Hanover Park is committed to meeting the needs of new and expanding businesses. Professional staff expedite permits through a one-stop permit process. The Hanover Park Economic Development Committee 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 Business Development
Illinois Finance Authority (IFA)
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. Contact the Illinois Finance Authority for more information.
Small Business Administration (SBA)
The Small Business Administration (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. Contact the SBA for more information.
Illinois Department of Commerce & 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. Contact the DCEO for more information.
Accion Chicago offers alternative lending options and holistic business development services to current business owners and future entrepreneurs. This organization works with qualified candidates who need small business loans to grow, expand or start-up a new business venture. Accion Chicago staff also offers a wide range of services to tailor their client's needs to the financial products and services provided.
Accion works with a diverse range of businesses including coffee shops, daycares, clothing boutiques and service based companies. Contact Accion Chicago to help grow your business in Hanover Park!
Women's Business Center - Aurora / Chicago
The Women's Business Development Center offers assistance to businesses in the Hanover Park area with offices in both the city of Chicago and Aurora. with entrepreneurial programs and services. Their services are offered both in person and online and both in Spanish and English. One of their premier programs is called ScaleUp where they assist business owners with an "entrepreneurial education curriculum for growth-oriented business owners". To learn more about WBDC and their two convenient locations, contact their Aurora or Chicago offices.
SoGal Black Founder Startup Grant
SoGal Foundation is the largest global platform for diverse entrepreneurs and investors. The SoGal Foundation has teamed up with Winky Lux, bluemercury, twelveNYC, Twilio, and other sponsors to make a small step towards progress by providing several $10K and $5K cash grants to Black women or nonbinary entrepreneurs.