SomerCor
SomerCor is a nonprofit SBA Certified Development Company (CDC) providing SBA 504 loans, refinancing, and municipal grant administration (SBIF, NOF, DPAP) to small businesses in Illinois, Southeast Wisconsin, and Northwest Indiana, with a $487M+ portfolio across 965+ loans.
- Company typePrivate
- Founded1992
- HeadquartersChicago, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What SomerCor does
SomerCor is a nonprofit SBA Certified Development Company (CDC) founded in 1992 and headquartered in Chicago, Illinois. The organization provides SBA 504 loans — long-term, fixed-rate financing of up to 90% for commercial real estate acquisition, construction, renovation, and equipment purchases — along with SBA 504 refinancing and SBA Community Advantage Loans. It complements its lending products by administering three municipal/county grant programs on behalf of the City of Chicago and Cook County: the Small Business Improvement Fund (SBIF), the Neighborhood Opportunity Fund (NOF), and the recently launched Down Payment Assistance Program (DPAP), as well as specialized offerings including the VetLoan Advantage Program and the SBA 504 Green Loan Program. Its core technology and operating model is the SBA 504 program itself, with SomerCor acting as the licensed CDC providing the subordinated SBA-guaranteed debenture (up to 40% of project financing) alongside a third-party senior lender (typically a bank or credit union) that funds 50%.
SomerCor's revenue is generated through transaction fees: monthly servicing fees on the loan portfolio (which exceeds $487M across more than 965 loans) and origination fees on new deployments, supplemented by administrative fees for grant programs. The organization employs 11-50 people and serves small business owners across Illinois, Kenosha and Rock counties in Wisconsin, and Jasper, Lake, Newton, and Porter counties in Indiana. Its customer base of 2,816 businesses is highly diversified across verticals including manufacturing, healthcare, food service, construction, and professional services, with no meaningful customer concentration. The go-to-market is sales-led, combining direct engagement by an in-house loan origination team, partnerships with regional banks and credit unions (including Wintrust, Byline Bank, and JPMorgan Chase), referrals from state Small Business Development Centers, and educational content marketing.
The business holds ALP (Accredited Lender Program) status from the SBA — a designation reserved for high-performing CDCs that confers expedited processing authority — and has been recognized as a Top 25 National CDC and as Chicago's largest SBA 504 provider. The organization is currently transitioning to a 501(c)(3) charitable structure to diversify program funding and scale impact.
SomerCor firmographics
Firmographics- Name
- SomerCor
- Legal name
- SomerCor
- Website
- https://somercor.com
- Company type
- Private
- Founded year
- 1992
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- SomerCor is a nonprofit SBA Certified Development Company (CDC) providing SBA 504 loans, refinancing, and municipal grant administration (SBIF, NOF, DPAP) to small businesses in Illinois, Southeast Wisconsin, and Northwest Indiana, with a $487M+ portfolio across 965+ loans.
- Ownership category
- akta.pro rank
SomerCor industry classification
Industry- Product category
- Small Business Commercial Lending and Grant Administration
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Federal & Federally-Sponsored Credit Agencies (6111)
- akta.pro primary industry
- SBA/Government-Backed & Development Finance Loans (FSAKAGAI)
- akta.pro secondary industry
- SBA/USDA Government-Backed Loan Intermediation (FSAEAEAI)
Keywords
Where SomerCor is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
SomerCor business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- SBA 504 Loan Origination and Servicing Fees: SomerCor generates revenue through fees associated with originating and servicing SBA 504 loans. As a Certified Development Company (CDC), they provide up to 40% of the financing for SBA 504 loans, backed by SBA-guaranteed debentures. Fees include monthly servicing fees to CDC, SBA, and central servicing agent.
- Grant Administration: SomerCor administers economic development grant programs including the City of Chicago Small Business Improvement Fund (SBIF) and Neighborhood Opportunity Fund (NOF), as well as the Cook County Down Payment Assistance Program. As program administrator, they receive funding to facilitate these grant programs.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | 25-Year SBA 504 Loans at 6.11% (as of June 2026) |
| Other | Monthly | 20-Year SBA 504 Loans at 6.16% |
| Other | Monthly | 10-Year SBA 504 Loans at 5.88% |
| Other | Pay-as-you-go | Down Payment Assistance Program - grants up to $25,000 |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
SomerCor product offering
Product offeringCore offering
SomerCor is a nonprofit SBA Certified Development Company that originates and services SBA 504 loans providing long-term, fixed-rate financing (up to 90% LTV, 10/20/25-year terms) for small businesses acquiring owner-occupied commercial real estate and equipment. The organization also administers municipal and county economic development grant programs, including the City of Chicago Small Business Improvement Fund (SBIF), Neighborhood Opportunity Fund (NOF), and Cook County Down Payment Assistance Program (DPAP).
Product overview
SomerCor is a nonprofit SBA Certified Development Company offering a portfolio of lending and grant programs for small businesses. The core offerings include SBA 504 Loans (primary product providing long-term fixed-rate financing up to 90% for commercial real estate and equipment), SBA 504 Refinancing, and SBA Community Advantage Loans. Complementing the loan products are grant programs including the City of Chicago Small Business Improvement Fund (SBIF) providing up to $150K for building improvements, the Neighborhood Opportunity Fund (NOF) providing up to $250K for Chicago's South/West sides, and the Down Payment Assistance Program (DPAP) providing up to $25K for first-time property buyers. Specialized programs include the VetLoan Advantage Program for veterans and the Green Loan Program for energy-efficient projects. The organization serves Illinois, Northwest Indiana, and Southeast Wisconsin.
Differentiator
Problem solved
Functional benefit
Products and services
- SBA 504 Loans Long-term, fixed-rate financing product for small businesses to buy, expand, or refinance owner-occupied commercial real estate and equipment. Offers up to 90% financing with 10, 20, or 25-year terms at fixed rates (25-year 6.11%, 20-year 6.16%, 10-year 5.88% as of June 2026).
- SBA 504 Refinancing Refinance program allowing small businesses to restructure existing debt on commercial real estate with or without expansion. Eligible debt can be increased to 100% of expansion costs and may include cash-out for eligible expenses; rates are approximately 3 basis points higher than standard SBA 504 rates.
- SBA Community Advantage Loans SBA 7(a) community advantage loan program providing financing options for small businesses that may not qualify for conventional lending.
- VetLoan Advantage Program Specialized SBA 504 loan program designed to support veteran-owned small businesses with financing for commercial real estate and equipment purchases.
- SBA 504 Green Loan Program SBA 504 loan variant for energy-efficient and renewable energy projects. Increases SBA maximum contribution to $5.5 million with no project limit, and allows aggregated lending up to $16.5 million for multiple green projects.
- City of Chicago Small Business Improvement Fund (SBIF) Grant program administering TIF-funded reimbursements for permanent building improvements in eligible Chicago districts. Maximum grants range from $50,000 (multi-tenant commercial) to $150,000 (industrial properties).
- Neighborhood Opportunity Fund (NOF) Grant program funded by downtown development revenue for permanent building improvements. Provides grants up to $250,000 for commercial property acquisition, improvement, or new construction in Chicago's South, Southwest, and West Sides.
- Down Payment Assistance Program (DPAP) Grant program providing up to $25,000 (5% of eligible project costs) to help first-time commercial property buyers cover down payment requirements for SBA 504 loans in Cook County. Eligibility: 2+ years in operation, $200K-$5M annual revenue, max project size $1M.
Quantifiable outcome
- Up to 90% financing available for established businesses
- +5 more outcomes
Companies that use SomerCor
Customer profileNamed customers17 records
Segments7 records
Ideal customer profiles4 records
SomerCor technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
SomerCor partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core and minor.
- Adrienne H. BakercoreAdrienne H. Baker, MBA, Managing Director of Lending at IFF, appointed to SomerCor's Board of Directors. Brings 25+ years of commercial banking and community lending experience across Illinois, NW Indiana, and Wisconsin.
- David Boulay, Ph.D.coreDavid Boulay, President of Illinois Manufacturing Excellence Center (IMEC), appointed to SomerCor's Board of Directors. Leads statewide public-private partnerships enhancing competitiveness for small and mid-sized manufacturers.
- LaVon M. Johns, Esq.coreLaVon M. Johns, Equity Partner at Riley Safer Holmes & Cancila and Adjunct Professor at Northwestern Law, appointed to SomerCor's Board. Brings 30 years of real estate transactions and structured finance expertise.
- Illinois Small Business Development Center (Illinois SBDC)corePartnership with Illinois SBDC to provide free business advising and technical assistance to entrepreneurs. SBDCs deliver services related to access to capital, technology integration, business planning, and other areas supporting small business growth.
- Northwest Indiana SBDCcorePartnership with Northwest Indiana SBDC to provide small business development resources in the Indiana service area. Coordinates referrals for SBA 504 loan financing.
- Wisconsin SBDCcorePartnership with Wisconsin SBDC to provide small business development resources in Wisconsin service area (Kenosha and Rock counties). Coordinates referrals for SBA 504 loan financing.
- Aurora Regional Economic AllianceminorPartnership with Aurora Regional Economic Alliance announced to support economic development in the Aurora, IL region.
- Illinois Manufacturing Excellence Center (IMEC)coreIMEC is a key strategic partner for SomerCor's manufacturing initiatives. IMEC President David Boulay serves on SomerCor's Board, strengthening collaboration for small and mid-sized manufacturer support.
- City of ChicagocoreSomerCor administers City of Chicago Small Business Improvement Fund (SBIF) and Neighborhood Opportunity Fund (NOF) grant programs contracted by the Chicago Department of Planning and Development.
- Wintrust Community BankscoreWintrust Community Banks serves as third-party lender in SBA 504 loan structure. Named #1 SBA lender in Illinois in 2022. Wintrust SBA Lending EVP Thomas Huffman serves as SomerCor Board Vice Chairman.
- Byline BankcoreByline Bank serves as third-party lender in SBA 504 loans. SVP Dean Avdalas serves on SomerCor's Board of Directors.
- JPMorgan ChasecoreJPMorgan Chase serves as third-party lender in SBA 504 loans. VP James Bruno serves on SomerCor's Board of Directors.
Scale indicators9 records
Recent moves9 records
Expansion highlights5 records
SomerCor competitors and assessment
Company assessmentDirect peers
- CDC Small Business Finance: One of the largest nonprofit Certified Development Companies in the U.S., providing SBA 504 loans nationwide with similar long-term fixed-rate financing for owner-occupied commercial real estate. Directly competes with SomerCor in the SBA 504 CDC space.
- Florida First Capital Finance Corporation: Florida-based nonprofit Certified Development Company providing SBA 504 loans for small business commercial real estate and equipment financing. Operates the same CDC/SBA 504 lending model as SomerCor with comparable products.
- TMC Financing: Texas-based Certified Development Company and one of the largest SBA 504 lenders nationally, offering long-term fixed-rate loans for small business real estate and equipment. Directly comparable nonprofit CDC model.
- Mercantile Capital Corporation: National SBA 504 lender operating as a Certified Development Company with similar long-term fixed-rate loan products for small business owner-occupied real estate. Directly competes with SomerCor in the SBA 504 market.
- Pacific Community Capital: West coast nonprofit Certified Development Company focused on SBA 504 lending for underserved and small business borrowers. Similar CDC nonprofit structure and SBA 504 product set as SomerCor.
- Capital Plus Financial: Hispanic-led nonprofit Certified Development Company providing SBA 504 financing for small businesses, particularly minority-owned enterprises. Directly comparable CDC model with similar mission-driven lending focus.
Regional players
- Great Lakes CDC: Wisconsin-based Certified Development Company providing SBA 504 loans to small businesses in Wisconsin and surrounding states. Regional peer overlapping with SomerCor's recently expanded Wisconsin footprint.
- Wessex 504 Corporation: Regional Certified Development Company where SomerCor's EVP Elisabeth Williams previously worked as co-founder. Operates the same SBA 504 CDC model with comparable geographic focus and small-business customer base.
Broad incumbents
- Live Oak Bank: One of the largest SBA lenders in the United States, providing SBA 7(a) and 504 loans across multiple asset classes. A broader incumbent serving similar small-business borrowers with overlapping SBA products.
- NewtekOne: Public financial services holding company with a large SBA lending platform (Newtek Small Business Finance) providing SBA 504 and 7(a) loans. A broader incumbent competing for SBA-eligible borrowers across multiple regions.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
SomerCor social profiles
Digital presenceSomerCor compliance and trust
Trust signalCompliance3 records
SomerCor financial estimates
Financial estimateRevenue estimate
Valuation estimate
SomerCor leadership team
Management profileNumber of profiles
Profiles8 records
SomerCor funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
SomerCor M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about SomerCor
What does SomerCor do?
SomerCor is a nonprofit SBA Certified Development Company that originates and services SBA 504 loans providing long-term, fixed-rate financing (up to 90% LTV, 10/20/25-year terms) for small businesses acquiring owner-occupied commercial real estate and equipment. The organization also administers municipal and county economic development grant programs, including the City of Chicago Small Business Improvement Fund (SBIF), Neighborhood Opportunity Fund (NOF), and Cook County Down Payment Assistance Program (DPAP).
Is SomerCor a public or private company?
SomerCor is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was SomerCor founded?
SomerCor was founded in 1992. It employs 11 to 50 people.
Where is SomerCor based?
SomerCor is headquartered in Chicago, United States, in the North America region.
How does SomerCor make money?
Two revenue lines are on record. SBA 504 Loan Origination and Servicing Fees are the primary driver. The others are grant Administration.
Who are SomerCor's main competitors?
Direct peers on record are CDC Small Business Finance, Florida First Capital Finance Corporation, TMC Financing, Mercantile Capital Corporation, Pacific Community Capital and Capital Plus Financial. Regional players are Great Lakes CDC and Wessex 504 Corporation. Broad incumbents are Live Oak Bank and NewtekOne.
Does SomerCor have an API?
No public API is recorded for SomerCor.
What industry is SomerCor in?
SomerCor's product category is Small Business Commercial Lending and Grant Administration. Its primary akta.pro industry code is FSAKAGAI, SBA/Government-Backed & Development Finance Loans, with a secondary code of FSAEAEAI, SBA/USDA Government-Backed Loan Intermediation. Its NAICS code is 525 and its SIC code is 6111.