SomerCor 504, Inc.

Nov.	5.51%	2007
Dec.	5.29%	2007
Jan.	5.17%	2008
Feb.	5.16%	2008
March	5.49%	2008
April	5.37%	2008
May	5.49%	2008
June	5.68%	2008

SomerCor has a down state office located at:
3201 W White Oaks Dr.
Suite 100E
Springfield, IL 62704
(217) 793-1075 Office
(217) 793-1094 Fax
We can do most refinances through the CRF Loan Program
The SBIF Grants have been increased up to $150,000

As all of our clients are growing, SomerCor 504, Inc. is expanding along with them. In order to provide our clients with the best professional services available in the industry, SomerCor has relocated its central operation of business. Our new modern office is located in the South loop at 601 South LaSalle Street, Suite 510, Chicago IL 60605. Please be aware that our direct dial, general phone lines and fax numbers have not changed.

The 504 Loan Program is designed to help small businesses purchase capital assets such as buildings, remodeling and heavy equipment. New construction projects are also eligible. The program works by supplementing bank financing to increase the amount of funding available while also offering a low, 20-year fixed interest rate. This program is targeted towards existing businesses which have outgrown their current facilities and are thinking of purchasing new ones. Most projects range from $250,000 to about $4 million, although larger projects are possible in many cases. Most businesses with less than $2.5 million in annual profits are eligible to apply. Contact a SomerCor loan officer for more information, or click Read More.

The CRF (Community Reinvestment Fund) Program is a great alternative when the borrowers don't quite fit the 504 niche. It is often referred to as a "504 Look-a-like" program. The structure is generally similar to the 504 program with the bank in 1st lien position and SomerCor (through CRF) in the 2nd lien position. This program is a great option for Refinances, Non-Profit companies, Religious organizations, borrowers who exceed SBA's maximum net worth requirements, and borrowers that have used their allotted SBA dollars. Rate and term are dependent on whether or not the business is located in a designated low income area. This can be determined by a loan officer at SomerCor. For more information, please contact a SomerCor loan officer for more information or click
Read More.

Learn more on how you can reinvest in your business property with help from the City of Chicago’s Small Business Improvement Fund (SBIF) program. Read More.