Somercor 504 Inc
SomerCor 504 Inc is a nonprofit, tax-exempt organization certified by the Small Business Administration as a Certified Development Company (CDC). Based in Chicago, Illinois, the organization provides SBA financing solutions and administers economic development grant programs across the Midwest. SomerCor has been operating since 1992 and holds Accredited Lender Program (ALP) status, a prestigious designation granted by the SBA to high-performing nonprofit SBA 504 lending companies.
Key facts about Somercor 504 Inc
- EIN
- 36-3837330
- Latest 990 filing
- Form 990-PF, 2024
- Total assets
- $5,000,965
Data from IRS Form 990-PF, 2024; updated September 2026.
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Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$5.0M
+8.2% YoY
Revenue
$7.0M
-0.2% YoY
Net Investment Income
$870K
+20.9% YoY
Expenses
$6.9M
+7.0% YoY
Mission & Focus Areas
Mission: As catalysts for the entrepreneurial dream, SomerCor delivers capital and resources that spark business growth, drive job creation, and advance inclusive economic empowerment.
Vision: Empowering entrepreneurs to grow vibrant businesses and create thriving, economically inclusive communities.
Core Values: Community, Accountability, Integrity, and Respect.
Primary Activities:
- SBA 504 Loans for commercial real estate and equipment purchases
- SBA 504 Refinancing options
- SBA Community Advantage Loans (between $50,000 and $350,000, with at least 60% distributed to underserved markets)
- Administration of the City of Chicago Small Business Improvement Fund (SBIF)
- Administration of the Neighborhood Opportunity Fund (NOF)
- Down Payment Assistance Programs for small businesses
Grantmaking
SomerCor administers grant programs on behalf of the City of Chicago:
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Geographic Focus
Where this funder awards grants
SomerCor serves communities throughout:
- Illinois (statewide lending authority since 1992)
- Wisconsin: Kenosha and Rock Counties
- Indiana: Jasper, Lake, Newton, and Porter counties
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
2023 Financial Data:
- Revenue: $7.03 million
- Expenses: $6.41 million
- Total Assets: $4.62 million
- Total Liabilities: $2.09 million
Historical Impact (Since 1992):
- Deployed more than $1.84 billion in SBA loans to 2,816 businesses
- Reached 1,793 communities
- Created 22,076 jobs
2025 Performance:
- Approved 121 new loans and funded 81 projects
- Combined investment exceeding $245 million in SBA financing
- Fueled 261 businesses across 231 communities
- Sustained 1,919 jobs
- Financed nearly 17 million square feet of commercial and industrial space
- Fifth consecutive year originating over $100 million in SBA 504 loans
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $5,000,965 | $4,621,861 | $3,369,835 |
| Revenue | $7,019,353 | $7,033,646 | $6,752,112 |
| Expenses | $6,859,000 | $6,409,215 | $6,503,263 |
| Qualifying Distributions | — | — | — |
| Net Investment Income | $869,639 | $719,441 | $253,407 |
| Distributable Amount | — | — | — |
Data update history
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 0 recipients in 2024
Grant Size Distribution
433 grants across all recorded years
Open Grants
2 open opportunities from Somercor 504 Inc
Giving History
Grant recipients and amounts by year
No grants recorded for 2024.
Leadership & Key People
Leadership team and compensation from IRS filings
Principal Officer: Manuel Flores
Key Personnel:
- Elisabeth Williams, VP, Loan Officer
- Kimberly Brisky
Compensation Overview
From 2024 IRS filing
From 2024 IRS filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Dean Avdalas | Director | 2 | — |
| Brian Burke | Director | 2 | — |
| Jeffrey Bronswick | Director | 2 | — |
| James Bruno | Director | 2 | — |
| Michael Martino | Director | 2 | — |
| Erica McPherson | Director | 2 | — |
| Michael Plumb | Director | 2 | — |
| William W Towns | Director | 2 | — |
| Julie Winterbauer | Director | 2 | — |
| Simon Yohanan | Director | 2 | — |
| Margy Sweeney | Chairman | 2 | — |
| Thomas Huffman | Vice Chairman | 2 | — |
| Jon Winick | Chairman Emeritus | 2 | — |
| Manuel Flores | President/CEO | 40 | $309,409 |
| Margaret Griffin | Executive Vice President | 40 | $253,287 |
| Milan Maslic | Executive Vice President | 40 | $275,827 |
| David Sommers | Executive Vice President | 40 | $228,519 |
| Eric Bacon | Senior Vice President | 40 | $295,642 |
| Darin Gehrke | Senior Vice President | 40 | $135,000 |
| Debra Morack | Senior Vice President | 40 | $154,723 |
| Elisabeth Williams | Senior Vice President | 40 | $300,361 |
| Manish Laroia | SVP Chief Credit Officer | 40 | $35,308 |
| Sandra Berrios | Loan Servicing Administrator | 40 | $103,071 |
| Monica Czubiak | Senior Closing Officer | 40 | $104,735 |
| Silvia Orozco | VP Sbif Program Director | 40 | $129,692 |
| Amber Smith | VP Marketing & Communications | 40 | $129,692 |
| Reuben Waddy | VP Nof Director | 40 | $121,088 |
| Brian Comiskey | Former EVP & Clo (Thru 9/23) | 40 | $192,900 |
Recent News & Activity
Recent developments and announcements
**February 2026:** SomerCor was awarded CDC of the Year by the Coleman Report, a leading national publication covering the SBA lending industry. The award recognized exceptional performance, operational excellence, and sustained impact in SBA lending.
SomerCor\_Awarded CDC of the Year for SBA 504 Lending Excellence - SomerCor**March 2026:** SomerCor received a Cook County grant to launch an innovative Down Payment Assistance Program for small businesses, enabling entrepreneurs to own both the business and the building through owner-occupied commercial real estate purchases.
SomerCor Receives Cook County Grant to Launch Innovative Down Payment Assistance**Ongoing:** SomerCor operates an annual VetLoan Advantage Charity Golf Outing to support military veteran-owned businesses.
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Somercor 504 Inc fund?
**Mission:** As catalysts for the entrepreneurial dream, SomerCor delivers capital and resources that spark business growth, drive job creation, and advance inclusive economic empowerment. **Vision:** Empowering entrepreneurs to grow vibrant businesses and create thriving, economically inclusive communities. **Core Values:** Community, Accountability, Integrity, and Respect. **Primary Activities:** • SBA 504 Loans for commercial real estate and equipment purchases • SBA 504 Refinancing options …
How do I apply for a grant from Somercor 504 Inc?
SomerCor administers grant programs on behalf of the City of Chicago: **Small Business Improvement Fund (SBIF):** SomerCor has served as the administrator for 25 years as of 2025. The organization has deployed more than $153 million in public funding through this program to over 2,200 businesses citywide. **Neighborhood Opportunity Fund (NOF):** Administered alongside SBIF for Chicago-based small businesses. **Recent Grant Activity:** • In March 2026, SomerCor received a Cook County grant to la…
Where does Somercor 504 Inc make grants?
SomerCor serves communities throughout: • **Illinois** (statewide lending authority since 1992) • **Wisconsin:** Kenosha and Rock Counties • **Indiana:** Jasper, Lake, Newton, and Porter counties
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 2020–2024.
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Browse active grant opportunities in Somercor 504 Inc's focus areas in our free grants database
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Data last updated September 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.