Breaking News Bar
updated: 5/23/2013 3:42 PM

Schaumburg launches 'micro' loan program

hello
Success - Article sent! close
 
 

A longtime Schaumburg resident, still relatively new to having to pay a municipal property tax, felt his hackles rise when his April water bill included an announcement that the village was making forgivable loans of up to $10,000 to small business owners.

How could the village justify a property tax when it apparently has money to give away without guarantee of repayment, he wondered.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

But Community Planner Marisa Warneke explained that the new microenterprise loan program is funded through a federal Community Development Block Grant, not by village taxpayers.

Having received the money as a grant, the village could also award it as a grant. Instead, the village chose a program offering forgivable loans, allowing for the recapture of some if not most of the money, Warneke said.

From start to finish, the intention of the federal money is economic development. And businesses who accept a loan must guarantee the creation of at least one full-time job.

The loans for business startups or expansions can be used for advertising, leasing or purchase of property, or acquisition of inventory, equipment or software.

For more information, contact Warneke at (847) 923-3851 or mwarneke@ci.schaumburg.il.us.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here