Stronger Together: Business Service Organizations Join Forces to Support Entrepreneurs
According to a recent Goldman Sachs 10,000 Small Business Voice Survey, 80% of small businesses reported difficulty accessing affordable capital. Despite this challenge, 78% of those surveyed plan to grow their business in 2025 and half expect to create new jobs.
To meet the capital needs of small businesses, service organizations must be creative in expanding their impact and improving outcomes. This moment presents an opportunity for leaders across the small business ecosystem to join forces and better serve entrepreneurs. SomerCor is proud to be on the front lines of this effort, forging new partnerships to increase access to capital through the Small Business Administration (SBA) 504 program and other financing options.
SBA 504 Loan Program as an Economic Development Tool
The SBA 504 loan program is one of the most popular financing programs offered by the SBA. This business friendly financing provides a long-term, fixed rate option for business owners to build, buy, and refinance fixed assets — like commercial real estate and heavy equipment. Key borrower-friendly features of the SBA 504 loan include:
- Low down payment — up to 90% financing for established businesses;
- Below-market interest rates — lower, more affordable monthly mortgage payments;
- Long-term fixed rates — 10, 20, or 25 year terms with no surprise balloon payments.
The SBA 504 loan program plays a vital role in supporting small business owners and fostering community growth. By offering affordable financing options for real estate and fixed assets, it empowers entrepreneurs to expand their businesses, create jobs, and contribute to local economic development.
Investment Impact through Partnerships
Expanding service offerings to meet the evolving needs of the small business community is not new for SomerCor. As a U.S. Small Business Administration certified development company (CDC), SomerCor is committed to investing in economic development initiatives beyond the SBA 504 program.
Currently, SomerCor administers two major grants on behalf of the City of Chicago: the Small Business Improvement Fund (SBIF), and the Neighborhood Opportunity Fund (NOF). Since the SBIF’s launch in 1999, SomerCor has facilitated over $170 million in investment in Chicago’s commercial corridors through these programs.
SomerCor Joins Newly Formed Aurora Regional Economic Alliance
SomerCor’s newest partnership is with the Aurora Regional Economic Alliance (Alliance). Long known as a center of industry, Aurora is rapidly evolving into a hub for technology, entrepreneurship, and innovation. The Alliance supports and complements Aurora’s development and redevelopment initiatives by marketing the city’s assets and competitive advantages and supporting existing businesses. By pairing SomerCor’s expertise in SBA 504 lending and grant administration with the Alliance’s strong local presence and focus on inclusive growth, the partnership aims to empower entrepreneurs and small business owners with the resources and financing they need to succeed.
Looking ahead, SomerCor is eager to build internal momentum — and set an example statewide — by maximizing impact through creative partnerships. In times of economic uncertainty, collaboration is critical to helping more businesses grow — sparking a chain reaction of job creation, infrastructure improvement, and widespread prosperity across communities.
Visit www.somercor.com and www.auroraregionaleconomicalliance.org to learn more about their programming and partnership.
• Manuel “Manny” Flores is President and CEO and SomerCor.