Small Businesses Could Get Loans in Arlington Heights

The Village of Arlington Heights soon could offer zero interest loans to encourage small business development in the community, the Daily Herald reports. The village board needs to review final documents for the plan before it's approved.

The Arlington Economic Alliance has discussed the loan program for the past year. Under the program, businesses would submit a $1,000 application fee for class 6b and class 6b renewal tax abatement programs, according to the publication. The community hopes the program will attract and retain nonsales-tax generating businesses such as manufacturers in Arlington Heights. According to the recommendations, the loan would fund up to 50 percent of the total project cost, but no more than $10,000 at 0 percent interest for a term of five years, and no longer than the remaining lease term.