SomerCor Honored as CDC of the Year for Exceptional SBA 504 Lending Achievements
The Coleman Report, a prominent publication in the Small Business Administration (SBA) lending sector, has recognized SomerCor as the CDC of the Year, showcasing its exceptional impact and performance in the field. As a non-profit, certified development company (CDC), SomerCor has shown consistent commitment not only through strong SBA 504 loan production but also by fostering economic development in the communities it supports.
SomerCor has successfully achieved a landmark milestone in 2025, marking the fifth consecutive year in which it originated over $100 million in SBA 504 loans. This accomplishment underscores the organization's unwavering dedication to facilitating growth and investment within the local business landscape. In the past year alone, SomerCor approved a total of 121 new loans, enabling funding for 81 distinct projects with a cumulative investment surpassing $245 million in SBA financing. This influx of capital has benefited 261 businesses across 231 communities, sustaining a remarkable 1,919 jobs and financing nearly 17 million square feet of commercial and industrial space.
In addition to its direct contributions to SBA lending, SomerCor plays a vital role in regional economic development through enduring partnerships with both public and private sectors. Celebrating 25 years as the City of Chicago's Small Business Improvement Fund (SBIF) grant administrator, SomerCor has deployed over $153 million in public funding to more than 2,200 businesses throughout the city, marking a significant contribution to local economic growth.
Furthermore, the organization has been recognized as a recipient of the Cook County Community Financial Institution Capacity Building Grant. This initiative seeks to improve access to capital for small businesses across Cook County, facilitating partnerships with nonprofit lending entities. Through this grant, SomerCor has launched its SBA 504 Down Payment Assistance Program, specifically designed to aid emerging businesses and first-time real estate buyers in overcoming initial capital obstacles. Additionally, the introduction of the VetLoan Advantage initiative reflects SomerCor's commitment to expanding financing options for veteran-owned enterprises.
Manuel Flores, President and CEO of SomerCor, expressed gratitude for this prestigious recognition, stating, 'We are honored to be recognized as CDC of the Year by the Coleman Report. This distinction belongs to our team and to the many lenders, economic development organizations, and public-sector partners who work alongside us to help businesses grow, invest, and create jobs to make our communities stronger and more vibrant.'
Established over three decades ago, SomerCor has earned an SBA Accredited Lenders Program (ALP) CDC designation, indicative of high-performing status among CDCs nationwide. In 2025, the organization received additional accolades, including recognition in Inc. Magazine as a Power Partner and the Great Company Culture designation from Culture ID, further solidifying its reputation for excellent service and a strong partnership ethic.
If you're interested in learning more about how SomerCor can assist your business, please visit their website at www.somercor.com to connect with a loan officer and explore the various financial resources available to your enterprise.
SomerCor has successfully achieved a landmark milestone in 2025, marking the fifth consecutive year in which it originated over $100 million in SBA 504 loans. This accomplishment underscores the organization's unwavering dedication to facilitating growth and investment within the local business landscape. In the past year alone, SomerCor approved a total of 121 new loans, enabling funding for 81 distinct projects with a cumulative investment surpassing $245 million in SBA financing. This influx of capital has benefited 261 businesses across 231 communities, sustaining a remarkable 1,919 jobs and financing nearly 17 million square feet of commercial and industrial space.
In addition to its direct contributions to SBA lending, SomerCor plays a vital role in regional economic development through enduring partnerships with both public and private sectors. Celebrating 25 years as the City of Chicago's Small Business Improvement Fund (SBIF) grant administrator, SomerCor has deployed over $153 million in public funding to more than 2,200 businesses throughout the city, marking a significant contribution to local economic growth.
Furthermore, the organization has been recognized as a recipient of the Cook County Community Financial Institution Capacity Building Grant. This initiative seeks to improve access to capital for small businesses across Cook County, facilitating partnerships with nonprofit lending entities. Through this grant, SomerCor has launched its SBA 504 Down Payment Assistance Program, specifically designed to aid emerging businesses and first-time real estate buyers in overcoming initial capital obstacles. Additionally, the introduction of the VetLoan Advantage initiative reflects SomerCor's commitment to expanding financing options for veteran-owned enterprises.
Manuel Flores, President and CEO of SomerCor, expressed gratitude for this prestigious recognition, stating, 'We are honored to be recognized as CDC of the Year by the Coleman Report. This distinction belongs to our team and to the many lenders, economic development organizations, and public-sector partners who work alongside us to help businesses grow, invest, and create jobs to make our communities stronger and more vibrant.'
Established over three decades ago, SomerCor has earned an SBA Accredited Lenders Program (ALP) CDC designation, indicative of high-performing status among CDCs nationwide. In 2025, the organization received additional accolades, including recognition in Inc. Magazine as a Power Partner and the Great Company Culture designation from Culture ID, further solidifying its reputation for excellent service and a strong partnership ethic.
If you're interested in learning more about how SomerCor can assist your business, please visit their website at www.somercor.com to connect with a loan officer and explore the various financial resources available to your enterprise.
Topics Financial Services & Investing）
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