SomerCor Appoints Six New Board Members And Vice Chairman

Chicago's leading SBA lender welcomes board members from banking, fintech and economic development sectors

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Mar 01, 2019, 09:00 ET

CHICAGO, March 1, 2019 /PRNewswire/ -- SomerCor, Chicago's leading Small Business Administration (SBA) Certified Development Company (CDC), announces the appointment of six new members to its board of directors. Joining the board are Dean Avdalas, Senior Vice President, Commercial Lending at Byline Bank; Brian Burke, Senior Vice President, Business Banking at First Midwest Bank; Diane Gallion, Executive Vice President, National Director, SBA/B&I Lending at Radius Bank; Margaret Griffin, Senior Vice President, SBA Regional Sales Manager at Huntington Bank; Chris Rentner, Director, Digital Lending at Velocity Solutions; and William Towns, Executive Director at Benefit Chicago. Additionally, Margy Sweeney, founder and CEO of Akrete Inc.—a WBE certified company—was elected Vice Chairman of the Board.

SomerCor, Chicago's leading SBA CDC, has appointed six new board members (pictured top left to right, then bottom left to right): Dean Avdalas, Byline Bank; Brian Burke, First Midwest Bank; Diane Gallion, Radius Bank; Margaret Griffin, Huntington Bank; Chris Rentner, Velocity Solutions; and William Towns, Benefit Chicago. SomerCor has also appointed a new Vice Chairman of the Board: Margy Sweeney, Akrete (bottom right).

The new board members and new board leader will assist in the evolving development of SomerCor's strategic vision and expand its reach across the Chicagoland area and greater Illinois. This board expansion comes after several new hires and promotions at SomerCor. Former board member Manny Flores was appointed President and CEO in November 2018; Brian Comiskey, CPA, and Michael Utterback joined the lending team in January 2019; and four employees were promoted, two on the executive leadership team and two on the economic development team.

"Communities throughout Illinois rely on SomerCor as a vital source of small business financing. To be effective in serving the needs of our small business borrowers, particularly rural-based enterprises and women, minority and veteran-owned businesses, our team and board leadership must be committed to expanding our reach and impact," said Manny Flores, President and CEO of SomerCor. "I am proud we've grown our Board of Directors with a diverse group of accomplished, executive professionals dedicated to this mission, with the expertise to help guide SomerCor."

Board of Directors grows SBA lending, fintech and economic development experience
The Board's new members include four banking executives: Dean Avdalas, Brian Burke, Diane Gallion and Margaret Griffin. As SVP of commercial lending at Byline Bank, Avdalas is focused on the lower middle market relationship with revenues from $5 million to $100 million. At First Midwest Bank, Burke manages a division that provides lending and deposit services to small and middle market companies in the greater Chicago area. Gallion provides specialty financing through the SBA 7(a) and 504 programs at Radius Bank and is an instructor for multiple SBA lending training programs. As SBA Regional Sales Manager at Huntington, Griffin manages the bank's SBA program in Illinois and Wisconsin and is an SBA lecturer on the 504 program.

On the fintech and economic development side, the Board gains Chris Rentner and William Towns. Rentner is Director of Digital Lending at Velocity Solutions, where he oversees product management and business development for digital banking product lines. Towns is the inaugural Executive Director of Benefit Chicago, a $100 million social impact investment fund aimed at the social enterprise sector in the six-county Chicagoland region.

"We are excited to increase the capabilities of our current Board of Directors with these exciting new board members," said Jon Winick, SomerCor Board Chair. "Each of them brings a unique skillset, and collectively add to our diversity, and our relationships with banks and non-profits in Illinois."

About SomerCor
SomerCor's mission is to catalyze the entrepreneurial dream. A Certified Development Company (CDC), SomerCor is a non-profit corporation certified by the Small Business Administration (SBA). Founded in 1992, SomerCor provides capital to entrepreneurs throughout Illinois with a focus on business growth and job creation by offering SBA 504 loans in partnership with banks, credit unions and other lending institutions. SomerCor also originates Community Advantage SBA 7(a) loans and administers the City of Chicago Small Business Improvement Fund and Neighborhood Opportunity Fund grants. SomerCor is committed to growing economic development opportunities for businesses, entrepreneurs, and communities through partnerships with lending institutions and economic development agencies. SomerCor is ranked a Top 25 National CDC for SBA 504 loans and is Chicago's largest 504 loan provider. It holds and services a loan portfolio in excess of $487 million, comprised of more than 965 loans to Illinois entrepreneurs. For more information visit www.somercor.com.

About the SBA 504 Loan Program
The Small Business Administration (SBA) developed the Certified Development Company/504 Loan Program (504 loan program) to promote economic development, create and retain jobs and meet certain additional public policy goals including providing capital to women, veteran and minority-owned businesses. The program helps lenders, such as national banks and federal savings associations provide eligible small businesses with long-term financing to acquire and improve major fixed assets for owner-occupied commercial real estate and heavy machinery. The program helps businesses by giving them access to long-term, fixed-rate financing with as little as 10 percent owner equity.