There are a variety of state and local incentives and resources for corporations and other businesses to locate or expand their operations in Hancock County. Contact us today for more information.
State of Illinois
Illinois Community Development Block Grant
Funding for community-based projects to assist private businesses in retaining or creating fulltime, permanent jobs. Grant funds may also be used for improvements to public infrastructure that directly supports a company in the local community.
Illinois EDGE Tax Credit Program
Administered by IL Department of Commerce and Economic Opportunity (DCEO) and based on written applications with a minimum investment of $1 million and 25 newly hired and/or retained jobs. The program gives credit based on the state income tax wages of the new hires and is calculated on a case-by-case basis.
Advantage Illinois Participation Loan Program
Delivered through pre-approved Illinois financial institutions and administered by DCEO. PLP mitigates lender risk through subordinated debt of up to $2 million, encouraging financial institutions to lend to businesses that would otherwise not qualify for traditional bank financing, by purchasing portions bank term loans and revolving lines of credit, applying below market interest rates to the program’s portion, and subordinating the program’s exposures to those of the lending partners.
Illinois Department of Transportation Program
Provides assistance for roadway improvements that are necessary for access to new or expanding industrial, manufacturing, or distribution type companies. The program is designed to provide 100% state funding for roadway improvements on state owned routes and up to 50% state funding for eligible locally owned roadways, with the remaining 50% match provided by private or local government entities. Maximum per project is $2 million.
Tax Increment Financing (TIF) Program
TIF is a method of funding public investment in an area slated for redevelopment by capturing, for a time, all the increased tax revenue that results when redevelopment stimulates private investment. As private investments add to the tax base within the TIF district, the increase tax revenues are placed in a special fund, which can only be used for public purpose permitted by law.
Revolving Loan Programs
Low interest loans are available on a case-by-case basis for acquiring properties and establishing businesses in Hancock County.
Prairie Hills Resource Conservation & Development Loans
Small business loans are available for the development of new businesses, expansion of existing businesses, creation of employment, or saving existing jobs. Downtown development and revitalization loans are available to increase economic development in west-central Illinois by helping small businesses improve their store-front visibility and infrastructure.