SomerCor 504, Inc.
SomerCor 504, Inc. is an active SBA lender in Illinois, a bank offering SBA-guaranteed small-business loans. Currently rated 5.0 stars across 5 Google reviews.
$1.7B
in SBA approvals since 2010
2,096
SBA loans funded
Manufacturing · Restaurants & Food Service · Hotels & Lodging
Top industries financed
Source: U.S. SBA 7(a) & 504 FOIA loan-approval records (FY2010–present).
About SomerCor 504, Inc.
SomerCor 504, Inc. specializes in providing SBA 504 loan programs to support small business growth and real estate investments. This lender offers financing options that help entrepreneurs acquire fixed assets such as real estate and equipment, with a focus on long-term stability and economic development. Their services are tailored to meet the needs of small business owners seeking substantial funding for expansion projects, offering competitive rates and flexible terms to facilitate business success. Located in Chicago, they serve a diverse range of industries, emphasizing community development and economic vitality. The lender's team is committed to guiding clients through the complex SBA lending process, ensuring smooth transactions from application to closing. Whether you're a startup or an established business, SomerCor 504, Inc. provides personalized support to help you achieve your business goals and secure the necessary funding for growth.
Industries SomerCor 504, Inc. finances
Business types SomerCor 504, Inc. actively lends to, from its SBA loan history. Tap one to see every lender serving it.
Common questions about SomerCor 504, Inc.
What is this place and what can I find here?
This is a financial institution offering SBA loan programs to support small business growth, including real estate and equipment financing. You can find expert guidance and tailored lending solutions to help your business expand and succeed.
Do I need an appointment or can I walk in?
It's recommended to schedule an appointment to ensure dedicated service, but walk-ins may be accommodated depending on availability. Contact the branch in advance for the best experience.
What are the hours of operation?
SomerCor 504, Inc. operates Monday through Friday, 9:00 AM to 5:00 PM. Please confirm current hours before visiting.
Is there a fee to use this?
There are standard application and closing fees associated with SBA loans, but there is no fee simply to access or inquire about their services.
Who is this open to — anyone, or only residents/members?
This lender primarily serves small business owners in the Chicago region and surrounding areas, focusing on local entrepreneurs and community development projects.
What minimum personal credit score does this bank look for in a guarantor?
A minimum personal credit score of around 650 is generally preferred, though higher scores may result in more favorable loan terms.
How long does the traditional underwriting process take from start to close?
The underwriting process typically takes between 30 to 60 days, depending on the complexity of the application and completeness of documentation.
Is this open on weekends?
SomerCor 504, Inc. is not open on weekends. SBA lending staff are reachable Monday through Friday only.
How do I get there and where do I park?
SomerCor 504, Inc. is located in Illinois — see the contact card for the full address. Most bank locations offer free on-site or nearby street parking for visitors. For exact directions, the entrance, and accessible parking, use the listed address or call ahead and staff can point you to visitor spaces.
Who owns or operates this listing?
This page is an independent directory listing for SomerCor 504, Inc., an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by SomerCor 504, Inc. itself, which runs its own lending under its own ownership. If you work at SomerCor 504, Inc., you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for SomerCor 504, Inc. — name, location, contact, and lender type — are compiled from public records and reviewed periodically. Rates, programs, credit policies, and hours change often and are not guaranteed here, so always confirm the latest terms directly with SomerCor 504, Inc. before applying. If you represent SomerCor 504, Inc., claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach SomerCor 504, Inc. by phone at (312) 360-3300, email at info@somercor.com, or visit somercor.com. For SBA 504 loans, ask for their business lending department.
What core industries does this commercial bank traditionally choose to finance?
Based on its approved SBA loans, SomerCor 504, Inc. most often finances businesses in general retail. This reflects SomerCor 504, Inc.'s real SBA 7(a) and 504 lending history rather than a stated policy — it can still consider other industries and sets its own current preferences, so confirm with SomerCor 504, Inc. which sectors it actively lends to before you apply.
Can I apply for an SBA Express line of credit at this branch?
SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether SomerCor 504, Inc. participates in SBA Express depends on its specific SBA lending authority. Contact SomerCor 504, Inc. and ask if it offers SBA Express and what the current limits and terms look like for your situation.
Does this bank have Preferred Lender Provider status with the government?
SBA Preferred Lender Program (PLP) status lets a lender approve loans in-house without sending each one to the SBA first, which usually means faster decisions. Many established banks hold PLP status, but it varies by institution. SomerCor 504, Inc. can confirm its current PLP standing — ask before you apply if speed matters to you.
Are start-up companies eligible for financing at this traditional institution?
The SBA does fund start-ups, but many traditional lenders prefer at least two years of operating history and may ask newer ventures for a larger equity injection or stronger collateral. SomerCor 504, Inc.'s appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask SomerCor 504, Inc. directly whether it considers start-up loans.
What are the typical down payment expectations for commercial real estate acquisitions?
For SBA 7(a) and 504 commercial real estate loans, borrowers typically contribute around 10% to 20% as a down payment or equity injection, depending on the property and the deal. Exact requirements vary with your credit, the business, and the lender's policy. Ask SomerCor 504, Inc. what down payment it expects for your specific commercial real estate purchase.
Does this bank impose prepayment penalties on short-term working capital facilities?
SBA 7(a) loans with terms under 15 years generally carry no prepayment penalty, while longer real estate loans can have one in the early years. Short-term working capital lines often have no penalty, but terms vary by lender. Review your loan agreement and ask SomerCor 504, Inc. to spell out any prepayment penalties before you sign.
Can I use loan proceeds from this bank to buy out an existing equity partner?
SBA loans can be used for a partner or owner buyout, including buying out an existing equity partner, when the deal is structured to meet SBA rules — for example, the remaining owner generally must stay actively involved. Approval depends on the specifics, so discuss your buyout plan with SomerCor 504, Inc. to confirm it qualifies and how to document it.
Will historical personal bankruptcies automatically disqualify my loan application here?
A past personal bankruptcy does not automatically disqualify you from an SBA loan. Lenders look at how long ago it was discharged, the circumstances, and how your credit has recovered since. SomerCor 504, Inc. weighs this case by case under its own policy, so be upfront about your history and ask SomerCor 504, Inc. how it evaluates prior bankruptcies.
