- Question from potential applicant: The loan information states the following: "A participating business that can prove retention of at least one low-or-moderate income employee, per each $5,000 in loan funds, for the first three months after receipt of the loan funds will not be required to repay the loan." What income number are you using for "low-or-moderate" income?
Answer from the Village: The low or moderate income figures being used by the Village are provided by the U.S. Department of Housing and Urban Development (HUD), which are specific for the Cook County region. These numbers can be found on the “Income Verification Form – For Job Retention” located on the last page of the application form found on this website. Any level of income lower than the dollar amounts indicated, per the various household sizes, would qualify.
- Question from potential applicant: Does the low to moderate income person, being retained or hired for the first three months after receipt of the loan funds, have to be full-time or can they be part-time?
Answer from the Village: The position(s) being hired or retained can be part-time or full-time but, the total number of retentions or hires must equal at least one full-time equivalent position for each $5,000 in loan funds.
- Question from potential applicant: Does the individual being employed, to fulfill the program’s eligibility requirement, have to be retained or can this position be a new hire?
Answer from the Village: The individual being employed can either be a new hire or current employee who has been retained as long as the low-to-moderate income requirement is met.
- Question from potential applicant: The loan information states the following: “Businesses that are chains or franchises are not eligible.” How are you defining chains or franchises?
Answer from the Village: Oak Park businesses owned by a corporation, with five or more locations (Example: Walgreens, Jewel, Target, Etc.) are not eligible. Individual stores, owned by an independent franchisee, are eligible. Applicants can make their case for their qualifications within the application submittal.
- Question from potential applicant: The business I manage is actually owned by a non-profit organization. Can non-profits apply for this program?
Answer from the Village: No. Non-profit organizations do not qualify for the Business Assistance Loan Program.