09/30/2023
Empowering Libertyville Businesses: New Grant Program Aims for Growth
Libertyville has embarked on an exciting journey to bolster its local businesses and enhance the allure of commercial properties through a grant program.
In a significant move, the village allocated $100,000 in discretionary funds within the 2023-24 budget for the Business Grant Program. Over the past two months, the village staff and the Advisory Economic Development Commission have diligently worked on the program's intricacies.
The newly approved program boasts a two-part approach, offering matching grants to cover various eligible expenses. A substantial 75% of the funds are earmarked for property enhancements, with the remaining 25% dedicated to incentivizing business growth, expansion, and sustainability.
Heather Rowe, Economic Development Manager, expressed enthusiasm, stating, "It's a first for the village. We're hoping this is the start of a program that will be evolving and continuing."
**Key Highlights of the Program:**
- **Targeted Areas**: Facade & Property Enhancement grants will be focused on commercial corridors beyond the downtown core, including Milwaukee Avenue, Route 176, and Peterson Road. Notably, car dealerships and strip centers are not included in this category.
- **Enhancing Business Areas**: Smaller parcels along south Milwaukee Avenue are highlighted as prime candidates for benefiting from a design and facade program.
- **Facade Grants**: This facet of the program will match up to $25,000 for renovating dated or deteriorated facades on commercial buildings with first-floor businesses. It also covers design-related expenses up to $5,000.
- **Eligible Improvements**: Approved enhancements should be visible from the road and encompass doors, windows, landscaping, outdoor dining areas, lighting, and other upgrades. They should form part of a broader exterior improvement plan rather than mere replacements or maintenance.
- **Eligibility Criteria**: Eligibility is reserved for sales tax-producing brick-and-mortar establishments. Tenants are required to have a minimum five-year lease if the building is not owner-occupied.
- **Business Resiliency Grants**: These grants, up to $5,000, are not geographically restricted and can be employed for hiring staff, acquiring equipment, or adopting technology to enhance productivity and efficiency.
- **Diverse Usage**: Other eligible expenses encompass improving online sales platforms, digital advertising campaigns, and developing marketing or succession plans.
Jennifer Johnson, Executive Director of MainStreet Libertyville, believes these grants will empower business owners to explore creative ideas and opportunities that may have previously been financially challenging.
Applications for the program are expected to be available on libertyville.com later in the fall, and local businesses will be notified about the support programs, according to Rowe. This initiative is set to invigorate Libertyville's business landscape and promote sustainable growth.