The Village of Union Grove Trustees recently approved attractive loan and grant resources to support its local business community as well as attract new development to targeted areas of the Village. There are several programs available.
The purpose of this program is to assist Union Grove businesses negatively impacted by COVID-19 and support business retention until the economy stabilizes.
This program is now available with 0% interest, three-month deferral, and up to $5,000 for businesses in the Village of Union Grove. The structure was intentionally created to provide an expedited application and disbursement process.
The expedited application and disbursement process will help support businesses affected by COVID-19 with immediate cash needs until the economy stabilizes.
With the help of RCEDC, we were able to create a 0% small business loan program we hope local businesses will find helpful. It was our goal to make these loans simple to apply for and to make the money available right away.
Union Grove Village President
Matching grants up to $2,500 are available to existing businesses to complete interior improvements and do pop-up stores.
For larger expansion projects, the Revolving Loan Fund (RLF) program is available to support the financing needs of local companies. This RLF program can partner with the business’ bank to provide 90% financing for the company’s capital investment in expansion and development projects. With low interest rates, only 10% equity and flexible terms, the program was built to be flexible and business-friendly.
For business loans of $100,000 or less, the Union Grove RLF loan can be the sole lender on the project. This opportunity affords the business with the full benefits of the RLF program’s reduced down payment and low interest rate. These small RLF loans may focus more on working capital and leasehold improvements.