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)
__________________________________________________________________________________________________________________________________
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
_________________________________________________________________
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
_________________________________________________________________
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
_________________________________________________________________
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
_________________________________________________________________
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
_________________________________________________________________
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
_________________________________________________________________
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.
_________________________________________________________________
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.
_________________________________________________________________
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.
_________________________________________________________________
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
_________________________________________________________________
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.
