By Lauren Reiniger
Berwyn’s Microloan Program was approved by Berwyn City Council on May 28, became available Aug. 1, but has yet to be used.
“We are continuing to talk to a handful businesses about the program, but none have the reached the point of a submitted application,” said Anthony Griffin, Berwyn Development Corporation executive director.
The program, designed to promote growth and business in Berwyn, provides loans between $1,000 and $10,000 for start-up and established businesses.
Although the Microloan Program is still waiting to be put into action, Berwyn’s business development is still in progress.
“We have processed a handful of TIF and loan applications this year. We are also busy working on infrastructure improvements in the Depot and land acquisition for future development opportunities,” said Griffin.
To date, the businesses in the Depot that have completed TIFs include Reel Art (commercial), Off the Traxx (restaraunt), and Riddles Comedy Club (commercial).
More information about Berwyn’s Microloan Program can be found at http://www.berwyn.net/business-assistance/mircroloan.