the completed application and required documentation from the borrower, SomerCor prepares a loan analysis, which is submitted to our internal loan committee for approval (usually within 2-4 days).
With the committee’s approval, a SomerCor representative will meet with the borrower to have all the documents signed in the completed 504 loan package. After the signing, the loan is submitted to the Small Business Administration for the authorization required to sell the bonds. SomerCor generally receives written SBA approval in 5 business days. The entire approval process takes about 20-28 days from the receipt of the completed loan application.
