Financial Resources

Hanover Park is committed to meeting the needs of new and expanding businesses.  Professional Village staff members expedite permits through the one-stop permit process.  The Hanover Park Business CONECT (Committee on Networking, Education, and Community Teamwork) 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.

Financial Assistance for Development

Illinois Development Finance Authority (IDFA)

Financing Growth ...all over Illinois.

"We help finance initiatives throughout Illinois that stimulate the economy, create jobs and make a better Illinois for all."

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.  IFA approves about $3 billion in project financing each year--projects approved in 2004 are expected to generate over 3,600 new permanent jobs and another 7,700 construction jobs in Illinois when completed.

Chicago
180 N. Stetson #2555
Chicago, IL 60601
312/651-1300
312/651-1350 Fax
800/717-6066 Toll Free

Small Business Administration (SBA)

The 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.

U.S. Small Business Administration
500 West Madison Avenue, Suite 1240
Chicago, Illinois 60661-2511
(312) 353-0357
Fax: (312) 353-3426

Illinois Department of Commerce and Economic Opportunity (DCEO)

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.

Illinois Department of Commerce and Economic Opportunity
Division of Loan Administration
620 East Adams Street
Springfield, Illinois 62701
(217) 785-6298

Recovery Zone Facility Bonds

Cook County Department of Planning and Development announces the availability of $196.8 million in bonds through the federal government’s American Recovery and Reinvestment Act, or ARRA, in the form of Recovery Zone Facility Bonds.

Recovery Zone Facility Bonds are traditional tax-exempt private activity bonds used by private businesses in designated recovery zones to finance a broad range of depreciable capital projects in areas of significant economic distress.

Cook County will accept applications from November 16 through January 18, 2010. That application deadline is extended through May 1, 2010 for companies applying specifically for funds within the 30% volume cap designated for communities of greater need, as a way to afford companies a greater window of time to assemble financing for projects in severely disenfranchised communities.

Click here for the Recovery Zone Finance Bond - Program Brochure

Click here for the Recovery Zone Finance Bond - Letter from the Director 

Click here for the Recovery Zone Finance Bond - Application

Local Financial Institutions

Charter Bank & Trust of Illinois
1420 Irving Park Road
Hanover Park, Illinois 60133
(630) 837-2700

First Eagle National Bank
1040 Lake Street
Hanover Park, Illinois 60133
(630) 893-3800

Charter One Bank
1301 Irving Park Road
Hanover Park, Illinois 60133
(630) 289-2800

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Village of Hanover Park
2121 West Lake Street
Hanover Park, IL  60133
(630) 372-4200
Hours:
Mondays, Tuesdays, Wednesdays & Fridays, 8:00 am - 4:30 pm
Thursday, 8:00 am - 7:30 pm

All information © 2008 Village of Hanover Park, Illinois 

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