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Economic Development

Get Help for Your Small Business and Your Employees! Small Business Administration (SBA) 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
 
View this PPP guide from the U.S. Chamber of Commerce.
 
 
 
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.
 
For restaurants specifically, we've launched the #keepcalmandcarryoutpr campaign to encourage ongoing patronage despite the unavailability of dine-in through April 30, 2020. Check out the campaign here to see how you can participate as a restaurant owner/manager--or how you can be a supportive customer through your social media accounts.
 
Invest 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)
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:

 
Why choose Park Ridge as your business location?

Park Ridge, Illinois is home to more than 20 medical and trade national and international associations, of which more than half own signature buildings.  These include the Million Dollar Round Table, Tooling and Manufacturing Association, National Boards of Pharmacy, and the American Association of Nurse Anesthetists.
 
Located just 14 miles northwest of Chicago’s Loop and one and one-half miles from O’Hare International Airport, the City of Park Ridge is a high income, inner-ring suburb with desirable residential neighborhoods, excellent transportation links, and a vibrant, specialty-oriented downtown environment, anchored by the historic Pickwick Theatre.
 
With a population of more than 37,000, the community is strategically located for business to take advantage of a regional population of 9 million people. Metro Chicago is one of the world’s finest transportation centers, and Park Ridge provides access to O’Hare International Airport, global intermodal facilities via two interstates and the Metra’s Union Pacific Northwest Commuter Rail Line.
 
Park Ridge is known for strong leadership, organized planning, business support, quality development, economic diversity, family-oriented lifestyle, and sound real estate investments.  Today, Park Ridge offers a quality suburban lifestyle with quick access to urban amenities and varied entertainment options in one of the world’s greatest metropolitan areas. Tree-lined neighborhoods, a vibrant historic downtown, city parks, and friendly people are hallmarks of this community. Exemplary blue-ribbon schools, parks, recreation programs, and world-renowned Lutheran General Hospital add to the quality lifestyle.

 

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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