"We've ticked up steadily as the market worsened"
Chicago, IL (PRWEB) July 01, 2011
SomerCor 504, Inc. President, David Frank recently joined an esteemed panel of Chicago area Banking and Finance experts to discuss effective business financing options and strategies within the current economic climate.
The experts spoke to about 80 business executives at the Daily Herald Business Ledger Newsmakers Forum on banking and finance, held at the Arrowhead Country Club in Wheaton. The panelists agreed there have been a number of positive signs this year that are leading to banks lending more money for businesses, but there are some “headwinds” that are keeping the businesses and the economy in general from generating any steam.
However according to Mr. Frank, one success story over the last several years has been through the Small Business Administration’s 504 business loan program. The economic stimulus package of 2009 “saved the SBA,” Frank said, as it provided money for purchasing assets like property and equipment to businesses that could not obtain loans. In late 2010, the act was amended to allow loan refinancing, saving more money for small businesses. “We see the market in a weird, jaded way,” Frank said. “We’ve ticked up steadily as the market worsened.” As business tax returns improve in 2011, Frank added he foresees continued demand for loans, both through the SBA and traditional financial institutions.
Mr. Frank was joined on the panel by 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. James Elsener, Director of Business Development for The Daily Herald Business Ledger moderated the event.
The Daily Herald Business Ledger Newsmakers Forum was sponsored by Harris Bank. Corporate sponsors include American Slide Chart/Perrygraf and Comcast Business Class. Marketing partners were the Lisle and Wheaton chambers of commerce.
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.
SomerCor can help achieve growth plans with a smart financing solution called the 504 Loan Program that helps healthy, for-profit businesses with financing for projects involving the purchase, construction, improvement, or refinancing 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 necessitating only a 10% down payment for the business, enabling it to preserve valuable working capital.
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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