Village Of Oak Lawn: Federal Cares Act CV3Loan

Press release from the Village of Oak Lawn:

09/23/2021 11:37 AM

Federal Cares Act

Community Development Block Grant

COVID-19 Small Business Loan Program (CV3)

The Village of Oak Lawn has created a Small Business Loan Program utilizing federal Community Development Block Grant (CV3) funding. Each business that applies for the program can apply for up to $10,000 each ($5,000 per eligible employee). The loan program will provide assistance to small businesses that have been negatively affected by the COVID-19 pandemic.

The following criteria will determine the eligibility of the business loan.

1.) 30 or fewer employees.

2.) Average annual gross business receipt of less than $2,000,000.

3.) 30% or greater loss in revenue in 2020 compared to 2019.

4.) The hire or retention of a low to moderate income, full-time employee. A new hire must be on payroll for at least 3 months. An employee retained must have been on payroll at least 3 months.

5.) A current business license with the Village of Oak Lawn.

6.) Not a corporately-owned national chain or franchise with 5 or more locations.

7.) Ineligible businesses include non for profits, home-based, banks, payday lenders, title lenders, tobacco retail stores, gaming cafes.

8.) No open liens or violations with the Village of Oak Lawn.

9.) Loans must be used for the hiring or retention of full-time employees or business operating costs including: rent, mortgage, utility payments. Funds may not be utilized for construction, expansion costs, or equipment purchases.

The Village of Oak Lawn Small Business Loan Program will have a three year, interest free term. If a business can prove the hire or retention of a low to moderate income, full-time employee for 3 months by proof of certified payroll then the loan will not need to be repaid. Businesses that cannot prove the hire or retention of a low to moderate income, full-time employee within 12 months of receipt of the loan then the loan will need to be repaid starting on the 13 month. The business will then have 2 years to repay the loan.

Application: Application for CV3 Loan

Documents including proof of the above criteria must be included with the application.

Completed applications will be considered on a first come first serve basis. The Small Business Loan Program will run until the funding for said program is depleted. Completed applications must be submitted electronically to CV3LOAN@oaklawn-il.gov

If there are any questions regarding the application or application process then please contact Kevin McGuinness at 708-499-7711 or kmcguinness@oaklawn-il.gov

This press release was produced by the Village of Oak Lawn. The views expressed here are the author’s own.