SomerCor Receives Cook County Grant to Launch Innovative Down Payment Assistance Program for Small Businesses

CHICAGO , March 19, 2026 /PRNewswire/ -- SomerCor, a nonprofit U.S. Small Business Administration (SBA) Certified Development Company (CDC) and leading provider of SBA 504 financing, launched a Down Payment Assistance Program (DPAP) to help small businesses in Cook County purchase their first owner-occupied commercial property.

"Cook County is committed to expanding access to capital and supporting the small businesses that power our local economy," said Cook County Board President Toni Preckwinkle. "Programs like SomerCor's Down Payment Assistance Program help more entrepreneurs invest in their businesses, purchase commercial property, and build stronger communities."

The program addresses one of the most common barriers small businesses face when pursuing SBA 504 financing: the upfront equity required to purchase commercial real estate. Many otherwise qualified businesses have strong operations and cash flow but lack sufficient liquidity for the required down payment. By providing targeted down payment assistance, DPAP helps credit-ready businesses move forward with ownership, while preserving working capital and maintaining stronger post-closing liquidity.

"Too many strong small businesses are ready to grow but can't move forward because the upfront equity requirement stands in the way," said Manuel Flores, President and CEO of SomerCor. "Our Down Payment Assistance Program helps remove that barrier, allowing more entrepreneurs to purchase their building, grow equity, and invest in their communities."

The initiative was made possible through the Cook County Community Financial Institution (CFI) Capacity Building Grant, a program designed to expand access to capital by strengthening mission-driven lenders. The Cook County Board approved $2.4 million in funding to CFIs to increase available financing for small businesses. SomerCor was one of five CFIs selected to participate in this historic grant initiative. Through programs like DPAP, Cook County and SomerCor are helping unlock innovative lending solutions for entrepreneurs.

SomerCor Down Payment Assistance Program

The program provides a grant equal to 5% of eligible project costs, up to $25,000, helping new SBA 504 borrowers reduce the upfront capital required to purchase their first owner-occupied commercial property.

Eligibility Requirements

• Borrower is making their first purchase of owner-occupied commercial real estate for an operating business in Cook County.
• Business has been in operation for at least two years and is in good standing with the State of Illinois.
• Annual revenue is between $200,000 and $5,000,000.
• Total project size cannot exceed $1,000,000.
• Applicants are subject to all SBA, SomerCor, and third-party lender eligibility and underwriting requirements.

The program is expected to support 16-20 small business real estate projects and leverage $5 to $8 million in total private and SBA-backed investment across Cook County.

To learn more about SomerCor's SBA 504 financing or to speak with a loan officer, visit www.somercor.com

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 financing and grant initiatives. SomerCor serves the entire state of Illinois, Kenosha and Rock counties in Wisconsin, and Jasper, Lake, Newton, and Porter counties in Indiana.

Contact: Kim Brisky // (312) 360-3330 // [email protected]

SOURCE SomerCor