Overview
What is Wessex 504 Corporation?
Wessex 504 Corporation is a nonprofit organization, certified by the U.S. Small Business Administration, located in Chicago, Illinois. Their primary mission is to help prosperous businesses acquire affordable, long-term financing for real estate or capital equipment. By offering SBA 504 loans in collaboration with lenders, Wessex 504 Corporation aims to provide below-market, fixed-rate funding. This financial assistance enables businesses to create new job opportunities and strengthen their communities, contributing to overall growth. During the fiscal year, Wessex 504 Corporation facilitated 12 SBA-authorized loans, generating over 176 jobs, and funded an additional 16 loans to create 192 jobs in the communities. The organization is led by a team of 2 individuals.
Official website here: www.wessex504.com
Is Wessex 504 Corporation legitimate?
Wessex 504 Corporation is a legitimate nonprofit organization registered as a 501(c)(4) entity. Wessex 504 Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $398,934
Professional Fundraising Fees: $0
Other Salaries and Wages: $110,000
For more financial information, click here
Official website here: www.wessex504.com
What is the mission statement of Wessex 504 Corporation?
Wessex 504 Corporation, a non-profit organization certified by the U.S. Small Business Administration, aims to help thriving businesses secure long-term, below-market, fixed-rate financing for the acquisition of real estate or capital equipment. As an SBA-certified development company, Wessex 504 Corporation collaborates with the Small Business Administration and lenders to deliver the 504 loan program. This initiative enables businesses to create new job opportunities and strengthen their communities while continuing to grow. The corporation's objective is to contribute positively to the economic growth and development of businesses across various sectors.
Official website here: www.wessex504.com
Who is the CEO of Wessex 504 Corporation?
Karen Lennon is the President of Wessex 504 Corporation.
Official website here: www.wessex504.com
What is the revenue of Wessex 504 Corporation?
Wessex 504 Corporation's revenue in 2022 was $773,179.
Official website here: www.wessex504.com
Who are the executives of Wessex 504 Corporation and what are their salaries?
The average compensation at Wessex 504 Corporation during 2022 was $254,467. There are 2 employees at Wessex 504 Corporation.
Here are 11 key members and their salaries:
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Official website here: www.wessex504.com
Where can I find the form 990 for Wessex 504 Corporation?
Wessex 504 Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.wessex504.com
Learn more at the official website: www.wessex504.com
Mission Statement of Wessex 504 Corporation
Wessex 504 Corporation, a non-profit organization certified by the U.S. Small Business Administration, is dedicated to assisting healthy, growing businesses in securing long-term, below-market, fixed-rate financing for the acquisition of real estate or capital equipment. Its primary objective is to help these businesses create new jobs and strengthen their communities while continuing to grow. As an SBA-certified development company, Wessex 504 Corporation collaborates with the Small Business Administration and lenders to deliver the SBA 504 loan program to eligible businesses. This program enables businesses to acquire essential resources for their growth without the burden of high-interest rates, ultimately contributing to their long-term success and community development.
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Impact
October, 2024
Wessex 504 Corporation significantly impacts local economies by facilitating access to affordable financing for businesses in need of real estate or capital equipment. By originating and servicing SBA 504 loans, Wessex 504 plays a crucial role in supporting healthy and growing enterprises. In a recent fiscal year, the organization processed 12 loans that were authorized by the SBA, contributing to the creation of over 176 jobs. Furthermore, it funded an additional 16 loans that will lead to the creation of 192 more jobs in the community.
This influx of job opportunities not only strengthens the workforce but also bolsters local economies, enhancing community sustainability. The organization's commitment to providing long-term, below-market, fixed-rate financing empowers businesses to thrive and expand, ultimately fostering economic growth and community improvement throughout Chicago and beyond.
This information is meant to be a general summary of Wessex 504 Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Program Service Revenue: $765,118
- Gross Receipts: $773,179
Assets and Liabilities:
- Total Assets: $316,004
- Total Liabilities: $0
- Net Assets: $316,004
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SERVICING FEES
Revenue
$569,728
PROCESSING FEES
Revenue
$161,860
APPLICATION FEES
Revenue
$33,530
Organization Details
Founding Year
2010
Phone
(312) 527-4927Principal Officer
Karen Lennon
Main Address
175 N HARBOR DRIVE SUITE 3202, CHICAGO, IL, 60601
Website
www.wessex504.comNTEE Category
Code: S30 - Community improvement
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