Other Incentives
The I-88 West region has a host of incentives and programs to help your business succeed.
TAX INCENTIVES
Economic Development For a Growing Economy Tax Credit Program (EDGE)
The EDGE program is designed to offer a special tax incentive to encourage companies to locate or expand operations in Illinois when there is active consideration of a competing location in another State. The program can provide tax credits to qualifying companies, equal to the amount of state income taxes withheld from the salaries of employees in the newly created jobs. The non-refundable credits can be used against corporate income taxes to be paid over a period not to exceed 10 years.
To qualify a company must provide documentation that attests to the fact of competition among a competing state, and agree to make an investment of at least $5 million in capital improvements and create a minimum of 25 new full time jobs in Illinois. For a company with 100 or fewer employees, the company must agree to make a capital investment of $1 million and create at least five new full-time jobs in Illinois.
High Impact Business (HIB)
The HIB program is designed to encourage large-scale economic develompent activities by providing tax incentives (similar to those offered in an enterprise zone) to companies that propose to make a substantial capital investment in operations and which will create or retain an above average number of jobs.
Recovery Zone Allocation Available:
- Lee County Recovery Zone Economic Development Bond: $2,484,000
- Lee County Recovery Zone Facility Bond: $3,726,000
- Whiteside County Recovery Zone Economic Development Bond: $5,473,000
- Whiteside County Recovery Zone Facility Bond: $8,210,000
Additional potential incentives in our region include:
- Community Development Assistance Program (CDAP)
- Business Development Public Infrastructure Program
- Revolving Loan Façade Renovation Fund
- Economic Development Assistance Program
- Truck Access Road Program
- Negotiated Industrial Property Tax Abatement
- Developer Referrals
- Contractor Referrals
- Waivers of Permit and Inspection Fees to qualifying projects
- Waivers of Hook-Up Fees for eligible projects
- Government Financing Programs for eligible projects
- Federal Economic Development District Status for eligibility
- Others
GRANTS AND LOANS
Enterprise Zone Participation Loan Program (EZ/PLP)
The EZ/PLP is a variation of the conventional PLP Program, in that DCEO subordinates the loans through participating lending institutions, but the EZ/PLP may be able to provide small businesses located in an enterprise zone a more attractive loan rate than a conventional PLP.
Large Business Development Program (LBDP)
The LBDP is designed to provide grants to businesses undertaking a major expansion or relocation project that will result in substantial private investment and the creation and/or retention of a large number of Illinois jobs. Funds available through the program may be used by large businesses for bondable business activities, including financing the purchase of land or buildings, building construction or renovation, and certain types of machinery and equipment. Grant eligibility and amounts are determined by the amount of investment and job creation or retention involved.
Minority, Women, and Disabled Participation Loan Program (MWD/PLP)
The MWD/PLP program is a variation of the conventional PLP, in that DCEO subordinates the loans through participating lending institutions, but the MWD/PLP program can provide Illinois small businesses that are 51 percent owned and managed by persons who are minorities, women, or disabled with loans up to loans up to $50,000 or 50% of the total project.
Participation Loan Program (PLP)
The PLP program is designed to work through banks and other conventional lending institutions, to provide subordinated financial assistance to Illinois small businesses that employ Illinois workers. A business with 500 or fewer employees may apply for a PLP loan of not less than $10,000 nor more than $750,000. Loans shall not exceed 25% of the total project and may not be used for debt refinancing or contingency funding.
TECHNOLOGY GRANTS AND PROGRAMS
Eliminate the Digital Divide
The goal of the Digital Divide Grant Program is to increase access to computers, telecommunications technologies, and related training for populations residing in low-income communities. Under this program, the Illinois Department of Commerce and Economic Opportunity is authorized to make grants to plan, establish, administer, and expand Community Technology Centers (CTCs) and to support technology access programs. CTC programs provide computer access and educational services using information technology to individuals, communities, and populations that typically would not otherwise have opportunities to use computer and telecommunications technologies.
Employer Training Investment Program (ETIP)
The Employer Training Investment Program (ETIP) supports Illinois workers’ efforts to upgrade their skills in order to remain current in new technologies and business practices, enabling companies to remain competitive, expand into new markets and introduce more efficient technologies into their operations. ETIP grants may reimburse Illinois companies for up to 50 percent of the cost of training their employees. Grants may be awarded to individual businesses, intermediary organizations operating multi-company training projects and original equipment manufacturers sponsoring multi-company training projects for employees of their Illinois supplier companies.
Employer Training Investment Program - Incentive Component
The ETIP Incentive Program is designed for Illinois businesses applying for training funds as part of an ILDCEO Business Development Project to which the company is operating or locating in Illinois in conjunction with planned permanent expansion, location or retention activities.
High Technology School-To-Work
The goal of the High Technology School to Work Program is to improve education and to prepare Illinois’ students to transition from school to high-skilled, high-paying jobs in the areas of science, mathematics, and advanced technology. Increasing the number of trained students entering technology occupations will help meet the workforce demand of Illinois’ high technology businesses.
Advanced Technology Program (ATP)
The ATP views R&D projects from a broader perspective--its bottom line is how the project can benefit the nation. In sharing the relatively high development risks of technologies that potentially make feasible a broad range of new commercial opportunities, the ATP fosters projects with a high payoff for the nation as a whole--in addition to a direct return to the innovators.
Small Business Innovation Research (SBIR) Program
SBIR is a highly competitive program that encourages small business to explore their technological potential and provides the incentive to profit from its commercialization. By including qualified small businesses in the nation’s R&D arena, high-tech innovation is stimulated and the United States gains entrepreneurial spirit as it meets its specific research and development needs.
Small Business Technology Transfer (STTR) Program
STTR is an important small business program that expands funding opportunities in the federal innovation research and development arena. Central to the program is expansion of the public/private sector partnership to include the joint venture opportunities for small business and the nation’s premier nonprofit research institutions. STTR’s most important role is to foster the innovation necessary to meet the nation’s scientific and technological challenges in the 21st century.
