#United States #Chicago #Cook County #SomerCor #Down Payment Assistance

SomerCor Launches Innovative Down Payment Assistance Program

On March 19, 2026, SomerCor, a leading nonprofit Certified Development Company (CDC) by the U.S. Small Business Administration (SBA), announced the launching of a transformative program: the Down Payment Assistance Program (DPAP). This initiative is designed to support small businesses in Cook County to buy their first owner-occupied commercial property.

A Commitment to Local Economies

Cook County has been steadfast in its mission to enhance access to capital for local entrepreneurs. According to Cook County Board President Toni Preckwinkle, the DPAP serves as a vital tool in helping small businesses secure the financial backing they need to make substantial investments. Preckwinkle emphasizes that this assistance not only enables businesses to thrive but also fosters stronger communities.

"Cook County is committed to expanding access to capital and supporting the small businesses that power our local economy," said Preckwinkle. "Programs like SomerCor's Down Payment Assistance Program help more entrepreneurs invest in their businesses, purchase commercial property, and build stronger communities."

The DPAP addresses one of the key obstacles faced by small businesses when applying for SBA 504 financing: the need for a significant upfront equity deposit. Often, businesses with robust cash flow and operational history struggle to raise this capital, hindering their ability to purchase commercial real estate.

Removing Barriers for Entrepreneurs

Manuel Flores, President and CEO of SomerCor, remarked, "Too many strong small businesses are ready to grow but can't move forward because the upfront equity requirement stands in the way. Our Down Payment Assistance Program helps remove that barrier, allowing more entrepreneurs to purchase their building, grow equity, and invest in their communities."

The DPAP is a product of the Cook County Community Financial Institution (CFI) Capacity Building Grant initiative, aimed at bolstering access to capital through the support of mission-driven lenders. With a substantial funding of $2.4 million allocated to CFIs for supporting small businesses, SomerCor stands out as one of the five chosen institutions involved in this significant grant.

How the Down Payment Assistance Program Works

Under the DPAP, eligible borrowers can receive a grant equivalent to 5% of their project costs, with a maximum of $25,000. This financial aid is structured to lower the initial capital required for purchasing their first owner-occupied commercial property, a significant boon for many local businesses.

Eligibility Criteria:

• - The borrower must be purchasing their first owner-occupied commercial real estate for a business operation in Cook County.
• - The business must have been operational for a minimum of two years and be in good standing with the State of Illinois.
• - Annual revenue should range from $200,000 to $5,000,000.
• - The total size of the project must not exceed $1,000,000.
• - All applicants must meet eligibility requirements set forth by the SBA, SomerCor, and other third-party lenders.

This initiative is expected to support between 16 and 20 small business real estate projects and leverage an investment of $5 to $8 million across Cook County. By unlocking new lending possibilities for entrepreneurs, SomerCor and Cook County are making significant strides in empowering the local business landscape.

Learn More

For further information on SomerCor's SBA 504 financing options or to get in touch with a loan officer, visit www.somercor.com.

In conclusion, through strategic programs like the DPAP, SomerCor is dedicated to fostering a robust small business ecosystem in Cook County, ultimately leading to job creation and sustained economic growth. This innovative approach signifies a commitment not just to financial support, but also to the empowerment of local businesses to thrive and contribute positively to their communities.