Channahon considering loan program for local businesses

CHANNAHON Channahon village trustees are looking into setting up a program that would offer low-interest loans to local businesses that want to make improvements in their facilities.

Qualifying projects could include faade improvements, new awnings, signage, architectural details such as cornices, new doors and windows, rooftop mechanical screening, and repair or replacement of building systems such as heating, cooling and electrical.

The village made its first foray into lending to businesses when it loaned $36,447 to Lone Star Restaurant last month in a five-year, 1.8 percent interest agreement. Lone Star owners plan to make a major changeover from its current sewage septic system to the village sewer.

Trustees agreed establishing a formal program for other businesses that might be interested in bettering the appearances or function of their buildings would be good for business and good for Channahon. Village Administrator Thomas Durkin presented a first draft of the new Business Improvement Program to trustees Monday at the village board meeting.

Maximum loan amounts, interest and other parameters were not spelled out in the draft, but Durkin said one possibility is for the loans to provide up to 50 percent of the costs of qualifying projects. The dollars available could be set in each years budget when funds are available and would be granted on a first-come, first-served basis.

Applicants would have to demonstrate a need for participation in the program and provide at least two detailed quotes from bonded contractors licensed in Channahon.

The funds may not be available every year, or they may be reduced on occasion, Durkin said.

Durkin added that, besides Lone Star, no businesses have approached him yet requesting low-interest loans for improvements.

It also was announced Monday the Channahon Tree Lighting Event will be held from 3 to 5 p.m. Sunday in conjunction with Three Rivers Public Library. This free event will be held at the Channahon Village Hall, 24555 S. Navajo Dr., and will include a visit and pictures with Santa Claus, horse-drawn wagon rides, music from the Channahon Junior High School band and cookies and hot chocolate.

A portion of Navajo Drive will be closed for the event. Those attending may park at the village hall parking lot or at Saint Ann Catholic Church.

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Channahon considering loan program for local businesses