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EIN 36-3837330

Somercor 504

IRS 501(c) type
501(c)(4)
Num. employees
35
City
Chicago
State
Illinois
Year formed
1993
Most recent tax filings
2023-09-01
NTEE code, primary
S31: Urban, Community Economic Development
Description
Somercor 504 originates SBA 504 loans, administers programs and provides financing to foster economic development in Illinois.
Total revenues
$7,033,646
2023
Total expenses
$6,409,215
2023
Total assets
$4,621,861
2023
Num. employees
35
2023

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 $350,000. 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
Danville Family YMCAEconomic Relief for Small Businesses Hit Hardest By Covid-19$20,000
...and 2 more grants made

Financials for Somercor 504

RevenuesFYE 09/2023
Total grants, contributions, etc.$1,576,554
Program services$4,727,745
Investment income and dividends$719,441
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$3,000
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$6,906
Total revenues$7,033,646
Data update history
September 25, 2024
Posted financials
Added Form 990 for fiscal year 2023
September 22, 2024
Used new vendors
Identified 1 new vendor, including
September 21, 2024
Updated personnel
Identified 2 new personnel
August 28, 2024
Updated personnel
Identified 1 new personnel
October 5, 2023
Posted financials
Added Form 990 for fiscal year 2022
Nonprofit Types
Grantmaking organizationsBusiness 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
County
Cook County, IL
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)
Yes
Categorization
NTEE code, primary
S31: Urban, Community Economic Development
NAICS code, primary
522120: Savings Institutions
Parent/child status
Independent
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