SomerCor President and CEO Testifies Before the House Small Business Committee on the SBA 504 Program | Illinois

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CHICAGO, May 25, 2023 /PRNewswire/ — Manuel (Manny) Flores, President and CEO of SomerCora non-profit certified development company (CDC) certified by the US Small Business Administration (SBA) under the SBA 504 Loan Programtestified before the US House Small Business Committee on May 17, 2023, representing the National Association of Development Companies (NADCO).

The SBA 504 is the SBA’s flagship economic development loan program, providing affordable financing for small business capital investments. The SBA 504 loan program has provided more than $100 billion in financing to more than 175,000 businesses at no cost to taxpayers.

The purpose of the hearing was to provide members of Congress with a lender perspective on the substantive program changes recently issued by the SBA. NADCO and the CDC lending industry have advocated for years for regulatory changes to create efficiencies in the SBA 504 loan approval process so that capital gets into the hands of small business owners faster while maintaining the integrity of the program.

“CDC’s lending industry cares deeply about maintaining our role as a trusted partner in small business success and takes the integrity of SBA’s loan programs seriously,” Flores said. “We will continue to collaborate with the SBA and Congress to meet our collective goal of making loan programs easier, faster and safer in support of a strong ecosystem of small businesses across the country.”

“It is critical that Congress hear the voice of the CDC lending industry so that we can continue to advance and modernize the SBA 504 program, especially when legislative action will have a direct impact on our work and mission,” said the President and CEO. from NADCO, Rhonda Pointon. . “NADCO greatly appreciates Manny’s passion and commitment to the small business community and for bringing CDC’s lending industry perspective to the audience on our behalf.”

Most for-profit businesses in the US are eligible for the SBA 504 Program. Contact SomerCor to speak with a loan officer to see if an SBA 504 loan is right for your project or small business client.

About SomerCor

SomerCor’s mission is to grow businesses, create jobs and increase impactful investment in every community through the SBA 504 loan program and other funding and grant initiatives. SomerCor serves the entire state of Illinois and Kenosha and Rock counties in Wisconsin. For more information visit www.somercor.com.

Contact: Kim Brisky // (312) 505-7032 // kbrisky@somercor.com

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SOURCE SomerCor

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