Incentives:

The Champaign County EDC Staff understands the importance of the bottom line when it comes to site selection and the impact financial incentives can have thereto. Whether you are interested in TIF, Enterprise Zone, training grants, State Incentives or some unconventional form of financing, the EDC will help you navigate the necessary outlets to use these tools.

Tax Increment Financing (TIF)

TIF is a tool used by municipalities to encourage development in areas where replacement or rehabilitation is desired. It effectively uses a portion of the future property tax value to finance/execute a phase(s) of a project thereby decreasing costs for the developer. As an example the City of Champaign offers a Redevelopment Incentive Program (RIP) grant in some areas.

Enterprise Zone (EZ)

The EZ is a designated geographic area permitting the voluntary abatement of local property taxes and determing an area benefitial to job creation by offering additional tax credits and special corporate capabilities.

Illinois State Department of Commerce and Economic Opportunity (DCEO)

DCEO offers competetive tax abatements for new business, labor training grants, and sustainable building grants. Please contact the EDC office for more information.

Unconventional Financing

The Champaign County Regional Planning Commission (RPC) manages three unconventional lending sources that can help lower the cost of financing for your up front business expenses. These include the CDC, CDAP and CDBG. Please visit the RPC web site for more information.

The Eastern Illinois Economic Development Authority (EIEDA) offers bond financing for multiple business types up to $250 million. The issuance carries a special tax exemption for the purchaser of the bond thereby decreasing costs to issuer. Issuances over $1 million are necessary due to the nature of the costs.

The Illinois Finance Authority (IFA) is another option for Industrial Revenue Bonds.

SBA Small Business Loans Please contact the EDC or your local SCORE office to learn more. The American Recovery and Reinvestment Act has funded this program to provide more loans with reduced fees and Microloans.