Grow Your Business

The EDG staff is ready to listen to your ideas and financial realities when considering investment our community. The City of Elgin may provide customized assistance to qualfing projects. The State of Illinois also offers numerous programs. Let us help you cut through the red tape and access the programs that could benefit your business the most.

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City of Elgin

Customized Incentives

Businesses may qualify for incentives depending on the number and types of jobs created or reatined, the scope of the project and the amount of the investment.
 
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Tax Increment Financing (TIF)

The City of Elgin has created three TIF Districts to serve as a powerful tool to spur economic growth.  Tax revenues generated by improvements in the area can be invested back in district for use in land acquisition site preparation, building rehabilitation and public improvements. 

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Enterprise Zones (EZ)

Are designated geographic area designed by the state or city to stimulate economic growth and revitalization.  Eligible incentives for businesses located in an EZ include investment tax credits, sales tax exemption for certain building materials and machinery and equipment as well as other benefits.

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Industrial Revenue Bonds (IRBs)

IRBs are privately funded tax-exempt (low interest) bonds issued under City of Elgin authority. The bonds proceeds may be used for acquisition, construction or renovation of industrial properties.

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Facade Improvement Program

A 35% rebate on exterior renovation projects to restore the original architectural integrity of the facade

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State St. Facade Improvement Program

Building in the State St. business target area may receive a dollar-for-dollar rebate for exterior façade improvement projects

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Elgin Incentive Program

Up to 50% contribution for technology infrastructure improvements for downtown-based businesses.

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Special Loan Program for Building Improvements

Interest on loans made for improvements to commercial buildings may be subsidized by the City of Elgin.

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Grease Trap Incentive Program

Rebate of up to 50% of the cost of the grease trap for restaurant facilities served by combined sewers.

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Incentives for Business Summary

Print friendly PDF of City of Elgin incentive listed above.

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State of Illinois

Illinois' Economic Development for a Growing Economy Program (EDGE)

Program can provide tax credits to qualifying companies making an investment of at least $5 million in capital improvements and creating a minimum of 25 new jobs. For a company with 100 or fewer employees, the program requires a capital investment of $1 million and the creation of 5 new jobs.

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Illinois' Employer Training Investment Program (ETIP)

Grants may reimburse companies for up to 50 percent of its cost of training their employees. Helping workers to remain current in new technologies and business practices helps companies to remain competitive, expand into new markets and use more efficient technologies.

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Illinois' Capital Access Program (CAP)

May be accessed via participating banks. Through the program, financial institutions are encouraged to make capital financing loans to small and new businesses that do not qualify under conventional lending policies. CAP uses small amounts of public resources to generate private bank financing. Funding from a CAP can be used for many business purposes.

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Illinois' Participation Loan Program (PLP)

Has been re-launched to make it more attractive to lending institutions as part of Advantage Illinois. There are now four new product lines to support businesses with projects that create or retain jobs and/or modernize their business to improve competitiveness.

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Illinois' Collateral Support Program (CSP)

Establishes savings accounts or CDs that provide cash collateral support to lending institutions in order to enhance the equity and or loan collateral levels of small business borrowers.

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Invest Illinois Venture Fund Program (IIVF)

Is a new venture capital program to support young, innovative companies in our state that show high growth potential.

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Illinois Angel Investment Credit Program

Offers tax credits for businesses and individuals who make an investment in one of Illinois' innovative, qualified new business ventures.

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Project Fast-Tracking

The City of Elgin and EDG understands the importance of getting your project underway and completed as soon as possible. There is a process in place for the expedited review of plans and the timely issuance of permits.

 

Have a question?

 

Tony Lucenko

Tony Lucenko

I can help. My office phone is: 847-741-5663 ext. 220

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