The purpose of the Downtown Restaurant Forgivable Loan Program (hereinafter the “Program”) is to increase the economic viability of Downtown Lombard by encouraging more restaurants. The Program will offer a forgivable loan for up to one-third (1/3) of the costs associated with the renovation of storefront or office space for use as a sit down restaurant. (hereinafter the “Forgivable Loan”). This Program is intended to complement and support the Village’s plans to maintain a quality downtown. Restaurants are considered desirable uses for the downtown in that they can create more activity in the downtown after business hours and bring more pedestrian traffic by other businesses in the downtown. The intention of the Program is to create a more viable and attractive area through private/public partnership.
To apply, you will first need to have a preliminary meeting with the Department of Community Development. For more information, please consult the policy, Instructions to Applicants, and Downtown Restaurant Forgivable Loan Program Application Form.
Eligible TIF Districts
The Program will only be offered to businesses located within the Lombard Downtown TIF District or the Lombard St. Charles Road TIF District I (West). An existing business in Lombard that is outside of the TIF boundaries would not be eligible for funds unless it opens an additional location within the boundaries of the Eligible TIF Districts.