News & Events

First Midwest Bank

Joliet, Illinois, July 19, 2005 -- In an effort to encourage businesses to renovate toward great accessibility to persons with disabilities, First Midwest Bank has confirmed development of a lending program believed to be the first of its kind in the area. The program offers a favorable 1/4-point reduction of rates and waiving of closing fees on business loans acquired for renovations toward ADA compliance. The effort is a result of First Midwest Bank’s participation in the Accessible Cities Alliance, which is set to unveil the local program during Kick-Off events set for July 22, 2005.

The Accessible Cities Alliance will kick-off its program during two local events in downtown Joliet this Friday, where details of the loan program will be provided. The first event is an ADA Rally and March beginning at the Courthouse at 10:30 a.m. Festivities for an evening Kick-Off will be held at Silver Cross Field, during the Joliet Jackhammers ballgame, and are sponsored by First Midwest Bank. An informational table, celebration by advisors in the bank’s suite and promotional broadcasts will be included in the effort to unveil this unprecedented local initiative to increase disability compliance in the Joliet and Will County areas.

For its part, First Midwest Bank spent several months researching the financial challenges faced by businesses based in older, existing buildings that may not be compliant with federal, state and local accessibility laws. Gathering expertise from appraisers, disability resources and business associations led Bank executives to the idea that renovations made to older buildings are not only necessary for disability compliance, but offer a return on investment by way of a more accessible building.

In June, First Midwest Bank contacted the Will-Grundy Center for Independent Living, a non-profit agency which spearheaded the Alliance, and now serves as the coordinating agency, to confirm its business loan program. According to Robert Sistek, Community Reinvestment Officer at First Midwest Bank, this is simply good business.

He stated, “A component of the Alliance is to encourage businesses to voluntarily retrofit their commercial real estate and businesses to comply with the ADA. With this rehabilitation and newfound accessibility, it is anticipated that businesses will gain the potential of increased business activity and increased value. It is also anticipated that the accessibility these improvements will create will enhance the quality of life for our community’s disabled persons.”

Working closely with First Midwest Bank executives, Sistek finalized the terms in mid-June, saying, “With the introduction of these terms, it is the intent of First Midwest Bank to assist in the success of the Accessible Cities Alliance and the people it is meant to support.”

Alliance Co-Chair Val Rand was pleased with the news of the lending program, and applauded the Bank’s President, Jim Roolf, as well as Community Reinvestment and Small Business Banking staff who coordinated the details of this positive business package, saying, “First Midwest’s lending program -- promoting compliance renovations -- is a perfect example of the visionary leadership we are so proud to have with us on the Accessible Cities Alliance.” Rand, owner of Rand’s Hallmark who himself has a disability, applauded the program, and said, “We encourage property owners and businesses to consider the benefits of full compliance, and realize that good access really does mean good business!”

Terms of the First Midwest Bank lending program are as follows:

Purpose: To provide a credit facility to fund expenses associated with the improvement of commercial zoned real property consistent with accessibility parameters as sited within the ADA. Such improvements must be approved by the municipality in which the subject property is governed.

Maximum Loan Amount: $250,000 per borrower

Interest Rate: .25% reduction of First Midwest’s standard business loan interest rate

Documentation Fee: Waived

Underwriting: All further loan features such as, but not limited to, financial terms, underwriting considerations, lending parameters, collateral requirements will be determined as provided for in First Midwest Bank’s regular Small Business Unit Underwriting standards and practices. Borrower’s circumstances and needs are diverse. To accommodate this diversity, these terms and related parameters will vary.

For a complete disclosure of the lending program, contact William Burkholder, Southern Area Small Business Banking Regional Manager, located at 50 West Jefferson Street in Joliet, IL 60435, who can be reached at (815) 774-2194.

Persons seeking additional information on the Accessible Cities Alliance are encouraged to contact the coordinating agency, Will-Grundy Center for Independent Living, in any of the following ways: by phone at (815) 729-0162 (V) or (815) 729-2085 (TTY); via email at pamwgcil@sbcglobal.net, or by stopping into the Center at 2415 West Jefferson Street (at Barney Drive) in Joliet.

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