Village Offering Forgivable Loan Program For Small Businesses
ARLINGTON HEIGHTS, IL — Though the state is on the verge of fully reopening Friday, many local businesses will be feeling the effects of the coronavirus pandemic for months and years to come. Knowing this, the Village of Arlington Heights is now offering an interest-free forgivable loan program to small businesses within its corporate boundaries.
The Village Board recently approved $130,000 in Community Development Block Grant funding to provide financial assistance to small businesses that have been negatively impacted by COVID-19, according to a news release. This funding allows for 26 forgivable loans, in the amount of $5,000 each, to eligible applicants.
The CDBG funding is provided by the U.S. Department of Housing and Urban Development and is appropriated via the Coronavirus Aid, Relief, and Economic Security Act. Eligibility requirements include utilization of the funds for ongoing retention of at least one full-time (or equivalent) low-to-moderate income job position for a six-month period.
Additionally, the use of funds previously obtained from other COVID-19 related State, Federal, or Local programs may not be duplicated, according to the news release.
A lottery will be conducted among the completed eligible applications received before the submittal deadline. First priority will be given to sales tax generating retail, restaurant, and entertainment uses. The deadline to apply is 5 p.m. Friday, July 16. Full criteria, and an online application, can be found at: https://arlingtonil.seamlessdo…
Questions may be directed to Michael Mertes, Business Development Manager, at 847)368-5220 or [email protected]