Lockport Approves Small Business Loan, Grant Program

LOCKPORT, IL — At its April 15 meeting, the Lockport city council approved a small business grant and/or loan program. The city said the Lockport Business Recovery Initiative is in effect as of April 16, and the city is accepting applications for the program until May 1.

“We are looking forward to helping our local independent businesses recover as much as possible during this challenging time,” said Lance Thies, Director of Community and Economic Development.

The city said the program's review committee will consider all applications based on established program criteria and the current funding allocation. Applications are not awarded on a first-come, first-serve basis.

Board documents state that first preference for grants or loans will be given to local businesses whose operations have been significantly "curtailed or shut down." Businesses must be sales tax-producing or a nonprofit organization. Businesses must also demonstrate creditworthiness immediately before the coronavirus crisis and establish a loss in revenue or nonprofit services to the community when compared to pre-coronavirus revenue.

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According to board documents, if a business has gross revenue up to $300,000, it can receive a grant not to exceed $5,000 and a loan not to exceed $5,000. If a business has gross revenue above $300,000, it can receive a grant not to exceed $10,000 and a loan not to exceed $15,000.

According to board documents, $350,000 from the city's excess reserve fund will be used for funding this program. The city reserve fund policy is to have four months of operating expenses, and there is more than double that in the fund.

Read more:

• Illinois Coronavirus Update April 21: 30,357 Cases; 1,290 Deaths
• Homer Glen-Lockport Coronavirus Updates & News