STATE
OF ILLINOIS PROGRAMS
To
make it easier for businesses and municipalities located in Suburban Cook County to access
state resources, the State of Illinois has
assigned responsibility for all Economic Development Programs to Northeast
Account Managers:
Northern Cook County
Brenda Sherwood
312.814.3631
bsherwood@ildceo.net
Southern Cook County
Bola Delano
312.814.1182
bdelano@ildceo.net
For more information on all State of Illinois programs, please visit: http://www.illinoisbiz.biz.
Tax Credits and Incentives
Illinois Economic
Development for a Growing Economy (EDGE)
The EDGE Tax Credit Program was passed by the General Assembly in August
1999 and is a targeted tax incentive program that provides tax credits for
businesses that create new full-time jobs, retain existing full-time jobs, and
make capital investments in Illinois. Tax credits are offered to businesses for
up to 10 years per project to prevent businesses from relocating outside Illinois.
Enterprise
Zone Program
Provides various state and
local tax incentives to businesses that make qualifying investments in
designated Enterprise Zones, to stimulate economic activity and neighborhood
revitalization.
High Impact Business Program
Provides tax credits and exemptions to
businesses that make a minimum eligible investment of $12 million which cause
the creation of 500 full-time jobs, or make a $30 million investment that
retains at least 1,500 full-time jobs.
Tax Increment Financing (TIF)
State sales tax collections are distributed to municipalities that have TIF
districts for state sales tax, state utility tax, or both and produced an
incremental growth in retail sales, or gas and electricity consumption.
Recipients: Local officials and others interested in TIF as a financing
mechanism.
Financing Programs
Enterprise Zone
Financing Program
Below-market financing designed to encourage economic development and
revitalization in Illinois Enterprise Zones.
Community Services
Block Grant Loan Program (CSBG)
Long-term, fixed-rate financing to new or expanding businesses that
create jobs and employment opportunities for low-income individuals.
Industrial
Revenue Bonds
Tax-exempt Industrial Revenue Bonds on behalf of manufacturing companies
to finance the acquisition of fixed assets such as land, buildings, and
equipment in new construction or renovation.
Large
Business Development Programs (LBDP)
Provides incentive financing to encourage large out-of-state companies
(500 or more employees) to locate in Illinois, and also
encourages existing Illinois companies to undertake major job expansion or retention projects.
Participation Loan
Program
Works with banks and other conventional leaders to provide financial
assistance to small businesses that will employ Illinois workers.
State Treasurer's
Economic Program (STEP)
Provides Illinois companies
with access to affordable capital to expand their operations and retain or
create jobs in the state.
Rural Development Business and
Industrial Loan and Guarantee Programs
Loan and loan guarantee program for businesses with projects in rural
areas or cities with populations less than 50,000.
Export Import
Bank of the U.S.
Provides financing for qualified exporters in terms
of export loans, insurance, and working capital guarantees.
Statewide delivery network that can help new and
existing businesses with preparing business plans, marketing, licensing, and
financial assistance.
Procurement Technical
Assistance Centers
Assist existing business owners in doing business with the federal, state,
and local governments.
International
Trade Centers
Assist existing small business owners in receiving professional advice
on exporting their goods.
Environmental
Assistance Program
Provides free, confidential, professional advice to business owners on
meeting environmental regulation compliance.
Workforce Assistance
Employer
Training Investment Program
Assists Illinois companies in training new workers or upgrading skills
of existing workers.
Job
Training & Economic Development Grant Program (JTED)
Creates partnerships between community-based providers and employers for
the provision of customized training to low-skilled, low-wage employees, and
unemployed disadvantaged persons.
Workforce
Investment Act (WIA)
Provides federal funds to the state for the provision of employment and
training services to disadvantaged youth, adults and dislocated workers. Administered by the Illinois Commerce and Economic Opportunity
through a network of one-stop centers known as Illinois Employment and Training Centers.
Infrastructure Programs
Economic Development Program (EDP)
Provides state assistance for highway improvements that are needed to
provide access to new or expanding industrial, distribution, or tourism
developments.
Truck Access Route
Program (TARP)
Helps local government agencies upgrade roads to accommodate 80,000
pound trucks.
Rail Freight
Program (RFP)
Provides capital assistance to communities, railroads and shippers to
preserve and improve rail freight service in Illinois.
Business
Development Public Infrastructure Program
Provides low-interest and grant financing to
units of local government for public improvements on behalf of businesses undertaking
expansion or relocation projects.
Community
Development Assistance Programs (CDAP)
Federal grants are made to units of local government and may be loaned
to businesses for projects that will create or retain jobs within the
community, or used for improvement to public infrastructure that directly
support economic development.
Tax
Increment Financing (TIF)
Municipal financing tool that can be used to renovate declining areas or
redevelop blighted areas while improving the tax base of the areas.
Technology-Focused Programs
Illinois Technology
Enterprise Development Centers (ITECs)
Provide investments to or on behalf of young or growing companies in
cooperation with private sector investments.
Manufacturing
Extension Programs (MECs)
MECs assist small and
mid-sized companies with technological advancement, stressing continuous
improvement of business practices to help firms be more competitive in a global
economy.
Technology
Challenge Grant Program (TCGP)
Grant funds which can be used to help secure federal research and
development projects for Illinois, to identify and develop technology programs
capable of commercialization, or to establish programs to serve as a catalyst
and assure a strong base to develop, transfer, or commercialize new
technologies.