The purpose of the Downtown Restaurant Forgivable Loan Program (hereinafter the “Program”) is to increase the economic viability of the Downtown Lombard area by encouraging more restaurants. The Program will offer a forgivable loan for up to one-third (1/3) of the costs associated with the renovation of storefront or office space for use as a sit-down restaurant. (hereinafter the “Forgivable Loan”). Restaurants are considered desirable uses for the downtown in that they can create more activity in the downtown area after business hours and bring more pedestrian traffic by other businesses in the downtown. The intention of the Program is to create a more viable and attractive area through private/public partnership.
To apply, you will first need to have a preliminary meeting with the Department of Community Development. For more information, please consult the policy and Downtown Restaurant Forgivable Loan Program Application Form.
The Program will only be offered to businesses located within the boundaries of the St. Charles Road TIF District I (West), the St. Charles Road TIF District II (East), or the designated Downtown Grant Program Policy area.