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Economic Development

Invest in Park Ridge

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

Meeting COVID-19 Challenges Head On
Since March 2020, the City has worked with our business community to adjust on the fly to regularly changing circumstances related to COVID-19. To allow for expanded dining capacity that meets state requirements of the Restore Illinois recovery plan, during the summer and fall of 2020, the City closed a portion of on-street parking and one travel lane for one block of Main Street between Prospect and Fairview Avenues. Similar accommodations were made along South Prospect Avenue. This pilot project was implemented on May 29, 2020, and ran through Sunday, November 22. City barriers were removed on Tuesday, November 24.
 
IMPORTANT: Outdoor dining is still allowed after November 15, 2020, for those outdoor sidewalk café permit holders. However, the street and parking areas that have been closed for this purpose will no longer be available. Those permit holders with sufficient space on their own properties or adjacent sidewalks may continue to provide tables and serve outside.
 
 
 
Supporting All 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.
 
 
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 Business Interruption Grant and the Illinois Small Business Emergency Loan Fund
The State  has announced Round 2 of its Business Interruption Grant (BIG). Contact John Carlisle, AICP, Senior Planner at jcarlisle@parkridge.us if you would like City assistance in seeking a grant. You may also reach out to Jackie Mathews, executive director of the Park Ridge Chamber of Commerce, at Jacqueline.Mathews@parkridgechamber.org.
 
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.
 
 
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 general economic development assistance, please contact:
 
John Carlisle, AICP
Senior Planner

 

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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