The Village of Park Forest received Federal CARES Funds for Economic Development and designated $100,000 for business support loans.
The goal of the Village of Park Forest Business Support Loan Program is to stabilize and diversify the local economy. The loan is intended to induce the undertaking of improvements that will reduce ongoing expenses, address environmental stewardship, freshen up the look of local businesses and provide relief for expenses associated with Covid-19.
The interest rate is 7%. All commercial businesses located within the corporate limits of the Village of Park Forest are eligible for a loan.
If the applicant leases, the applicant must have a minimum of 18 months remaining on their lease. All loan applications will be reviewed on a first-come, first-served basis, and the program will close when all funds for the program are dispersed.
This program provides loans for $2,000 to $15,000. Loan repayment terms will not exceed 5 years. Home-based businesses are not eligible.
Call Sandra Zoellner, Director of Economic Development Planning, at 708-283-5623 to verify if funds are available.
Download application here and submit it to Economic Development.