Our offices will be closed for the federal holiday on Monday, October 12, 2020. Illinois Small Business Emergency Loan $60 million for businesses in any industry SBA loans typically have rates and fees comparable to other, non-guaranteed loans, and can come with lower down payments and sometimes, without collateral.
Behind every good business is a compelling vision. We get how tough it can be. Our Customer Care Center will be available from 7:00 a.m. – 9:00 p.m., and our ATMs, Telephone Banking, Online Banking and Mobile Banking are available 24/7 for your convenience. PLEASE NOTE: Deposits made on bank holidays will be processed on the next business day. Our banking team can assist with SBA 504 and SBA 7(a) loan programs. Updated 8/27/2020 University of Illinois Extension's Community & Economic Development Team is dedicated to helping small businesses across Illinois navigate this difficult time. Loan amounts can be small or large, and used to purchase a business, finance franchising, restructuring, expansion, machinery & equipment, construction, and real estate acquisition, development and refinancing. Permit for Business ID and Advertising Signs, Vital Records from the Cook County Clerk's Office, AIC (Annual Inspection Certification) Inspections, Economic Disclosure, Affidavit, Online EDS, One Good Deed Chicago Volunteer Opportunities, City Council Office of Financial Analysis, Schedule an Appointment with a Business Consultant, Neighborhood Business Development Center (NBDC), National African-American Small Business Loan Fund, Local Initiatives Support Corporation (LISC), Up to $750K or up to 25% of the total project, Up to $100K or up to 50% of the total project. BIG leverages federal funding provided by the CARES Act to help offset COVID-19 related losses for Illinois small businesses. Behind every good business is a compelling vision. City of Chicago Small Business Improvement Fund (SBIF) grants can be used in eligible TIF districts for the improvement of your commercial building interior, exterior, mechanical systems and more, or to acquire adjacent land parcels. The City of Chicago encourages you to make your plan to vote. Can be applied to projects of any dollar amount. As a SBA lender, we work with business owners to offer favorable terms and local decision making. Click here to inquire about an SBA 504 loan. With our lending partners, we work efficiently and ethically to provide outstanding customer service and tangible results. Leading with Small Business Administration (SBA) 504 loans, SomerCor offers a unique range of financial solutions to help grow your business. Your business needs to be nimble and have the ability to jump on opportunities that present themselves.

Sign up for key updates and access to capital resources. SBA loans are partially guaranteed by the government and provide long term loans to small businesses. We are a non-profit, small business lender that offers SBA 504 and SBA 7(a) Community Advantage loans, and we administer the City of Chicago’s Small Business Improvement Fund (SBIF) and Neighborhood Opportunity Fund (NOF) grants.
Our purpose is to guide your vision to reality through impactful financial solutions.

SBA Lender List : SBA 7(a) Loan Program The 7(a) program is administered through local lenders. >Grant size ranges from $5,000-$150,000 based on business losses, >Eligible for-profit businesses located in Illinois, with less than $20 million gross operating revenue in 2019, and experienced net operating loss and reduced revenues due to COVID-19, Applications are being accepted and evaluated on a rolling basis and businesses will receive a decision within four to six weeks of submission. Funding may be used to help businesses with working capital expenses, including payroll costs; rent; utilities; and other operational costs as defined in the eligible cost list. We are a non-profit, small business lender that offers SBA 504 and SBA 7(a) Community Advantage loans, and we administer the City of Chicago’s Small Business Improvement Fund (SBIF) and Neighborhood Opportunity Fund (NOF) grants. Illinois has made over $90 million in assistance available for small businesses outside of Chicago. That’s because business growth, job creation and community impact are our priorities. FirstBank & Trust Routing Number | 111319347.

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