Financial Assistance for Business Development
Hanover Park is committed to meeting the needs of new and expanding businesses. Professional staff expedite permits through a one-stop permit process. The Hanover Park Economic Development Committee is dedicated to creating a thriving business environment and promoting economic growth.
To assist firms in business development, the Village has pursued innovative financing programs including tax increment finance districts and special service area financing. Additional programs which can be considered include industrial revenue bonds, property tax abatement, and sales tax rebates.
The Illinois Finance Authority (IFA) is a self-financed, state authority principally engaged in issuing taxable and tax-exempt bonds, making loans, and investing capital for businesses, non-profit corporations, agriculture and local government units statewide.
The Small Business Administration (SBA) provides funding to small businesses through the 7(a) loan programs. The SBA has many other programs available including term loans, loan guarantees, short-term credit lines, and low-interest loans.
DCEO provides many types of financial, technical, and training assistance to Illinois businesses. DCEO's funding programs include small business loans, minority and women business loans, and a certified lender program.
Accion Chicago offers alternative lending options and holistic business development services to current business owners and future entrepreneurs. This organization works with qualified candidates who need small business loans to grow, expand or start-up a new business venture. Accion Chicago staff also offers a wide range of services to tailor their client's needs to the financial products and services provided.
The Women's Business Development Center offers assistance to businesses in the Hanover Park area with offices in both the city of Chicago and Aurora. with entrepreneurial programs and services. Their services are offered both in person and online and both in Spanish and English. One of their premier programs is called ScaleUp where they assist business owners with an "entrepreneurial education curriculum for growth-oriented business owners".
SoGal Foundation is the largest global platform for diverse entrepreneurs and investors. The SoGal Foundation has helped secure funding for a number of successful business ventures and continues to promote their vision of an inclusive global market.
The Illinois State Treasurer recently launched the Illinois Financial Wellness Hub - a resource that is focused on helping individuals develop their financial literacy skills. There are even tools for budgeting, investing, saving, and managing student loans.