The February 2023 SBA 504 debenture pricing was completed on February 9, 2023.
25 Year Term6.01%
20 YearTerm5.98%
The SBA is offering a 504 Loan with a 25-year maturity for the acquisition of owner-occupied commercial real estate and related costs. This is in addition to the 10 and 20 year loans currently available in the 504 Loan Program. Loans are typically eligible for up to 90% financing of project costs. Rates include monthly servicing fees to CDC, SBA, and central servicing agent; based on SBA FY23 fees. SBA 504 refi rates are approximately 2 basis points higher than debenture pricing noted above.
SomerCor is proud to announce the appointment of Margy Sweeney, Founder & CEO of Akrete, as the new Chairman of its Board of Directors. Thomas Huffman, Executive Vice President of Wintrust SBA Lending, will serve as Vice Chairman.
“I look forward to working with Margy and Tom to build upon SomerCor’s growth and service to small businesses and lending partners through the SBA 504 program and our other economic development initiatives,” said Manuel Flores, President and CEO of SomerCor. “We also thank our Chairman Emeritus, Jon Winick, for his many years of service as Chairman. Over the last few years, SomerCor has achieved significant milestones including receiving SBA Accredited Lender Program (ALP) designation and Local Economic Area (LEA) authority to lend in Kenosha and Rock counties in Wisconsin.”
In honor of Black History Month, SomerCor is proud to spotlight Brook Architecture. After more than 20 years in business, founder RaMona Westbrook was ready to stop renting and purchase her own space. With the help of the SBA 504 loan, Brook Architecture increased their office space by 1,000SF and personalized it. We're excited to now be serving Brook Architecture again as a SBIF Grant client.
SomerCor is a nonprofit, SBA Certified Development Company specializing in SBA 504 loan origination and servicing. For 30 years, SomerCor has proudly partnered with lenders and small businesses throughout Illinois.
Contact our team today - we are your bridge to the SBA 504 program.
Margaret Griffin EVP, Chief Lending Officer (312) 360-3320 Email
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