Chicago, IL (PRWEB) June 15, 2011
SomerCor 504, Inc. President, David Frank will be joining an esteemed panel of Chicago area Banking and Finance experts to discuss effective business financing options and strategies within the current economic climate. Discussion topics will focus on how to finance business; alternative business financing options; and how to work with your banker. The panel will also discuss and clearly define what exactly is a work out and how to avoid one. Kevin Brown, Vice President & Senior Commercial Relationship Manager, Harris N.A.; Rick Mattoon, Senior Economist and Economic Advisor, Federal Reserve Bank of Chicago; and George Morvis, President and CEO, FINANCIAL SHARES CORPORATION will join Mr. Frank. James Elsener, Director of Business Development for The Daily Herald Business Ledger will moderate the event, and audience members will be provided with an opportunity to have in-depth Q&A with the panelists. The event will be held on June 16, 2011 from 11:00am – 1:30pm at the Arrowhead Golf Club 26W151 Butterfield Road in Wheaton, Illinois. Tickets for the event are $45.00 in advance and $55.00 at the door; a buffet lunch will be served. Attendees are encouraged to RSVP by June 13, 2011 by registering at tinyurl.com/newsmakers3.
About SomerCor 504 Inc.
Founded in 1993, SomerCor 504, Inc. is a non-profit development company certified by the U.S. Small Business Administration (SBA) to originate SBA 504 loans within the state of Illinois. SomerCor holds a portfolio in excess of $350 Million comprised of more than 700 loans. SomerCor consistently ranks in the top 15 nationwide of all CDCs.
We know it’s not always easy to find reliable financing when planning for growth. High cash outlay requirements, uncertain interest rates, and short payback periods make conventional loans unappealing or unavailable - even when expansion makes sense for a business, its employees and the community. At SomerCor, we can help achieve growth plans with a smart financing solution called the 504 Loan Program.
The 504 program helps healthy, for profit businesses with financing for projects involving the purchase, construction, improvement, or refinance of fixed assets. Banks and other lenders participate for 50% of the total project cost, while SomerCor finances 40% (up to $5.5 Million) of the balance. This leaves only a 10% down payment for the business, helping it to preserve valuable working capital. The 504 program is a win-win arrangement. The business maximizes the amount of money it receives and the bank gets a first lien on all the assets with only a 50% loan to value. The business is happy and so is the bank.
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SomerCor 504 Corporate Contacts
David Frank – President: 312.360.3312
SomerCor 504, Inc.
SomerCor 504 Marketing Contact
Dane Sanders – Founder: 312.488.9690
The Marketing Solutions Lab