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SomerCor

Finance / Small Business Lending ~960 employees
Founded
--
Employees (Est.)
~960
48 leaders known
Total Funding
$2.4M
Funding Rounds
1
Last Funding
2026-03-19

About SomerCor

SomerCor is a leading nonprofit lender certified by the Small Business Administration, providing SBA financing since 1992. Operating in Illinois, parts of Wisconsin, and Indiana, their mission is to grow businesses, create jobs, and increase impactful investment in communities through SBA loans and grants. They prioritize customer service and offer tailored support for business expansion.

Products & Services

SBA 504 Loans:Financing for small business owners to support business expansion.
SBA 504 Refinancing:Refinancing options for existing SBA 504 loans.
SBA Community Advantage Loans:Loans aimed at supporting small businesses in underserved communities.
City of Chicago Small Business Improvement Fund (SBIF):Grant program administered by SomerCor to support small businesses in Chicago.
Neighborhood Opportunity Fund (NOF):Grant program administered by SomerCor to foster business growth in specific Chicago neighborhoods.
Down Payment Assistance Program:Program to assist with down payments for SBA loans.
SBA 504 Loans for Veterans:Specialized SBA 504 loans tailored for veteran business owners.
SBA 504 Loans for Lenders:Financing solutions designed for lenders partnering with SomerCor.

Specialties

SBA 504 Loans Small Business Grants Community Development Financing Business Expansion Support

Funding History

Debug: View Raw Funding Data
# Type Amount Fields Date Fields Investors
1 RT: Grant
T: -
FT: Grant 		A: 2400000
MR: -
FA: $2.4 million
FAN: 2400000 		D: 2026-03-19
FD: 2026-03-19 		1 investors
Grant Latest
2026-03-19
$2.4M
1 investor (Pro only)

Growth Metrics

+45%
Employee Growth
YoY
3.2x
Funding Growth
Last Round
12
Markets
Operating
10K+
Customers
Active

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Team & Leadership

K

Karen Lennon

President & Executive Director

R

Russ Lenich

President & Executive Director

D

David Frank

President & Executive Director

E

Eric Spokas

President & Executive Director

M

Manuel Flores

President & CEO

E

Elisabeth Williams

EVP, SBA 504 Loan Operations

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Recent News

SomerCor Announces New Product Launch

2 days ago

Company unveils innovative solution to transform the industry, expanding market reach and capabilities...

Read more →

Leadership Team Expands with Industry Veteran

1 week ago

New executive brings 20+ years of experience to accelerate growth and strategic initiatives...

Read more →

Company Recognized as Industry Leader

2 weeks ago

Receives prestigious award for innovation and customer satisfaction in competitive market...

Read more →

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Key Competitors

C1

Competitor Alpha

Series B · $50M raised

C2

Competitor Beta

Series C · $120M raised

C3

Competitor Gamma

Series A · $25M raised

C4

Competitor Delta

Seed · $10M raised

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Company Details

Industries
Finance / Small Business Lending
Company Size
~960 employees (est.)

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Technology Stack

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