Overview
What is Somercor 504 Inc?
Somercor 504 Inc is a nonprofit organization headquartered in the heart of Chicago, Illinois. With a workforce of 31 individuals, their primary mission is to provide financing assistance to small businesses and manage various grant programs under the City of Chicago's economic development initiatives. They specialize in originating SBA 504 loans, thereby fostering economic growth in the state of Illinois. Their activities are geared towards supporting the development of local businesses, ultimately contributing to the local economy.
Official website here: www.somercor.com
Is Somercor 504 Inc legitimate?
Somercor 504 Inc is a legitimate nonprofit organization registered as a 501(c)(4) entity. Somercor 504 Inc 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: $2,047,394
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,017,042
For more financial information, click here
Official website here: www.somercor.com
What is the mission statement of Somercor 504 Inc?
Somercor 504 Inc's mission is centered around administering the Small Business Administration (SBA) 504 loan program and engaging in other economic development activities. Their primary objective is to originate SBA 504 loans, contributing to the financial growth of small businesses. Beyond this, they also manage city of Chicago grant programs and various other economic development activities, aiming to stimulate business growth and promote overall economic development.
Official website here: www.somercor.com
Who is the CEO of Somercor 504 Inc?
Manuel Flores is the Director of Somercor 504 Inc.
Official website here: www.somercor.com
What is the revenue of Somercor 504 Inc?
Somercor 504 Inc's revenue in 2022 was $6,752,112.
Official website here: www.somercor.com
Who are the executives of Somercor 504 Inc and what are their salaries?
The average compensation at Somercor 504 Inc during 2022 was $131,111. There are 31 employees and 50 volunteers at Somercor 504 Inc.
Here are 25 key members and their salaries:
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- Compensation: $350,000
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- Compensation: $270,478
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- Compensation: $214,198
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- Compensation: $158,113
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- Other: $25,999
- Compensation: $299,791
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- Compensation: $107,930
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- Other: $7,533
- Compensation: $107,134
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- Other: $23,904
Official website here: www.somercor.com
Where can I find the form 990 for Somercor 504 Inc?
Somercor 504 Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.somercor.com
Learn more at the official website: www.somercor.com
Mission Statement of Somercor 504 Inc
Somercor 504 Inc, a nonprofit organization, is dedicated to advancing economic development within the state of Illinois. Their primary mission is to administer the SBA 504 Loan Program, offering financing assistance to small businesses. Beyond this, Somercor 504 Inc also engages in various economic development activities within the state. Additionally, the organization manages grant programs on behalf of the City of Chicago, further contributing to the growth and prosperity of local businesses. In essence, Somercor 504 Inc plays a crucial role in supporting the financial needs of small businesses and fostering economic growth within Illinois.
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Impact
October, 2024
Somercor 504 Inc plays a crucial role in driving economic development in the state of Illinois by originating SBA 504 loans, which are specifically designed to assist small businesses in securing financing. This support enables businesses to invest in their operations, purchase real estate, and acquire essential equipment, which in turn fosters job creation and community growth.
By administering the City of Chicago grant programs and engaging in various economic development activities, Somercor 504 Inc enhances the local economy and improves community infrastructure. Its focus on providing financing assistance not only helps individual businesses thrive but also contributes to the overall vitality and sustainability of the business ecosystem in Illinois.
Through its efforts, Somercor 504 Inc demonstrates a commitment to community improvement and economic empowerment, making a significant impact on the lives of entrepreneurs and the communities they serve.
This information is meant to be a general summary of Somercor 504 Inc. 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.
- Investment Income: $253,407
- Program Service Revenue: $5,469,722
- Gross Receipts: $6,752,112
Assets and Liabilities:
- Total Assets: $3,369,835
- Total Liabilities: $1,465,722
- Net Assets: $1,904,113
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN PROCESSING FEES
Revenue
$2,820,152
SERVICING FEES
Revenue
$2,642,604
OTHER FEES
Revenue
$6,966
Organization Details
Founding Year
1993
Phone
(312) 360-3300Principal Officer
Manuel Flores
Main Address
209 SOUTH LASALLE ST 203, CHICAGO, IL, 60604
Website
www.somercor.comNTEE Category
Code: S31 - Community improvement
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