Coronavirus: New Lenox Approves Local Business Loan Program

NEW LENOX, IL — The New Lenox board of trustees has approved a local business loan program to help small businesses in town. At its March 23 meeting, the board approved the program which aims to help businesses with the economic hardships caused by the new coronavirus.

Mayor Tim Baldermann said he and the board came up with the idea after some businesses were forced to close or change operations.

"The small businesses are so important," Baldermann said.

According to board documents, with the approval, the village has the power to make loans to local businesses operating within New Lenox. The village can also partner with a bank or lender to make or secure loans for businesses.

"These are hard-working people, many of whom live in this community," Baldermann said at the meeting. "This is how they pay their bills, this is how they keep a roof over their head."

"I couldn't be more proud of what we're doing," he added.

"They've been there for us so many times," Trustee Annette Bowden said. "They have been just as important to us as now we will be to them."

Board documents state businesses must demonstrate creditworthiness immediately prior to the coronavirus crisis; establish a loss of revenue when compared to pre-coronavirus revenues and establish average weekly revenues from the fourth quarter of 2019. First preference for loans will be given to businesses which have operations curtailed or shut down; and second preference will be given to businesses who haven't been shut down but have been negatively impacted by the coronavirus crisis.

The loans must be repaid to the village by April 30, 2021.

Baldermann said several municipalities have reached out to the village to get a copy of the ordinance and information on the program the board has approved.

"I'm really excited to see that," he said.