Manuel Flores believes that passion is contagious. It’s why he consistently communicates the “why” behind the work of SomerCor as the president and chief executive officer.
SomerCor is a premier nonprofit Certified Development Company (CDC) authorized by the U.S. Small Business Administration (SBA) to provide SBA 504 loans. Founded in 1992, SomerCor supports the growth of small businesses by facilitating access to capital that fuels job creation and local economic development. Under Flores’ leadership, the company has experienced exceptional growth, cementing its position among the top 15 SBA lending institutions nationwide.
Since taking the helm in 2018, Flores has led SomerCor through a journey marked by strategic innovations and remarkable achievements. A pivotal milestone under his leadership was securing SBA Accredited Lenders Program (ALP) status, a designation granted to top-performing CDCs. This achievement enhanced SomerCor’s operational efficiency, allowing the company to expedite loan approvals and better serve its clients.
Additionally, SomerCor originated more than $100 million in SBA 504 loans for four consecutive years, a first in the company’s history, and grew its loan portfolio to $525 million—a 23% increase. Flores’ leadership also saw a $1 million increase in annual revenue, bringing SomerCor’s total revenue to over $6 million.
Beyond financial success, Flores spearheaded SomerCor’s expansion beyond Illinois, extending its footprint into Northwest Indiana and Southeast Wisconsin. His commitment to fostering regional economic development was further demonstrated by the company’s achievement of SBA Small Business Lending Company certification, which allowed for a broader range of loan products to support small businesses. In 2022, SomerCor marked 30 years of operation with a move to the Rookery Building in Chicago.
Flores attributes SomerCor’s success to a strong organizational culture focused on mission-driven service and customer satisfaction. “We focus on reskilling and upskilling initiatives, introducing training programs in areas such as digital literacy, data analytics, customer relationship management, and leadership development to keep our team ahead of industry trends,” said Flores. “By developing our people, we are building a foundation of knowledge and experience that supports long-term, meaningful client relationships.”
As SomerCor moves forward, Flores said he envisions it becoming the leading Midwest regional CDC, supporting small businesses and communities with a wider range of financial products and services. “Every time I reflect on how we help entrepreneurs achieve their dreams, I am reminded of our larger purpose and the impact we are making,” he said. “Seeing the results firsthand, from business growth to job creation in the community, reaffirms the significance of what we do and renews my commitment.”