Welcome to the Elmwood Village Association's Economic Development Committee

The committee's function is to identify, support and implement initiatives that will help strengthen the economic heatlh of the commercial district and its surrounding neighborhoods. On this site, you will find information about the committee, updates on some of the projects we are working on, and valuable resources for those considering doing business in the Elmwood Village.

We welcome volunteers to serve on the committee. Please check back at this webiste for Meeting Anouncements and feel free to join us for our next committee meeting. If you are unable to attend but would like to join the committee, click here to contact the EDC Chairperson.

This site is updated often, so be sure to visit from time to time for the latest news and information.

The American Recovery and Reinvestment Act of 2009 (Recovery Act/Stimulus Bill) was signed into law by President Obama on February 17, 2009 and it makes SBA part of your solution through funding for small business. It provides specific tools to make it easier and less expensive for small businesses to get loans and gives lenders new incentives to make more small business loans. The SBA is your gateway to stimulus funds.

The following are a few common questions we hope can help clarify the major issues surrounding this bill.

Q: How can the SBA assist you?
A: They offer: 1. Financial assistance by guaranteeing loans made through commercial lenders 2. Management assistance and counseling through programs such as: SCORE, Small Business Development Centers (SBDC) and Women's Business Centers (WBC).

Q: Does the SBA make direct loans to small business?
A: No. They guarantee loans made through commercial lenders.

Q: What kinds of businesses typically get SBA-backed loans?
A: Typical borrowers are looking to start, expand or acquire a small business. The most frequently financed industries in 2008 were services, retail trade, accommodation/food service, construction firms, and manufacturing.

Q: What are the advantages to utilizing the 2009 Recovery Act
A: Two major provisions of the Act that the SBA is implementing right away are the temporary elimination of certain loan fees and the raising of guarantee levels on some of its loans.

Q: Is the elimination of borrower fees permanent and retroactive?
A: Depending on loan volume in both 7(a) and 504 loans, the SBA estimates that it will be able to eliminate these fees on loans approved through approximately December 31, 2009. Fee eliminations will be retroactive for all eligible loans approved on or after Feb. 17, 2009.