Small Business Forgivable Loan Program

CDBG-CV III Small Business Forgivable Loan Program
Posted on 06/10/2021

The Village of Arlington Heights is now offering an interest-free forgivable loan program to small businesses within its corporate boundaries. 

The Village Board recently approved $130,000 in Community Development Block Grant (CDBG) funding to provide financial assistance to small businesses that have been negatively impacted by COVID-19. This funding allows for 26 forgivable loans, in the amount of $5,000 each, to eligible applicants.  

The CDBG funding is provided by the U.S. Department of Housing and Urban Development (HUD) and is appropriated via the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  Eligibility requirements include utilization of the funds for ongoing retention of at least one full-time (or equivalent) low-to-moderate income job position for a six-month period.  Additionally, the use of funds previously obtained from other COVID-related State, Federal, or Local programs may not be duplicated.

A lottery will be conducted among completed eligible applications received before the submittal deadline.  First priority will be given to sales tax generating retail, restaurant, and entertainment uses.  The deadline to apply is Friday, July 16 at 5:00pm CST.  Full criteria and the online application can be found at:
https://arlingtonil.seamlessdocs.com/f/CDBGCVIIISmallBusinessForgivableLoanProgram 

Questions may be directed to Michael Mertes, Business Development Manager, at (847) 368-5220 or mmertes@vah.com.