CIDP - Central Illinois Development Partnership - <Logo>

Localities:


Ameren

City of Pontiac

Community & Economic Development Foundation of Ford County

State of Illinois - Dept. of Commerce & Economic Opportunity

Dewitt County Development Council

Economic Development Council of the Bloomington-Normal Area

Illinois Valley Area Chamber of Commerce & Economic Development

Lincoln and Logan County Development Partnership

Village of Minier

Nicor Gas

Streator Area Chamber of Commerce & Industry

Thomas N. Jacob & Associates/The Economic Development Group, Ltd.

Village of Danvers

Village of Dwight

Wall Realtors

Woodford County

City of West Peoria Economic Development


Finance & Incentives


State - Illinois


Department of Commerce & Economic Opportunity- top of page

Business Enterprise Act          PDF
The Business Enterprise for Minorities, Females and Persons with Disabilities Act helps state government promote the economic development of businesses certified as owned and controlled by minorities, females and persons with disabilities. It does so by establishing a goal that at least 19 percent of procurement contracts let by the state go to businesses certified under the Act. There are currently 62 agencies and nine universities letting contracts subject to the Act.

For More Information
You can obtain more information about the program and the necessary forms by contacting:

Business Enterprise Program for
Minorities, Females, and Persons with Disabilities
James R.Thompson Center
100 West Randolph Street
Suite 4-4000
Chicago, Illinois  60601
Telephone: (312) 814-4190 (Voice or TDD/TTY)
                 (800) 356-9206 (BEP Toll-Free Line)  
                 (800) 526-0844 (Illinois Relay Center)
                 (312) 814-5539 (Fax)  

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Capital Access Program     PDF
The Capital Access Program (CAP) is designed to encourage lending institutions to make loans to businesses that do not qualify for conventional financing. CAP is based on a portfolio insurance concept where the borrower and the Department of Commerce and Economic Opportunity each contribute a percentage of the loan amount into a reserve fund located at the lender's bank. This reserve fund enables the financial institution to make loans beyond its conventional risk threshold and is available to draw upon to recover losses on loans made under the program.

Contact Information
Illinois Department of Commerce and Economic Opportunity
Business Finance Division

Chicago Office:
James R.Thompson Center
100 W. Randolph, Suite 3-400 Chicago, Illinois 60601
(312) 814-9303 TDD: (800) 419-0667

Springfield Office:
620 East Adams
Springfield, Illinois 62701
(217) 782-3891 TDD: (800) 785-6055

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Illinois Edge          PDF
The Illinois EDGE program is administered by the Illinois Department of Commerce and Economic Opportunity (DCEO). A Business Investment Committee of the Illinois Economic Development Board (IEDB) makes recommendations regarding the types of projects that may seek this tax credit. DCEO's review will be based on written applications submitted by interested firms.

Contact Information
Illinois Department of Commerce and Economic Opportunity
Economic Development for a Growing Economy Program
620 East Adams, Third Floor
Springfield, Illinois 62701

Dennis Gorss: (217) 524-8449; TDD (800) 785-6055
Fax: (217) 524-4145
dgorss@illinoisbiz.biz


Illinois Finance Authority- top of page
The Illinois Finance Authority (IFA) is a self-financed, state authority principally engaged in issuing taxable and tax-exempt bonds, making loans and investing capital for businesses, non-profit corporations, agriculture and local government units statewide.

IFA Agriculture Programs:         PDF

Beginning Farmer Bond Program
State Guarantee Program for Restructuring Agricultural Debt
Specialized Livestock Guarantee Program 
Value-Added Stock Purchase
Young Farmer Guarantee Program
State Guarantee Program for Agri-Industries

SOURCE: http://www.il-fa.com/products/programs.html#VA

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IFA Industrial Participation Loan Program          PDF
The Illinois Finance Authority assists Illinois businesses that create or retain jobs by offering a loan participation program in conjunction with their banks. Through this program the Authority will purchase up to the lesser of $1,000,000, or a 50 percent participation in the loan, directly from the borrower’s bank. Details are available from your IFA Funding Manager.

SOURCE: http://www.il-fa.com/products/ind_part.html

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IFA Industrial Revenue Bond          PDF
The Illinois Finance Authority issues tax-exempt Industrial Revenue Bonds (IRB’s) on behalf of manufacturing companies to finance the acquisition of fixed assets such as land, buildings and equipment. Bond proceeds also may be used for either new construction or renovation.

SOURCE: http://www.il-fa.com/products/ind_irb.html

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IFA Not-for-Profit Bond Program          PDF
The Illinois Finance Authority helps non-profit, 501(c)(3) corporations secure low-cost, tax-exempt financing for capital improvement projects through tax-exempt revenue bonds.

SOURCE: http://www.il-fa.com/products/nfp_501bond.html

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IFA Not-for-Profit Lease Program          PDF
The Illinois Finance Authority provides non-profit, 501(c)(3) corporations with low cost, tax-exempt lease financing for acquisition of machinery, equipment or other fixed asset and capital improvement projects.

Benefits
Leasing affords qualified non-profits the opportunity to purchase capital equipment without depleting cash reserves or paying the high cost of traditional debt financing.

  • 100 percent tax-exempt financing
  • Favorable interest rates –considerably less than conventional loans
  • Low transaction costs

Type of Financing
Capital equipment and certain real estate purchases are financed with a lease purchase agreement between the not-for-profit corporation and the Illinois Finance Authority. The maturity of the lease will generally match the useful lives of the assets financed, up to 10 years.

Eligibility
Any non-profit corporation with a 501(c)(3) designation from the Internal Revenue Service may be eligible for financing. Final determination of project eligibility is subject to a legal opinion from a recognized municipal bond attorney. Projects must be located in the state of Illinois. The maximum lease term is 10 years.

Fee
A non-refundable application fee is due when the application is submitted. A closing fee based on the face amount of the lease is due at closing. In most cases, applications can be reviewed by staff and considered by the Board of Directors within 30 to 45 days of submission.

Contacts

  • Chicago office: (312) 651-1300
  • Springfield office: (217) 782-5792
  • Peoria office: (309) 495-5959
  • Carbondale office: (618) 453-5566

SOURCE: http://www.il-fa.com/products/nfp_501lease.html

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IFA Technology Development Bridge Seed Stage Venture Capital Fund     PDF
The Technology Development Bridge is an Illinois venture capital fund that provides seed stage equity financing to small technology companies. It is an innovative public-private partnership, developed by the Illinois Coalition and funded by the IFA, aimed at helping technology firms access capital they need to grow and create jobs.

Contact
To learn more about the Technology Development Bridge, contact Chris Vandenberg in the Chicago office at (312) 651-1300. 

SOURCE: http://www.il-fa.com/products/sb_vc.html


Illinois State Treasurer- top of page

State Treasurer's Economic Program (STEP)     PDF
STEP was created to encourage and promote economic development and expansion of businesses in Illinois. Every STEP project is approved at the exclusive discretion of the Treasurer’s Office. However, loans are not made directly to the borrower. The financial institution that receives the discounted deposit determines the credit worthiness of the borrower. STEP provides Illinois companies with access to affordable capital to expand their operations and retain or create jobs in the state.

For each permanent full-time job* that is created or retained, the Treasurer can deposit up to $25,000 at below market rates into the borrower’s financial institution. That institution will then lend the money at below prevailing interest rates to the borrower.

*Two part-time jobs equal one full-time job.

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STEP Small Business     PDF
The STEP Small Business Program* encourages the creation and retention of jobs and business activity, recognizing that small businesses are often where today's jobs are being created. The program gives small businesses the ability to get a low-interest loan to help them get up and running or to keep them in business giving them a better chance of survival and long-term success.

*The STEP Small Business Program is available to assist in our state's economic recovery period commencing July 1, 2004 through June 30, 2006.

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Economic Recovery Loan Program (ER)          PDF
The focus of ER is to bring new jobs to Illinois - good-paying jobs with benefits. For each new full-time job that is created, Treasurer Topinka can deposit up to $50,000 at below market rates into the borrower's financial institution. A financial institution then can lend the money at below prevailing market rates to borrowers.

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For more information on any of these programs, call (312) 814-1788 (Chicago) or (217) 557-6436 (Springfield), or log on to www.state.il.us/treas/programs/program_page.htm.

SOURCE: Division of Economic Opportunity brochure from Judy Baar Topinka, Illinois State Treasurer.


Workforce Assistance- top of page

Employer Training Investment Program (ETIP)          PDF
The Employer Training Investment Program (ETIP) helps keep Illinois workers’skills in pace with new technologies and business practices. ETIP grants can reimburse Illinois companies for up to 50 percent of the cost of training their employees. Grants may be awarded to individual businesses, to original equipment manufacturers sponsoring multi-company training for employees of their Illinois supplier companies and to intermediary organizations operating multi-company training projects. 

Employer Training Investment Program / Large Company Component (ETIP/LCC)
Single Company Training Projects
Multi-Company Training Projects

Contact Information
Employer Training Investment Program / Large Company Component
620 East Adams Street, 3rd Floor
Springfield, IL  62701
Tel: (217) 785-6284   Fax: (217) 558-6971
rick_rogers@commerce.state.il.us

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Illinois Job Training Assistance          PDF
The Workforce Investment Act (WIA) combines federally-funded job training programs in Illinois into a "workforce development" system where individuals can find a job or train for a new career. Services are provided through the state's one-stop delivery system, the Illinois Employment & Training Center (IETC) network. Individuals in Bloomington-Normal and McLeanCounty that wish to apply for available training programs or obtain other services should report to the IETC office located in Bloomington for assistance.

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