SomerCor Awarded Prestigious SBA Accredited Lender Program (ALP) Status
CHICAGO, May 11, 2021 /PRNewswire/ -- SomerCor, a Chicago-based Certified Development Company (CDC), is proud to announce it was awarded Accredited Lender Program (ALP) status by the U.S. Small Business Administration (SBA). ALP is a prestigious designation granted by the SBA to high performing, non-profit SBA 504 lending companies.
To achieve ALP status, SomerCor underwent an extensive SBA qualification process that included the evaluation of staff expertise, as well as an assessment of performance metrics related to SomerCor's loan processing, portfolio growth and servicing, and compliance with SBA lending regulations.
CDCs with ALP designation are granted an increased authority in the processing, closing, and servicing of SBA 504 loans, resulting in an expedited lending experience for borrowers and lending partners. In addition, pending SBA final rules, SomerCor will be able to participate in the new SBA 504 Express Loan program. ALP CDCs will have the authority to approve, authorize, close, and service SBA 504 loans of $500,000 or less under program enhancements enacted through federal COVID-19 relief legislation.
"Our ALP designation is a critical milestone for SomerCor and a reflection of the hard work and dedication of our skilled team," said Manuel Flores, President and CEO of SomerCor. "Exceptional service and a positive customer journey are paramount. I am excited by the new ways we can better serve small businesses and our lending partners."
The ALP designation is part of SomerCor's broader strategic plan. Over the last three fiscal years, SomerCor increased its 504 loan production by more than 50%, strengthened its operations by growing its experienced team through the recruitment of additional SBA specialists, and expanded its collaboration with economic development organizations to increase access to capital for small businesses and promote more inclusive and equitable investments to grow minority and women-owned enterprises throughout Illinois.
About SomerCor
SomerCor is a non-profit lender, certified by the Small Business Administration, that specializes in originating and servicing SBA 504 loans. Since its founding in 1992, SomerCor has funded over 2300 loans with a total volume of $1.44 billion.
SomerCor also administers the Small Business Improvement Fund (SBIF) and Neighborhood Opportunity Fund (NOF) grants for the city of Chicago.
Based in Chicago, the SomerCor mission is to grow businesses, create jobs, and increase impactful investment in every community through access to capital. For more information visit www.somercor.com
Contact: Kim Brisky // (312) 360-3330 // [email protected]
SOURCE SomerCor
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