Somercor 504 Inc

Organization Overview

Somercor 504 Inc is located in Chicago, IL. The organization was established in 1994. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2023, Somercor 504 Inc employed 35 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Somercor 504 Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.

For the year ending 09/2023, Somercor 504 Inc generated $7.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $6.4m during the year ending 09/2023. While expenses have increased by 4.9% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Since 2020, Somercor 504 Inc has awarded 433 individual grants totaling $6,270,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

FOSTERING ECONOMIC DEVELOPMENT AND JOB CREATION THROUGH SBA 504 LOANS AND GRANT ADMINISTRATION.

Describe the Organization's Program Activity:

Part 3 - Line 4a

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.


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Board, Officers & Key Employees

Name (title)Compensation
Margy Sweeney
Chairman
$0
Dean Avdalas
Director
$0
Brian Burke
Director
$0
Jeffrey Bronswick
Director
$0
James Bruno
Director
$0
Thomas Huffman
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $231,378
All other contributions, gifts, grants, and similar amounts not included above$1,345,176
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$1,576,554
Total Program Service Revenue$4,727,745
Investment income $719,441
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $3,000
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $7,033,646

Grants Awarded

Over the last fiscal year, Somercor 504 Inc has awarded $6,270,000 in support to 433 organizations.

Grant RecipientAmount

1858 FITNESS

PURPOSE: ECONOMIC RELIEF FOR SMALL BUSINESSES HIT HARDEST BY COVID-19

$20,000

3 BRANCHES INC

PURPOSE: ECONOMIC RELIEF FOR SMALL BUSINESSES HIT HARDEST BY COVID-19

$10,000

2MC PROPERTIES LLC

PURPOSE: ECONOMIC RELIEF FOR SMALL BUSINESSES HIT HARDEST BY COVID-19

$10,000

187 BOXING CLUB

PURPOSE: ECONOMIC RELIEF FOR SMALL BUSINESSES HIT HARDEST BY COVID-19

$20,000

360 MIND BODY SOUL LLC

PURPOSE: ECONOMIC RELIEF FOR SMALL BUSINESSES HIT HARDEST BY COVID-19

$20,000

3R FITNESS BATAVIA LLC

PURPOSE: ECONOMIC RELIEF FOR SMALL BUSINESSES HIT HARDEST BY COVID-19

$20,000
View Grant Profile

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Economic Development Corporation Of Kansas City Missouri
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$6,752,938
Kentucky Highlands Investment Corporation
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$8,002,017
Somercor 504 Inc
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$7,033,646
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