When You Invest in Your Community, Everyone Wins!

From starting a business to buying a home, the process can be overwhelming. No matter how big or small your dream is, you don’t have to look beyond your community to achieve it. Your local community institutions offer excellent lending programs with the ability to cater to every need—making your dream a reality! See how these institutions are making an impact in Berwyn.

MB Financial Bank, N.A.

MB Financial Down Payment Assistance Program

Members of the community can benefit from various downpayment assistance programs currently available to first time buyers. Through partnerships with the Federal Home Loan Bank of Chicago (FHLBC) and Illinois Housing Development Authority (IHDA), MB Financial Bank, N.A can provide incentives to help buyers get into their dream homes. MB always puts their community first and is committed to each individual’s journey, finding the right program to make every dream possible.

MB Financial: Helping People Achieve Their Dreams

A gentleman with special needs had been living in an apartment while working a part-time job locally and receiving supplementary financial support from Human Services agencies. His lifelong dream was to own a place of his own where he could have a puppy and a place to work on his beloved bikes. An organization that provides support to persons with disabilities referred him to MB Financial. With personalized assistance from MB, he was able to receive an FHLBC downpayment grant that provided $6,000 to aid him in his purchase—allowing him to achieve his dream of owning a home and living independently. Thanks to the programs available through MB, along with friends, employers, and a community that believed in him, his dream came true and he now has a place to call home.

For more information, contact Monica Pineda, Sr. Mortgage Loan Officer at 773-306-3367.

MB Financial Bank, N.A.
7222 W Cermak Rd
North Riverside, IL 60546

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Small Business Growth Corp

Growth Corp Assists Family-Owned Business with Local Expansion

At first glance, Growth Corp and Lavergne’s Tavern don’t appear to have much in common.  One is a non-profit provider of small business financing and the other is a popular Berwyn hangout, restaurant and bar.  However, they share one very important passion: community development.

Lavergne’s Tavern:  A Hometown Favorite

When Jerry Hernandez took his mom to breakfast one morning, he didn’t expect to come home with a plan to open another restaurant.  A native of Berwyn, Jerry was well aware of Garv’s Inn, a staple in Berwyn since the 1960’s.  “I was driving with my mom and I saw Garv’s had closed,” explained Jerry.  “I called the building owner and immediately got to work.”  Seeing the potential for success, Jerry acquired the Windsor Ave building with financing from SBA’s 504 Loan Program—a program provided in partnership between Growth Corp and local banks, in this case, J.P. Morgan Chase.  Lavergne’s Tavern opened in June 2016.

A native of Berwyn, Jerry, and his brother, Jorge, say their number one goal is for Berwyn residents to feel like Lavergne’s is their hometown spot.  With 15 years experience in the restaurant business and two other local restaurants under their belt (Warren’s Ale House in Wheaton and Ellyn’s Tap in Glen Ellyn), opening Lavergne’s was a homecoming—a return to Berwyn and the people they love.  “All of our restaurants are strongly connected to the community, but being back home in Berwyn is extra special,” says Jerry.

Growth Corp:  Your Partner in Small Business Development

Lavergne’s Tavern is a shining example of the local small businesses that Growth Corp is privileged to assist every day.  As one of the nation’s top-ranking providers of small business financing, Growth Corp acts as a catalyst for economic development.  Certified by the U.S. Small Business Administration to facilitate the SBA 504 Loan Program, Growth Corp has worked with thousands of small businesses and local lending institutions in the financing of building acquisitions, construction projects and heavy equipment purchases.

To learn more about obtaining an SBA 504 loan, go to www.GrowthCorp.com, or call 773-880-1455.

Small Business Growth Corp
3540 Seven Bridges Dr
Woodridge, IL 60517

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Berwyn Development Corporation

City of Berwyn Commercial Loan Program

Through a shared vision with the community, the Berwyn Development Corporation is committed to those activities that support and contribute to the economic growth and vitality of our proud City. The BDC, in partnership with the City of Berwyn, administers a Commercial Loan Program as part of a concentrated effort to benefit the community of Berwyn by stimulating business growth and improving the city’s commercial areas. The BDC serviced several small business loans in 2017 valued at $2.3M in 2017.

Commercial loans are available to start-up and established businesses located in the City of Berwyn. The Loans are structured like a standard bank loan and can be used for acquisition, build-out, equipment and working capital.

The BDC also offers a Microloan Program as an additional financing tool for funding between $1,000 and $10,000 for a variety of uses including start-up costs, purchase of equipment, working capital expenses, facility rehabilitation and more. This source of alternative financing offers an expedited application and underwriting process with loan processing typically occurring within 4-6 weeks.

Big Guys Sausage Stand: A Local Small Business with Big Plans

Big Guys Sausage Stand utilized the microloan program to aid in expanding operations and tackling more catering jobs. Big Guy’s Sausage is a locally owned and operated small business that makes some of the best food in the area. They have been a valuable asset to the Roosevelt Rd corridor since their opening in 2012. Owner Brendan O’Connor said, “the microloan from the BDC and City of Berwyn allowed me to purchase the needed equipment and materials in bulk, which helped save money in the long run and also increased cash flow.”

Please contact Ryan Adriatico at 708-788-8100 or ryana@berwyn.net if you are interested in exploring a loan with the BDC.

Berwyn Development Corporation
3322 Oak Park Ave, 2nd Floor
Berwyn, IL 60402

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Learn more about BDC Small Business Lending Programs

BMO Harris Bank N.A.

BMO Harris Down Payment & Closing Cost Assistance Programs

The Federal Home Loan Bank of Chicago (FHLBC) created the Affordable Housing Program and the Downpayment Plus® Program to bridge financing gaps for people looking to buy a home. The FHLBC partners with member financial institutions such as BMO Harris Bank to offer down payment or closing cost assistance to its customers.

The Ojeda Family: The Journey to Home Ownership

The Ojeda family’s journey to home ownership was your typical kind. The home they were renting was being sold by the owner, and the family needed to move within months. Instead of renting again, they decided to buy a home but were hesitant. If the loan wasn’t approved, they would have no place to live. Another lender pre-approved them for a loan; however, it included extra insurance premiums and provided no grant funding. BMO partnered with a local community organization and the family was one of 24 grant recipients.

The Ojeda’s were thrilled when they closed on their very first home. They received $8,000 to help with the downpayment and closing costs, thanks to grants and housing programs offered through BMO Harris Bank and the FHLBC. Today, the family is enjoying the comfort and security of their first home.

For more information on the programs BMO Harris Bank has to offer, visit bmoharris.com or call Daissy Ramirez at 708-634-9823.

BMO Harris Bank, N.A. – Cermak
6655 W Cermak Rd
Berwyn, IL 60402

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