CHICAGO, May 10, 2023 - SomerCor, a non-profit, Certified Development Company (CDC) licensed by the Small Business Administration (SBA) under the SBA 504 loan program, partnered with the Cook County Bureau of Economic Development and Illinois Manufacturing Excellence Center (IMEC) for an event promoting free resources available to local manufacturers.
The program featured an information session about the Cook County Manufacturing Reinvented Grant (CCMRG). This is a $5 million grant program whereby Cook County manufacturers receive IMEC's expert technical assistance while their eligible expenses of up to $25,000 are reimbursed directly by the County. The grant must be used to address one of four key areas of need: operations, growth, leadership, or workforce. The grant is currently open and accepting applications.
"Since launching in August of 2022, over 150 suburban Cook County manufacturers have applied for this grant program," said David Boulay, President of IMEC. "Participants are already seeing the impact, and with the County's continued commitment to this initiative, we're excited to onboard more manufacturers ready to improve their competitiveness and resiliency."
"Clearly this program provides much needed resources to support manufacturing, one of our region's key economic sectors," President Preckwinkle said. "Manufacturing represents the state's largest industry when ranked by contribution to GDP, and with 182,000 people, Cook County boasts the largest number of workers in Illinois employed in manufacturing. Cook County is proud to make this investment to support this critical industry."
SomerCor President & CEO, Manuel Flores, also had the opportunity to present on the SBA 504 loan as a compliment to the CCMRG. For manufacturers ready to buy, build, or refinance commercial real estate or heavy equipment, the 504 can be a great financing solution.
"Illinois is the fourth largest manufacturing state in the country, with more than 18,000 companies employing over 590,000," said Flores. "SomerCor is proud to help small businesses in the manufacturing sector access capital through the SBA 504 program, and by working with fellow resource partners and engaged government entities, including IMEC and Cook County."
Other resources partners present include event host, South Suburban College in Oak Forest, as well as Southland Development Authority and the Calumet Manufacturing Industry Sector Partnership.
About SomerCor
The SomerCor mission is to grow businesses, create jobs, and increase impactful investment in every community through the SBA 504 loan program and other financing and grant initiatives. SomerCor serves the entire state of Illinois and Kenosha and Rock counties in Wisconsin. For more information visit www.somercor.com
Contact:
Kim Brisky
(312) 505-7032
kbrisky@somercor.com
SOURCE SomerCor
