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SomerCor Celebrates Hispanic Heritage Month with Support for Latino-owned Businesses

CHICAGO, Oct. 2, 2024 /PRNewswire/ — In a momentous event honoring Hispanic Heritage Month, SomerCor, a respected non-profit Small Business Administration (SBA) 504 lender, welcomed SBA Regional Administrator Geri Aglipay alongside Congresswoman Delia C. Ramirez. This gathering celebrated the remarkable achievements of Osorio Metals Supply Inc. and highlighted the impressive growth of Hispanic-owned businesses within the United States.

Recognizing Growth in Hispanic Entrepreneurship

"For Hispanic Heritage Month, we celebrate the vibrant entrepreneurial spirit of the Latino community, particularly as they achieve the fastest rate of business creation we have seen in three decades," commented SBA Regional Administrator Geri Aglipay. She further elaborated, "The Latino share of our lending portfolio has increased significantly, jumping 4 percentage points in just the past three years, from 7.8% to 12.2%. In fiscal year 2023 alone, we broke records by providing a staggering $3 billion to Latino-owned small businesses."

The Inspiring Journey of Osorio Metals Supply Inc.

Founded in 1992 by Mexican immigrant Ruben Osorio, Osorio Metals Supply Inc. started as a modest operation run from the family garage. With relentless dedication and strategic support from SomerCor and the SBA 504 loan program, Osorio Metals underwent significant expansion, modernizing its manufacturing facility right in Chicago.

"The SBA 504 loan was absolutely vital to the trajectory of our five-year growth plan. It empowered us to transform our facility and expand our family business considerably," shared Adriana Osorio, Chief Operating Officer of Osorio Metals. She attributed their success directly to the guidance and financial backing offered by both the SBA 504 program and SomerCor.

The American Dream Realized

"The story of Osorio Metals exemplifies the spirit of the American dream," stated Manuel Flores, President and CEO of SomerCor. "I want to acknowledge the SBA for their ongoing work to support minority-owned businesses through loans, grants, and a host of essential resources. I extend my gratitude to SBA Regional Administrator Aglipay for her commitment to supporting Hispanic entrepreneurs like the Osorio family, whose hard work, dedication, and foresight fortify our economy and enrich our communities."

Impact of Latino-Owned Businesses in America

Established in 1991 and employing 30 local community members, Osorio Metals serves as a stellar example of how small businesses can help Latino and immigrant families build generational wealth while simultaneously fuelling our economies. "Our nation is fortunate to host over 5 million Latino-owned businesses, portraying a significant contribution to our economy with annual revenues exceeding $800 billion and providing millions of jobs," remarked Congresswoman Delia C. Ramirez. She emphasized, "Their success is indeed our success. Therefore, it is imperative that we continue collaborating with SBA Regional Administrator Geri Aglipay to support, celebrate, and invest in Latino-owned small businesses."

Understanding the SBA 504 Loan Program

The SBA 504 loan program plays a crucial role in aiding small business owners looking to initialize, expand, or refinance their commercial real estate and fixed equipment needs. This program allows for financing of up to 90%, coupled with below-market, fixed interest rates available for durations of 10, 20, or 25 years. With a public policy goal focused on fostering job creation and economic development in communities, the program is an essential tool for budding entrepreneurs. For those interested in exploring how the SBA 504 loan program can catalyze their business expansion, contacting SomerCor is recommended.

The Role of AI legalese decoder in Business Growth

Navigating the complexities of legal documentation can be challenging for small business owners, particularly those unfamiliar with legal jargon. The AI legalese decoder is an innovative tool that can significantly aid business owners in understanding various legal documents, agreements, and loan applications. By simplifying complex legal language, the AI legalese decoder empowers entrepreneurs to make informed decisions and better understand their obligations and benefits under programs like the SBA 504 loan. This can alleviate potential misunderstandings and facilitate smoother transactions, ultimately supporting the growth of their businesses.

About SomerCor

SomerCor is driven by the mission to enhance businesses, generate jobs, and advance substantial investments in every community through the SBA 504 loan program, alongside various financing and grant initiatives. Serving the entire state of Illinois, as well as Kenosha and Rock counties in Wisconsin, and Jasper, Lake, Newton, and Porter counties in Indiana, SomerCor stands as one of the largest non-profit SBA lenders in the Midwest.

Since its inception in 1992, SomerCor has successfully deployed $1.8 billion in SBA loans to a total of 3,843 businesses, resulting in the creation of an impressive 46,907 jobs. For additional details regarding their offerings, please visit www.somercor.com.

Contact Information

For further inquiries, please reach out to:
Kim Brisky
Phone: (312) 360-3330
Email: [email protected]

SOURCE SomerCor

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