Commercial Loan Program (CLP)
Described in Crain’s Chicago Business as the “granddaddy of suburban community lending”, the CLP program was created in 1980 to encourage adaptive reuse of exiting Oak Park buildings.
Loan applicants may qualify for privately-funded below market rate loans to acquire and/or rehab commercial properties in Oak Park. OPDC works closely with clients and one of the participating lenders to help with your specific needs.
The CLP loan application can be found below. Please contact us directly to review the program’s guidelines prior to submitting your application.
Small Commercial Loan Program
OPDC’s Small Commercial Loan Program is designed for small and start-up businesses in need of financing for fixed assets, inventory and working capital. Funding for repair or property rehab may also be considered.
Small Commercial loans are arranged through one of the participating lenders, range in size from $2,000 – $50,000*, and are often Prime rate loans.
Unfortunately, Small Commercial loan funds may not be used by not-for-profits, home-based businesses or for acquisition of real estate.
The Small Commercial loan application can be found below. Please contact us directly to review the program’s guidelines prior to submitting your application.
* Loans up to $75,000 may be considered.
A loan application ready for review consists of completed 1) Application , 2) Guidelines, 3) Personal Financial Statement (click below for these three documents) and all attachments required on the Application.