Let Berwyn be home for your business
Have a Dream for Your Business But Need a Cash Infusion? Berwyn’s New Microloan Program Can Help! Whether you are a start-up or an existing business looking for upgrades or growth, Berwyn has a new resource to help you finance your plans. Approved by Berwyn’s City Council on May 28, the Berwyn Development Corporation’s (BDC) Commercial Loan Commission will administer a Microloan Program for Berwyn’s start-ups and established businesses. The Microloan Program joins the City’s existing Commercial Loan Program, which also provides incentives to existing commercial property owners and business tenants to renovate and/or expand their operations and for new businesses to locate in Berwyn.
Mayor Robert Lovero commented, “This new financial tool strengthens our commitment to supporting our businesses at the local level.” Mal Montoya, BDC Commercial Loan Commission Chair & Board Treasurer, continued, “The addition of this new program empowers us to help more Berwyn entrepreneurs and allows smaller projects to move forward by cutting away some of the red tape.”
The Microloan Program provides funding between $1,000 to $10,000 for a variety of uses including start-up costs, purchase of equipment, working capital expenses, facility rehabilitation, and more. This program offers an expedited application and underwriting process with loan approval or denial typically occurring within 4-6 weeks.
In order to remain eligible for microloan funding, businesses must follow loan criteria, which includes having or obtaining a business license from the City of Berwyn, keeping the business in Berwyn during the term of the loan, and maintaining compliance with all city ordinances and applicable building codes. Other loan stipulations and restrictions may apply.
As a source of alternative financing, the Microloan Program and Commercial Loan Program provide capital where the traditional lending market cannot. As a result, these local lending programs provide a second chance opportunity for promising projects to move forward.
The BDC’s Commercial Loan Commission administers loans to encourage entrepreneurship, support new business, and maintain diverse business corridors. The Commission reviews each application on a first-come, first-served basis on its own merits. The BDC’s Commercial Loan Commission is composed of representatives of participating lending institutions, the President of the BDC Board of Directors and BDC staff. The participating financial institutions are AztecAmerica Bank; BMO Harris Bank; Citizens Community Bank, a branch of MetroBank; Community Bank of Oak Park River Forest; Forest Park National Bank & Trust Co.; MB Financial Bank and Pan American Bank. The BDC coordinates the programs in conjunction with the City of Berwyn. If you are interested in the Microloan or Commercial Loan Programs, contact Elisa Sledzinska at 708-788-8100.