Originating with the Department of Housing and Urban Development, and based on the federal Community Development Block Grant program, the Village’s Section 108 Loan Program is open and accepting applications from qualifying businesses. Prior to applying, prospective loan applicants should first meet with Village staff in order to better understand the loan program. Eligible Section 108 Loan activities include land acquisition, structure rehabilitation, operating capital, and the purchase and installation of equipment. Interest rates are favorable.
Each Section 108 activity must be Community Development Block Grant-eligible and must create and/or retain permanent full-time jobs, at least 51% of which must be held by or made available to low and moderate income persons. Also, one low and moderate income full-time equivalent job must be created or retained for every $35,000 invested for a Section 108 loan activity.
Businesses seeking a Section 108 loan are expected to have additional sources of funding for the proposed economic development activity, and each loan application will go through an intensive and thorough review process based on accepted underwriting standards and Department of Housing and Urban Development guidelines.
See the Section 108 Loan Program Basics flyer and the most recent HUD Income Limits table indicating what constitutes low and moderate income persons. For more information, contact Mark Dwyer at 708.358.5416 or firstname.lastname@example.org.