EIN 36-3837330

Somercor 504

IRS 501(c) type
501(c)(4)
Num. employees
31
Year formed
1993
Most recent tax filings
2022-09-01
Description
Somercor 504 originates SBA 504 loans, administers programs and provides financing to foster economic development in Illinois.
Total revenues
$6,752,112
2022
Total expenses
$6,503,263
2022
Total assets
$3,369,835
2022
Num. employees
31
2022

Program areas at Somercor 504

Provide financing assistance for small businesses, administer city of chicago grant programs and other economic development activities.
The organization was granted authority to participate in the sba community advantage program. The program allows certified development companies ("cdc's") to fund community advantage loans between $50,000 and $250,000. At least 60% of the loans distributed are required to be in underserved markets.

Grants made by Somercor 504

GranteeGrant descriptionAmount
Ottawa YMCAEconomic Relief for Small Businesses Hit Hardest By Covid-19$20,000
Hillsboro Area Health ServicesEconomic Relief for Small Businesses Hit Hardest By Covid-19$20,000
Young Men's Christian Association / Danville Family YmcaEconomic Relief for Small Businesses Hit Hardest By Covid-19$20,000
...and 2 more grants made

Personnel at Somercor 504

NameTitleCompensation
Manuel FloresPresident and Chief Executive Officer$316,000
Amber SmithVice President, Marketing and Communications$108,806
Darin GehrkeSenior Vice President Market Lead for Central and Southern Illinois$3,690
Mickey MaslicExecutive Vice President
Noe TorresTechnology Dir.
...and 27 more key personnel

Financials for Somercor 504

RevenuesFYE 09/2022
Total grants, contributions, etc.$1,010,983
Program services$5,469,722
Investment income and dividends$253,407
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$18,000
Net gain from sale of non-inventory assets$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$6,752,112

Form 990s for Somercor 504

Fiscal year endingDate received by IRSFormPDF link
2022-092023-08-15990View PDF
2021-092022-08-15990View PDF
2020-092021-08-16990View PDF
2019-092020-10-09990View PDF
2018-092019-10-21990View PDF
...and 7 more Form 990s
Data update history
August 10, 2023
Posted financials
Added Form 990 for fiscal year 2021
May 17, 2023
Updated personnel
Identified 7 new personnel
May 25, 2022
Used new vendors
Identified 2 new vendors, including , and
April 14, 2022
Updated personnel
Identified 1 new personnel
April 12, 2022
Posted financials
Added Form 990 for fiscal year 2020
Nonprofit Types
Business and community development organizations
Issues
Community improvementEconomic developmentBusiness and industry
Characteristics
LobbyingState / local levelReceives government fundingManagement and technical assistance
General information
Address
209 S Lasalle St 203
Chicago, IL 60604
Metro area
Chicago-Naperville-Elgin, IL-IN-WI
Website URL
somercor.com/ 
Phone
(312) 360-3300
IRS details
EIN
36-3837330
Fiscal year end
September
Taxreturn type
Form 990
Year formed
1993
Eligible to receive tax-deductible contributions (Pub 78)
No
Categorization
NTEE code, primary
S31: Urban, Community Economic Development
NAICS code, primary
522120: Savings Institutions
Parent/child status
Independent
Free account sign-up

Want updates when Somercor 504 has new information, or want to find more organizations like Somercor 504?

Create free Cause IQ account