Through the FIP, the Village offers assistance to any commercial business, both retail and service, looking to improve their building's facade. To date, the Village has assisted Orchard Prime Meats, Creative Cupboard and Walsh Upholstery by utilizing the FIP program. This loan will assist Mr. Walsh with the cost of installing a new awning on the front of his business. The Village's BAP will fund up to 20 percent of a project. The Village becomes a secondary lender, positioned behind a bank from a collateral point of view.
Job creation is the key criteria to be considered for a loan.
The interest rate for a BAP loan currently ranges from 4 to 6 percent, depending upon the length of the loan. The Village charges no application fee for this loan. Through its Small Business Division, DCCA has developed a number of tools to ensure that small Illinois businesses are prepared for the year 2000. Check the Web site and plan to attend one of the seminars to learn the information you need. This newsletter is being distributed by the Village's Economic Development Commission for the benefit of Cary business owners and operators.