The May 2023 SBA 504 debenture pricing was completed on May 11, 2023.

25 Year Term 6.02%

20 Year Term 6.07%

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.

According to the U.S. Chamber of Commerce Quarterly Spotlight, two-thirds of small businesses say that rising interest rates are limiting their ability to access capital for their business. The survey also found that 62% of small businesses had to seek out additional financing in the past year due to rising prices, as inflation remains the top concern for many entrepreneurs.

SomerCor SVP, Eric Bacon, has a featured piece in the most recent issue of the Daily Herald discussing the current high interest rate environment and how small businesses can access capital through the SBA 504 program. 

On May 1st, SomerCor teamed up with IMEC, the Cook County Bureau of Economic Development (BED), and the Southland Development Authority, for an event highlighting available resources for manufacturers.

The bulk of the program focused on the Cook County Manufacturing Reinvented Grant (CCMRG), which must be used to address one of four key areas of need: operations, growth, leadership, or workforce. SomerCor President & CEO, Manny Flores, also had the opportunity to present on the SBA 504 loan as a compliment to the CCMRG. For manufacturers ready to buy, build, or refinance commercial real estate or heavy equipment, the 504 can be a great financing solution.

The event closed with a panel discussion featuring the resource providers on-hand, as well as two local manufacturers. A special shoutout to Johny Roumanidakis, President of Netcom Inc, for speaking on the panel. Netcom is a SomerCor client and has also taken advantage of the CCMRG.

The SomerCor team is hitting the road to participate in a series of forums to update commercial lenders on the SBA 504 and other U.S. Small Business Administration programs. More dates to come for Peoria, Bloomington, Carbondale, Harrisburg, and Springfield! We'll be presenting in:

• May 11th - Prospect Heights: Register Here

• May 23rd - Chicago (Loop): Register Here

• June 6th - Chicago (Hyde Park): Register Here

• June 15th - McHenry: Register Here

Contact our team to learn more about these free forums hosted by SBA’s Illinois District Office, SCORE Mentors, and the Illinois SBDC Network.

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
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Eric Bacon

SVP, Loan Officer
(312) 360-3335
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Darin Gehrke

SVP, Loan Officer
 (217) 793-1075
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Elisabeth Williams

SVP, Loan Officer
(312) 360-3302
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Brian Comiskey, CPA

EVP, Chief Credit Officer
(312) 360-3311
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