Small Business Recovery Loan Program
The Small Business Recovery Loan Program was approved by the Village Board on Tuesday, August 25, The Village Board has allocated $500,000 in funds for this program in response to the Covid-19 pandemic. The no interest loan program is a proactive measure to assist independent restaurants in Niles during the pandemic and assist in their recovery. The Village has already provided nearly $200,000 in Small Business Recovery Loans.
The Village recognizes that restaurants are a vital part of our local economy and that federal and state programs may not be enough to sustain business during this unprecedented time. The Small Business Recovery Loan Program will provide interest free loans in amounts between $10,000 and $25,000 to qualified restaurants; terms and conditions apply. The program is in partnership with Northbrook Bank & Trust Company, N.A. (a Wintrust Bank affiliate) who will establish the checking account with the corporation and loan payments.
Interested applicants will need to meet the following criteria:
Must be an independent food serving business;
Franchises, chains and corporate owned companies are not eligible;
Must be open in Niles for at least two years as of March 16, 2020;
Must generate more than $750,000 in annual sales in previous years;
Must have less than 50 full time employees;
Must be in good standing with the Village of Niles, with no outstanding fees
The Village's objective is to partner with our independent restaurants to assist them during this crisis. Restaurants generate cross shopping trips to other retail facilities in the Village and generate customers from outside the community. The Small Business Recovery Loan Program is a way for the Village to assist some of our independent restaurants with no interest loans that do not have to be repaid for up to three years. The Village reserves the right to terminate the program at any time. If you have any questions or would like additional information please contact John C. Melaniphy III the Director of Economic Development at (847) 588-8074 or firstname.lastname@example.org.
A copy of the Small Business Loan Application is provided below and should be submitted to:
John C. Melaniphy, III
Director of Economic Development
Village of Niles
1000 Civic Center Drive
Niles, Illinois 60714