Global Community Development Grant
COVID-19 Small Business Loan Program (CV3)
The Village of Oak Lawn created a small business loan program using federal Community Development Block Grant (CV3) funding. Each company that applies for the program can claim up to $ 10,000 each ($ 5,000 per eligible employee). The loan program will provide assistance to small businesses that have been negatively affected by the COVID-19 pandemic.
The following criteria will determine the eligibility of the business loan.
1.) 30 employees or less.
2.) Average annual gross commercial revenue of less than $ 2,000,000.
3.) 30% or more lost revenue in 2020 compared to 2019.
4.) Hiring or retaining a full-time low to moderate income employee. A new hire must be on the payroll for at least 3 months. A successful employee must have been on the payroll for at least 3 months.
5.) A current business license with the Village of Oak Lawn.
6.) Not a national chain or franchise owned by a business with 5 or more locations.
7.) Non-qualifying businesses include non-profit, home-based businesses, banks, payday lenders, securities lenders, tobacco retail stores, gaming cafes.
8.) No open privileges or breaches with the Village of Oak Lawn.
9.) Loans should be used for hiring or retaining full-time employees or for business operating costs including: rent, mortgage, utility payments. Funds cannot be used for construction, expansion costs, or the purchase of equipment.
The Oak Lawn Village Small Business Loan Program will run for three years without interest. If a business can prove hiring or maintaining a low to moderate income full-time employee for 3 months by certified payroll proof, the loan will not need to be repaid. Companies that cannot prove the hiring or retention of a low to moderate income full-time employee within 12 months of receiving the loan, the loan will need to be repaid from month 13. The company will then have 2 years to repay the loan.
Application: CV3 loan application
Documents including proof of the above criteria must be attached to the application.
Completed requests will be considered on a first come, first served basis. The small business loan program will operate until funding for the program is exhausted. Completed applications should be submitted electronically to [email protected]
If you have any questions regarding the application or the application process, please contact Kevin McGuinness at 708-499-7711 or [email protected]
This press release was produced by the village of Oak Lawn. The opinions expressed here are those of the author.