SomerCor is our Partner of the Year! We were proud to present the award at Fall Fest.

SomerCor is a nonprofit that provides capital and resources to fuel business growth, create jobs, and advance inclusive economic opportunity.

This mission is shared by many economic development nonprofits, including North Branch Works.

SomerCor has a profound impact on small business development. Among its many financing options, it is a leading provider of SBA 504 loans to small and midsize businesses—helping strengthen communities and build generational wealth.

Capital is essential for businesses to launch and grow, funding construction, equipment, inventory, and salaries.

SomerCor helps businesses access that capital. In 2023, its portfolio exceeded $500 million invested in companies serving our communities.

We work closely with SomerCor on the Small Business Improvement Fund (SBIF), which it administers on behalf of the city.

SBIF is one of our most effective tools for strengthening small, manufacturing, and industrial businesses. The program uses tax increment financing funds to provide reimbursable grants for property improvements.

Economic development programs such as SBIF can be complicated for businesses that may have limited time and capacity to work on them. We rely on SomerCor to help businesses navigate the process and complete projects successfully.

NBW gratefully accepts SomerCor's honorary pencil.

North Branch Works promotes SBIF, assists businesses with applications, and helps project manage to keep them on track for completion.

SomerCor determines applicant eligibility, reviews financial documents, approves estimates, issues preliminary approvals, and processes reimbursements after projects are completed.

Together, our partnership has helped 125 businesses access more than $8 million, leveraging an additional $10.5 million in private investment in our service area, with many more projects in the pipeline.

SomerCor has also worked with city, county, and state partners to distribute more than $10.2 million in emergency COVID-19 relief grants to small businesses.

Chicago would not be the city it is today without SomerCor’s vital work.

Since 2018, SomerCor has been led by Manuel “Manny” Flores, former City of Chicago Alderman of the 1st Ward among many other roles with the county, state, and more.

We are honored to work with Manny and SomerCor’s team. Please join us in congratulating SomerCor, our Partner of the Year!