Economic Development Resources

Business Resources

Illinois Department of Commerce and Economic Opportunity

Department of Commerce and Economic Opportunity's (DECO) Office of Business Development administers a wide array of programs and services designed to help Illinois businesses thrive. DECO offers expansion incentives, technology support services, access to capital, global marketing expertise, job training, and education for workers. Our trained staff is committed to forging partnerships with the private sector in an effort to build upon Illinois' reputation as a world class center for business and industry. This includes a strong emphasis on programs designed to provide small businesses, particularly minority and female entrepreneurs, with the resources they need to succeed and grow their business opportunities.

DECO's Office of Regional Outreach uses an innovative regional approach; recognizing the best economic development ideas often comes via a two-way street. With State economic development representatives reaching out daily, in each of regions in the state, businesses have better access to state services.

Illinois Innovation Network

The Illinois Innovation Network website launched in 2013 as a common platform to connect startups, innovation-driven enterprises, service providers, research and academic institutions, and community leaders to position Illinois as one of the world's top innovation centers. The Innovation Network aims to direct entrepreneurs to services they need to build their business, including financial, legal, consulting, and others.

U.S. Small Business Administration

The U.S. Small Business Administration (SBA) dedicates its energy and resources to providing support to small businesses and small business owners across the nation. SBA helps businesses through, what we call, the 3-C's of service: Capital- We work with about 5,000 banks to provide SBA loans to deserving small business; Contracts- We work to ensure that 23% of federal contract dollars go to small business; and Counseling-14,000 SBA affiliated counselors are ready when you need small business guidance.

Tax Credits

Will County Tax Abatement Program

Will County and many communities offer abatement of ad valorem real estate taxes as an incentive to new or retained businesses. Each community develops their specific abatement to the project request on a case-by-case basis. Will County's tax abatement program is done on an application/weighted process. As a result of the application evaluation, a project can receive 50% abatement on improvements for 3, 4, or 5 consecutive tax levy years. Abatement can only apply to improvements done to the property, based on the equalized assessed valuation of the property. The Will County Tax Abatement Incentive is administered by the Will County Center for Economic Development.

Illinois Small Business Job Creation Tax Credit - CLOSED until further notice

The Illinois Small Business Job Creation Tax Credit gives small business owners an extra boost to grow their business. After creating one or more new, full-time positions that meet the eligibility requirements, small businesses can register here to receive a $2,500 per job tax credit.

Economic Development for a Growing Economy Tax Credit Program (EDGE) - Extended to April 30, 2017

The Economic Development for Growing Economy (EDGE) program is designed to offer a special tax incentive to encourage companies to locate or expand operations in Illinois when there is active consideration of a competing location in another State. The program can provide tax credits to qualifying companies, equal to the amount of state income taxes withheld from the salaries of employees in the newly created jobs. The non-refundable credits can be used against corporate income taxes to be paid over a period not to exceed 10 years. To qualify a company must provide documentation that attests to the fact of competition among a competing state, and agree to make an investment of at least $5 million in capital improvements and create a minimum of 25 new full time jobs in Illinois. For a company with 100 or fewer employees, the company must agree to make a capital investment of $1 million and create at least 5 new full time jobs in Illinois.

High Impact Business (HIB)

The high Impact Business (HIB) program is designed to encourage large-scale economic development activities, by providing tax incentives (similar to those offered within an enterprise zone) to companies that propose to make a substantial capital investment in operations and will create or retain above average number of jobs. Businesses may qualify for: investment tax credits, a state sales tax exemption on building materials, an exemption from state sales tax on utilities, a sales tax exemption on purchases of personal property used or consumed in the manufacturing process or in the operation of a pollution control facility. The project must involve a minimum of $12 million investment causing the creation of 500 full-time jobs. The investment must take place at a designated location in Illinois outside of an Enterprise Zone. The program has been expanded to include qualified new electric generating facility, production operations at a new or upgraded transmission facility that supports the creation of 150 Illinois coal-mining jobs, or a newly constructed gasification facility as a Coal/Energy High Impact Businesses. In 2009, the program was further expanded to include wind energy facilities. The designation as a Wind Energy/High Impact Business is contingent on the business constructing a new electric generation facility or expanding an existing wind power facility. New wind power facility means a newly constructed electric generation facility, or a newly constructed expansion of an existing electric generation facility, placed in service on or after July 1, 2009, that generates electricity using wind energy devices. New wind energy device means any device, with a nameplate capacity of at least 0.5 megawatts, that is used in the process of converted kinetic energy from the wind to generate electricity.

Financing Tools

Illinois Capital Access Program (CAP)

The Capital Access Program (CAP) may be accessed via participating banks. 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 may be used for many purposes, including, but not limited to start-up costs, working capital, business procurement, franchise fees, equipment, inventory, and the purchase, construction, renovation, or tenant improvements of an eligible place of business that is not for passive real estate investment purposes.

Participation Loan Program (PLP)

The Participation Loan Program (PLP) is designed to enable small businesses to obtain medium to long-term financing, in the form of term loans, to help grow and expand their businesses. Department participation is subordinated to the lender and has a "below market" interest rate. Funding may be used for many purposes, including but not limited to start-up costs, working capital, business procurement, franchise fees, equipment, inventory, and the purchase, construction, renovation, or tenant improvements of an eligible place of business that is not for passive real estate investment purposes.

Illinois Finance Authority (IFA)

The Illinois Finance Authority (IFA) provides access to low-cost, non-conventional financing along with expert, hands-on support to help businesses, farms, local governments, hospitals and non-profits get capital needed for growth. We invite developers, financiers, and community partners to explore our programs and talk with IFA about supporting economic development and job growth in Illinois.

Industrial Revenue Bonds

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, building and equipment. Bond proceeds also may be sued for either new construction or renovation.

Small Business Participation Loan Program

IFA assists Illinois businesses that create or retain jobs by offering a loan participation program in conjunction with their lender. Through this program the Authority will purchase up to the lesser of $500,000, or a 50% participation in the loan, directly from the borrower's lender. Details are available from your IFA Funding Manger.

Large Business Development Program (LBDP)

The Large Business Development Program (LBDP) is designed to provide grants to businesses undertaking a major expansion or relocation project that will result in substantial private investment and the creation and/or retention of a large number of Illinois jobs. Funds available through the program may be used by large businesses for bondable business activities, including financing the purchase of land or buildings, building construction or renovation, and certain types of machinery and equipment. Grant eligibility and amounts are determined by the amount of investment and job creation or retention involved.

U.S. Small Business Administration Loan Programs

The U.S. Small Business Administration (SBA) offers a variety of loan programs for very specific purposes, such as 7(a), CDC/504 and Microloa. Take some time to study the programs included in this link, to see if you qualify to participate.

Workforce Development

The Board envisions Will County with a vibrant economy bolstered by a workforce ready for today's and tomorrow's careers. The Workforce Investment Board of Will County plays a key role in the economic development of our County. The board brings together a myriad of employment, training, and educational services, transforming them into a comprehensive and easily accessed system that supports the development of a world-class workforce. The Board builds the workforce system to develop quality employees for employers and to develop quality opportunities for employees. This system makes it easy for business to make connections with a qualified pool of applicants and to access other workforce development services. This system is also intended to make it easy for people to learn about and access a broad range of employment, education, and related services.

Workforce Investment Act (WIA) Grant Opportunities for Qualifying Organizations

The DCEO Office of Workforce Development is committed to encouraging statewide economic development by cultivating a well-trained workforce. To accomplish this goal, the Office identifies youth, adults and dislocated workers who are eligible for assistance under the Workforce Investment Act (WIA), assesses their employment demand. Ideally, this will lead to the placement of these individuals in self-sufficient employment. The Office also provides follow-up services leading to employment retention in high-wage and high-skilled jobs. These services are provided statewide while maintaining focus on the economic needs of each region.

Illionis Entrepreneurship Network Training Assistance

Upgrading your skills and developing yourself professionally is an important part of growing your business as technology continues to advance, regulations continue to be refined and new challenges and opportunity emerge. IEN experts work with you and your business to develop the skill sets necessary to succeed in a dynamic business environment.

Illinois Department of Commerce and Economic Opportunity Office of Workforce Development

The Office of Workforce Development is committed to encouraging statewide economic development by cultivating a well-trained workforce. To accomplish this goal, the Office identifies youth, adults, and dislocated workers who are eligible for assistance under the Workforce Investment Act (WIA), assesses their employability skills and provides training as appropriate for identified sectors of growing employment demand. Ideally, this will lead to the placement of these individuals in self-sufficient employment. The Office also provides follow-up services leading to employment retention in high-wage and high-skilled jobs. These services are provided statewide while maintaining focus on the economic needs of each region.

Technology

Technology Development Account

The Illinois State Treasurer's Office encourages innovation, job growth, and business expansion through the Technology Development Account (TDA). With $75 million invested in Illinois venture capital firms, the State has helped to bolster the high-tech, venture, and start-up sectors in Illinois. Indeed, the TDA has helped create and grow 26 Illinois companies, providing good-paying jobs in Illinois' technology community. The TDA is a fund of funds, allowing the Treasurer to invest in Illinois venture capital firms that invest in technology businesses which are seeking to locate, expand, or remain in Illinois. Financing may be used for expenses such as seed capital, research and development, introduction of a product or process into the marketplace, or similar needs requiring risk capital. The Treasurer considers a venture capital firm for investment only after it has been thoroughly reviewed and recommended by a competitively selected external advisor and a volunteer professional, non-partisan external advisory board.

Technology Development Bridge

The Technology Development Bridge is an Illinois venture capital fund that provides seed stage equity financing to small technology companies, among others. The program, funded by the Illinois Finance Authority and implemented as a partnership with private venture investors, is aimed at helping start-up firms access capital they need to grow and create jobs.

Employer Training Investment Program (ETIP)

The Employer Training Investment Program (ETIP) supports Illinois workers' efforts to upgrade their skills in order to remain current in new technologies and business practices, enabling companies to remain competitive, expand into new markets, and introduce more efficient technologies into their operations. ETIP grants may reimburse Illinois companies for up to 50% of the cost of training their employees. Grants may be awarded to individual businesses, intermediary organizations operating multi-company training projects and original equipment manufacturers sponsoring multi-company training projects for employees of their Illinois supplier companies.

Manufacturing Modernization Loan Program

The Manufacturing Modernization Loan Program is designed to provide manufactures with access to adequate and affordable financing for upgrading and modernizing their manufacturing equipment and operations. To remain competitive in the global economy, manufacturers must continually update their equipment. Investing in new technologies allows manufactures to increase production capacity and efficiency. The goal of this program is to make adequate and affordable capital available to Illinois manufacturers for retooling, equipment upgrades, and facility expansion. DECO will participate with local lending institutions in loan amounts of a minimum of $10,000 and a maximum of $750,000, or 25% of the total project; whichever is less. The interest rate is set at the time of approval.

Energy Efficiency

ComEd Smart Ideas for Business

With rising costs and growing competition, owning and operating a business is more challenging than ever before. When it comes to energy costs, ComEd's Smart Ideas for Your Business® can help you reduce your use. Working with you, ComEd can show you how to create a more energy efficient business with an improved bottom line. Resources through ComEd include Energy Analyzer, Fact Sheets, Case Studies, Programs and Incentives, and other online tools.

Nicor Energy Efficiency Program

The Nicor Gas Energy Efficiency Program is designed to offer ideas and tools to help Illinois residents and businesses in Nicor's territory save energy and money. The program provides Nicor Gas customers with energy education, resources and financial rebates to make business energy education, resources and financial rebates to make business energy use more efficient and affordable.

Illinois Department of Commerce and Economic Opportunity Office of Energy and Recycling

The Office of Energy and Recycling seeks to demonstrate the economic development benefits, including job creation of energy efficiency, renewable energy, and recycling through a variety of programs and services. Further, Bureau programs will demonstrate that economic development, sustainable energy, recycling practices, and environmental protection go hand in hand.