Small Business Lending
Manny Flores is the President and CEO of SomerCor, a U.S. Small Business Administration (SBA) non-profit, Certified Development Company (CDC). Manny first joined SomerCor as a board member in 2016 and was appointed President and CEO in October of 2018, making him the first Latino to lead an Illinois CDC.
Under Manny’s leadership, SomerCor has grown its SBA lending volume from $51MM in FY2018 to more than $160 MM in FY2022, increasing access to capital for small businesses across Illinois. Because of its rapid growth, SomerCor now ranks among the top 15 CDCs nationwide with a loan portfolio of more than $490MM. Manny also led SomerCor’s efforts to obtain SBA Accredited Lender Program (ALP) designation in 2021. ALP status is awarded to high-performing CDCs that pass a rigorous SBA review process that evaluates critical performance metrics. Moreover, he has proudly directed SomerCor’s diversity hiring and promotion efforts increasing the number of women and minorities hired and placed in senior leadership roles in the company and board of directors.
Manny has raised SomerCor’s profile as a leading community lender serving the region’s small business community. He has partnered SomerCor with World Business Chicago, the Illinois Hispanic Chamber of Commerce, the National Association of Women Business Owners, the Illinois Department of Commerce and Economic Opportunity, the City of Chicago Department of Planning, and the Chicagoland Opportunity Zone Consortium to advance innovative programs to support small business growth, equity, and local neighborhood investment. Manny also serves on the Cook County Economic Development Advisory Committee, where he Co-chairs the small business subcommittee as an appointee of Cook County President Toni Preckwinkle.
Manny brings a unique public service perspective to his current role as a leading SBA lender, he served with distinction in the Chicago City Council as Alderman of the First Ward from 2003-2010 and led the Illinois Department of Financial and Professional Regulation as Director and Acting Secretary from 2011-2015.
Manny sits on five non-profit boards, the Small Business Advocacy Council, Metropolitan Planning Council, United Way of Chicago-Metro, Environmental Law and Policy Center, and Kids Above All. He is a graduate of the George Washington University Law School and is a Leadership Greater Chicago fellow, class of 2009.