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Economic Development

Service Reopening
To allow for outdoor dining that meets state requirements of the Restore Illinois Phase 3 recovery plan, the City has closed a portion of on-street parking and one travel lane for one block of Main Street between Prospect and Fairview Avenues. This project was implemented on Friday, May 29, 2020, in time for restaurants to use as they reopen for dine-in business.
 

This is just one example of action the City is willing to take to support businesses during the time of uncertainty that has resulted from the COVID-19 pandemic. Nonetheless, we encourage all business owners who are planning a reopening to do so safely and in according with State of Illinois guidelines. Please take the time to review the Phase 3 Toolkit from the Department of Commerce and Economic Opportunity.
 

Continue to invest in Park Ridge

There are still many reasons to invest in a physical presence in Park Ridge. Check out the available commercial properties map to search for development opportunities or existing commercial spaces, both for sale and for rent.

Featured Opportunity

  • 600 Talcott (retail tenant opportunity in brand-new mixed-use development)
 
 
Get Help for Your Small Business and Your Employees: Federal and State Disaster Assistance in Response to COVID-19
 
Two Federal Relief Options
 
Beginning in April 2020, federal assistance to small businesses is available in multiple ways. The federal coronavirus economic stimulus legislation (CARES) has opened up new programs. See the graphic below that compares two key options: the Paycheck Program Program (PPP), which allows for eight weeks of loan forgiveness (i.e. a grant) for businesses who keep workers employed during the COVID-19 crisis; and the Economic Injury Disaster Loan (EIDL), which provides an advance of up to $10,000 that is available within three days.
 
Find an SBA lender here to begin a PPP application process: https://www.sba.gov/paycheckprotection/find
 
More Help on Federal Opportunities
State of Illinois Relief: The Illinois Small Business Emergency Loan Fund
 
The Department of Commerce and Economic Opportunity (DCEO) is also providing an emergency financing option for Illinois small businesses that have fewer than 50 workers and less than $3 million in annual revenue. The key opportunity is the Illinois Small Business Emergency Loan Fund, which provides low-interest loans up to $50,000. Read more about the program and eligibility requirements here: https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/IllinoisSmallBusinessEmergencyLoanFund.aspx
 
Supporting Park Ridge Businesses During COVID-19
 
The City is committed to providing guidance and support to any business affected by COVID-19 restrictions. Check out Local Pacts, an app and website curated by Park Ridge residents to keep a running list of all business who are either OPEN (fully or partially) through COVID-19, or need your support in other ways.
 
 
Retail Development Approach
 
In 2018, Chicago-based PLACE Consulting assisted the City in assessing the current retail landscape in and around Park Ridge. The firm then made recommendations, which the City is working to implement. View the firm's work here:
For economic development assistance, please contact:
 
John Carlisle, AICP
Senior Planner
Tel 847-318-5465, Ext. 5465

 

Quick Facts

World Class Business Center

9 Million population metro area

408,505 area trade market

Low taxes and operation costs

Intermodal transportation access

High Growth, High Disposable Income

Less than 2 miles from O’Hare Airport

Proven Diversified Business Success

Exemplary Blue Ribbon Schools

Excellent Area Universities

 
 
 
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