The Village of Orland Park's Economic Development Revolving Loan Fund (RLF) was established in 1987 as an incentive for targeted businesses to locate or expand in the Village.
Maximum loan amounts are received on a case by case basis. Interest is charged at half of prime rate at either the time a complete application is received or at closing, whichever rate is lower at the time the closing papers are prepared. Legal and financial-analysis fees for loan initiation only incurred by the Applicant are paid by the Village, however, all other loan closing costs will be deducted from final loan disbursement.
Requests for loans are evaluated by the Village's Economic Development Advisory Board (EDAB) against public policy objectives established for the RLF program, including the level of private investment, job creation, and new tax generation. Eligible projects include acquisition of real property, installation of utility infrastructure, construction or expansion of commercial or industrial buildings, and purchase of equipment. Funds for construction activities are available as a permanent loan upon completion of construction. Village funds are not available for working capital.
(Ord. 5204, 7-17-17)