SOMERCOR 504 INC
AI Summary
SOMERCOR 504 INC is a nonprofit organization dedicated to fostering economic development and job creation through the administration of SBA 504 loans and grants. With an operating budget of $6.9 million and total revenue of $7 million for the 2024 filing year, the organization supports business and industry initiatives. Notably, it does not rely on a single funder for more than 50% of its revenue, ensuring a diverse funding base. For more information, visit www.somercor.com.
Mission Statement
FOSTERING ECONOMIC DEVELOPMENT AND JOB CREATION THROUGH SBA 504 LOANS AND GRANT ADMINISTRATION.
Cause Areas
2
Business and industry
Economic development
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Explore this org's ecosystem
See similar nonprofits by cause and location, their funders, and their grants.
Charity Verification Snapshot
IRS EO Business Master File Status
Listed as tax-exempt
IRS Pub 78 Status
Eligible for tax-deductible gifts
IRS Revocation Status
Not in Automatic Revocation of Exemption List
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Funder
Total Funding
Funding Share
THE GOLDMAN SACHS FOUNDATION
$28.2M
1%
The Chicago Community Trust
$1.4B
< 1%
Frequently Asked Questions
What is SOMERCOR 504 INC’s budget?
In 2024, SOMERCOR 504 INC reported an annual operating budget of around $6.9 million. More detailed financial information is available to registered users.
What causes does SOMERCOR 504 INC support?
SOMERCOR 504 INC supports work in Business and industry and Economic development.
Where does SOMERCOR 504 INC operate?
SOMERCOR 504 INC is headquartered in Chicago, IL.
Who funded SOMERCOR 504 INC recently?
In 2024, SOMERCOR 504 INC received grants from The Chicago Community Trust and THE GOLDMAN SACHS FOUNDATION. More information on this organization’s funders is available to registered users.
What is the largest grant SOMERCOR 504 INC received in 2024?
The largest grant to SOMERCOR 504 INC in 2024 exceeds $250 thousand.