Somercor 504 Inc
Somercor 504 Inc is a Chicago-based organization whose filing type is Form 990 (a public charity). It is a nonprofit SBA Certified Development Company that provides small-business financing and administers economic development grant programs.
Somercor 504 Inc at a glance
- Total assets
- $6,152,213
- +23.0% vs 2024
- Revenue (2025)
- $8,144,083
- +16.0% vs 2024
- Net investment income (2025)
- $840,160
- -3.4% vs 2024
- Expenses (2025)
- $7,648,325
- +11.5% vs 2024
- Latest 990 filing
- Form 990, 2025 View filing
Data from IRS Form 990, 2025; updated October 2026.
How to apply to Somercor 504 Inc
- Contact
Mailing address: 209 South Lasalle St 203, Chicago, IL 60604
Phone: (312) 360-3300
Website: https://somercor.com
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Open Grants
2 open opportunities from Somercor 504 Inc
Who Somercor 504 Inc funds
Geographic Focus
Where this funder awards grants
SomerCor states that it serves communities throughout Illinois, Kenosha and Rock Counties in Wisconsin, and Jasper, Lake, Newton, and Porter counties in Indiana. Its administered SBIF and NOF programs are geographically focused on Chicago; the Down Payment Assistance Program serves eligible businesses in Cook County.
States
Cities
Giving History
Giving Over Time
Total grant dollars and number of grants per year
In 2020 it made 433 grants totaling $6.3M.
Ready to take the next step with Somercor 504 Inc?
Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2025 | $6,152,213 | $8,144,083 | $7,648,325 | — | — | $840,160 |
| 2024 | $5,000,965 | $7,019,353 | $6,859,000 | — | — | $869,639 |
| 2023 | $4,621,861 | $7,033,646 | $6,409,215 | — | — | $719,441 |
| 2022 | $3,369,835 | $6,752,112 | $6,503,263 | — | — | $253,407 |
| 2021 | $3,029,721 | $5,498,037 | $5,281,761 | — | — | $116,268 |
| 2020 | $4,697,113 | $11,879,907 | $11,310,880 | $6,270,000 | 433 | $281,612 |
| 2019 | $3,456,244 | $5,325,040 | $4,920,583 | — | — | $519,846 |
Research compiled by Grantable AI from public sources. Last updated October 2026.
Mission & Focus Areas
SomerCor’s stated mission is to foster economic development and job creation through SBA 504 and Community Advantage lending and grant administration in Illinois, Indiana, and Wisconsin. Its website describes its mission as delivering capital and resources to support business growth, job creation, and inclusive economic empowerment.
SBA 504 financing supports purchases, improvements, or refinancing of owner-occupied commercial real estate and fixed equipment. SomerCor also originates Community Advantage loans of $50,000 to $350,000, with the majority serving borrowers in underserved markets, according to its 2024 filing.
SomerCor administers the City of Chicago’s Small Business Improvement Fund (SBIF), which supports commercial property improvements, renovations, and buildouts, and the Neighborhood Opportunity Fund (NOF), which supports commercial property and community and cultural projects in Chicago neighborhoods lacking private investment. The organization also offers the Down Payment Assistance Program, which provides eligible businesses a grant for a first owner-occupied commercial property purchase in Cook County.
Grantmaking
The 2025, 2024, and 2023 filings each report zero grants. The available record of earlier giving lists four grants in 2020, each for $20,000: the Young Men’s Christian Association in Danville, YMCA of Ottawa Illinois, Bob Freesen YMCA, and Hillsboro Area Health Services Inc. The YMCA grantees describe missions centered on health, well-being, and services for their communities; Hillsboro Area Health Services describes its mission as promoting wellness and healthier lifestyles.
SomerCor also administers grants on behalf of the City of Chicago. SBIF supports eligible commercial property improvement projects in Chicago neighborhoods. NOF offers awards of up to $250,000 for eligible projects in neighborhoods lacking private investment, including commercial property, community, and cultural projects. The Down Payment Assistance Program provides a grant equal to 5% of eligible project costs, up to $25,000, for eligible first-time SBA 504 borrowers purchasing owner-occupied commercial real estate in Cook County. Its stated eligibility requirements include at least two years in operation, good standing with the State of Illinois, annual revenue between $200,000 and $5,000,000, and a total project size no greater than $1,000,000. SBA, SomerCor, and third-party lender eligibility and underwriting requirements also apply.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists these directors: Dean Avdalas, Brian Burke, Jeffrey Bronswick, James Bruno, Michael Martino, Erica King-McPherson, Michael Plumb, William Towns, Julie Winterbauer, and Simon Yohanan.
Somercor 504 Inc is led by Manuel Flores, President & CEO since 2023 (on filings since 2019); 15 of 28 officers listed in 2025 are compensated.
Officers on the 2025 filing
Manuel Flores
President & CEO
President → President & CEO, 2023
On filings since 2019
40 hrs/week
$32K (2019) → $392K (2025)
Margy Sweeney
Chairman
Director → Chairman, 2023
On filings since 2019
2 hrs/week
No compensation reported
Kimberly Brisky
Managing Director of Communications & Engagement
New on the 2025 filing
40 hrs/week
$111K (2025)
Michael J. Plumb
Director
On filings since 2019
2 hrs/week
$2K (2019) → $0 (2025)
Brian Burke
Director
On filings since 2019
2 hrs/week
No compensation reported
Dean Avdalas
Director
On filings since 2019
2 hrs/week
No compensation reported
Jeffrey Bronswick
Director
On filings since 2019
2 hrs/week
No compensation reported
William W. Towns
Director
On filings since 2019
2 hrs/week
No compensation reported
James Bruno
Director
On filings since 2021
2 hrs/week
No compensation reported
Julie Winterbauer
Director
On filings since 2021
2 hrs/week
No compensation reported
Michael Martino
Director
On filings since 2021
2 hrs/week
No compensation reported
Simon Yohanan
Director
On filings since 2021
2 hrs/week
No compensation reported
Erica King-McPherson
Director
On filings since 2023
2 hrs/week
No compensation reported
Brian K. Comiskey
Former Executive Vice President & Clo
Executive Vice President → Former Executive Vice President & Clo, 2024
On filings since 2019
40 hrs/week
$243K (2020) → $150K (2025)
David A. Sommers
Executive Vice President
On filings since 2019
40 hrs/week
$147K (2019) → $235K (2025)
Debra M. Morack
Senior Vice President
Vice President → Senior Vice President, 2022
On filings since 2019
40 hrs/week
$131K (2019) → $157K (2025)
Margaret A. Griffin
Executive Vice President
Director → Executive Vice President, 2021
On filings since 2019
40 hrs/week
$158K (2022) → $336K (2025)
Milan Maslic
Executive Vice President
On filings since 2019
40 hrs/week
$208K (2019) → $290K (2025)
Elisabeth W. Williams
Senior Vice President
Vice President → Senior Vice President, 2021
On filings since 2020
40 hrs/week
$50K (2020) → $397K (2025)
Eric M. Bacon
Senior Vice President
Vice President → Senior Vice President, 2023
On filings since 2020
40 hrs/week
$103K (2020) → $294K (2025)
Thomas Huffman
Vice Chairman
Director → Vice Chairman, 2024
On filings since 2020
2 hrs/week
$750 (2020) → $0 (2025)
Amber Smith
Vice President Marketing & Communications
Senior Managing Director → Vice President, Marketing & Engagement, 2023
Vice President, Marketing & Engagement → Vice President Marketing & Communications, 2024
On filings since 2021
40 hrs/week
$109K (2021) → $139K (2025)
Silvia Orozco
Vice President Sbif Program Director
Sbif Program Director → Vice President & Sbif Director, 2023
Vice President & Sbif Director → Vice President Sbif Program Director, 2024
On filings since 2022
40 hrs/week
$108K (2022) → $123K (2025)
Darin Gehrke
Senior Vice President
On filings since 2023
40 hrs/week
$28K (2023) → $135K (2025)
Sandra Berrios
Loan Servicing Administrator
Assistant Vice President → Loan Servicing Administrator, 2024
On filings since 2023
40 hrs/week
$107K (2023) → $120K (2025)
Manish Laroia
Senior Vice President Chief Credit Officer
On filings since 2024
40 hrs/week
$35K (2024) → $246K (2025)
Reuben Waddy
Vice President Nof Director
On filings since 2024
40 hrs/week
$121K (2024) → $117K (2025)
Jon Winick
Chairman Emeritus
Chairman → Director, 2023
Director → Chairman Emeritus, 2024
On filings since 2019
2 hrs/week
No compensation reported
Former officers (18)
- Former: Monica Czubiak (2023–2024) — Senior Closing Officer
- Former: Erica McPherson (2024) — Director
- Former: Daniel Q. Higgenbotham (2023) — Vice President
- Former: Lynn Dubajic (2019–2022) — Director
- Former: Santiago Martinez (2019–2022) — Director
- Former: Erica King (2021–2022) — Director
- Former: Chris Rentner (2019–2021) — Director
- Former: Diane Gallion (2019–2021) — Director
- Former: Joseph Brocato (2019–2021) — Director
- Former: Anastasia Williams (2019–2020) — Vice President
- Former: Jacob Stern (2019–2020) — Senior Vice President
- Former: Michael Utterback (2019–2020) — Vice President
- Former: Pawel Jastrzebski (2019–2020) — Vice President
- Former: Brandon A. Palmer (2019) — Former Assistant Vice President
- Former: Carlissa Dunteman (2019) — Former Vice President
- Former: Joseph M. Lewis (2019) — Former Assistant Vice President
- Former: Scott Klug (2019) — Former Senior Vice President
- Former: Tom Huffman (2019) — Director
Data from IRS Form 990 filings, 2019–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $397K, to Elisabeth Williams (Senior Vice President). 15 officers or directors reported compensation on that filing.
Frequently asked questions about Somercor 504 Inc
How large is Somercor 504 Inc?
Somercor 504 Inc reported $6.2M in total assets on its 2025 IRS Form 990. Its revenue that year was $8.1M.
What does Somercor 504 Inc fund?
SomerCor’s stated mission is to foster economic development and job creation through SBA 504 and Community Advantage lending and grant administration in Illinois, Indiana, and Wisconsin. See mission & focus areas ↑
How do I apply for a grant from Somercor 504 Inc?
Somercor 504 Inc has no public application process in the sources Grantable reviewed. Check somercor.com for current guidelines, or contact the foundation directly before submitting a request.
Where does Somercor 504 Inc make grants?
SomerCor states that it serves communities throughout Illinois, Kenosha and Rock Counties in Wisconsin, and Jasper, Lake, Newton, and Porter counties in Indiana. Its administered SBIF and NOF programs are geographically focused on Chicago; the Down Payment Assistance Program serves eligible businesses in Cook County.
What is Somercor 504 Inc's EIN?
Somercor 504 Inc's EIN (Employer Identification Number) is 36-3837330. IRS Form 990 filing data is available on this page for 2019–2025.
Data last updated October 2026. Sourced from IRS Form 990 filings. Research dossier generated October 2026.
Data update history
(5)
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2020 (received by the IRS August 16, 2021)
- Added Form 990 for fiscal year 2019 (received by the IRS August 14, 2020)
- Added Form 990 for fiscal year 2021 (received by the IRS August 15, 2022)
- Added Form 990 for fiscal year 2025 (received by the IRS August 12, 2026)
- IRS filings on file for fiscal years 2020–2024
Explore Open Grants
Browse active grant opportunities in Somercor 504 Inc's focus areas in our free grants database
Similar Funders
Other grantmakers to research
Ima Foundation
Wichita, KS
Assets
$11.4M
Grants
602
Total Given
$831K
Emma L Hembrough Charitable Tr
Milwaukee, WI
Assets
$662K
Grants
3
Total Given
$70K
George William Patton Trust
Dallas, TX
The George William Patton Trust supports charitable organizations with general operating support, including health, youth, faith, library, and community services, as well as park and harbor maintenance. In 2024, grants ranged from $1,000 to $82,759, with a median of $12,000, and went to organizations in Minnesota, California, Oklahoma, Virginia, and Illinois. It funds only preselected organizations and does not accept unsolicited requests.
Assets
$11.2M
Grants
15
Total Given
$599K
Bound To Stay Bound Books Foundation
Jacksonville, IL
Bound To Stay Bound Books Foundation supports library programs, literacy organizations, scholarships, and charitable and community organizations, with much of its recent giving going to Illinois and additional grants in other states. In 2025, it awarded grants of $150 to $25,000, with a median of $2,610. It gives only to preselected organizations and does not accept unsolicited requests.
Assets
$4.7M
Grants
40
Total Given
$200K
United Way of Greater St Louis Inc
Saint Louis, MO
United Way of Greater St. Louis funds local nonprofits working on essential needs, youth success, health, financial mobility, and community stability, including direct services and efforts addressing root causes. Its 2025 grants ranged from $5,305 to $2.1 million, with a median of about $78,500; it primarily serves a 16-county region in Missouri and Illinois. It accepts applications through listed funding cycles, including a 2027 Targeted Fund cycle due October 12, 2026.
Assets
$122.5M
Grants
294
Total Given
$47.8M
John V Painter Trust
Chicago, IL
Assets
$432K
Grants
8
Total Given
$17K
More similar funders
More Funders in Illinois
The filing figures on this page are open data under CC BY 4.0. About GrantGraph Open
Figures come from Somercor 504 Inc's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
Somercor 504 Inc down — hundreds of funders to go?