SomerCor is a non-profit development company certified by the Small Business Administration (SBA) to originate SBA 504 loans in the State of Illinois. Since its inception in 1992, SomerCor has grown to be one of the premier mission-driven small business lenders in the Chicagoland area and expanded its offerings beyond the SBA 504 program. SomerCor is a SBA Community Advantage lender offering loans between $50,000 - $250,000. SomerCor is also the administrator for the City of Chicago's Small Business Improvement Fund program and Neighborhood Opportunity Fund Grant.
The economy is improving, but Illinois small business owners and their employees are facing another financial hurdle: retirement security. The U.S. currently suffers from a retirement savings gap of more than $6 trillion, and more than 38 million households do not have any retirement savings at all. Illinois small business owners and their workers are no exception.
Scientific opinion poll finds small business owners are hiring, but those doing so are having a hard time finding candidates with the right background; they support programs such as apprentice and internships to identify and increase the number of qualified workers.
Maricar Tinio is an example of the quintessential entrepreneur. In addition to having over fifteen years of experience in the legal industry, she is a three-time cancer survivor who has started and co-owned several businesses. Her most recent venture is Mardavis Group, Inc., a legal recruiting firm in Chicago that she launched just last year. But unfortunately her new business may come to a standstill if the Affordable Care Act (ACA) is repealed.
Karin McKie’s extensive resume reads writer, actor, publicist, educator and arts administrator—a true renaissance woman. But one of her proudest titles is small business owner. Karin’s business, Tree Falls Productions, based in Chicago, has been open since the early 1990s and provides a variety of services related to Karin’s creative expertise, primarily for non-profit art organizations and theatres.
For small business owners, setting up an employer-sponsored retirement plan can be complicated and expensive. Too many small businesses don’t have the resources to create a formal retirement plan, which means entrepreneurs and their employees frequently struggle to plan for retirement. Nearly 80 percent of employees who work for a small business don’t have access to an employer-sponsored retirement plan.
Missy Williams spent the first 20 years of her career in the mental health field as a direct care provider, program manager, counselor and executive manager. As a mental health provider, she learned how stressful it could be to take care of patients and run a successful business – and she wanted to share her experiences with others in her field to help them tackle these problems. A few years after obtaining her M.A.
For many micropreneurs or self-employed freelancers, working at home can be isolating. While home offices have plenty of perks, they don’t provide opportunities to interact with others and they can be full of distractions.
Sue Reardon set out to solve this problem with the creation of Suite Spotte, a coworking space in La Grange, IL dedicated to helping entrepreneurs thrive. Suite Spotte is a welcoming and energetic space that’s not just great for getting work done – it also provides a community of collaborative and ambitious entrepreneurs.
It’s not often when one’s childhood desires, life experiences, passion and education all converge into one end goal.
As the owner of No Senior Left Behind, a nonprofit organization that offers caregiving and resources to senior citizens in Granite City, Illinois, Tawanda Story struck out those four balls with one swing of a bat.
John Rood was always a natural test-taker. What dawned on him, though, while training to teach giant prep courses for graduate level exams is that this model of tutoring lacked the detail to help the average student.
Thus came the idea for Next Step Test Prep, an alternative test preparation small business that focuses on individual, one-on-one tutoring for each student. Rood found that his experience with the one-on-one format was “extremely effective.”