Enterprise Zone Program
Projects within the Enterprise Zone boundaries are eligible for a variety of tax abatements and exemptions. Among the various incentives are property tax abatement, sales tax exemption on building materials, waiver of building permit fees, dividend income deduction, investment tax credit, and jobs tax credit. More Information.
SBA 504 Loan Program
This program is available through the South Central Illinois Regional Planning and Development Commission. The objective of the program is to assist small and medium-sized start-up and existing businesses in obtaining long-term, subordinated financing for fixed assets with a low down payment. Financing up to $1 million may be obtained at fixed rates for 10 - 20 years based on $15,000 per job created or retained.
Rural Business Initiative Program (RBI)
South Central Illinois Regional Planning and Development Commission functions as an "intermediary lender" to provide local financial assistance to credit worthy businesses. The program is used in conjunction with a combination of business equity and conventional lending. A maximum of $250,000 can be loaned under the program with a fixed interest rate of 5.5% based on $25,000 loaned per job created or retained.
Title IX Loan Program
Similar to the Rural Business Initiative Loan Program except that the program can only be used in conjunction with industrial projects and the interest rate is fixed at 4.5%. Loan amounts are based on $15,000 per job created up to a maximum of $15,000 loaned.
Illinois Community Development Assistance Program (C.D.A.P.)
Firms can apply for funds on a project by project basis. Loan amounts are typically based on $15,000 per job created or retained. Up to $750,000 may be borrowed with fixed low interest rates set by the Illinois Department of Commerce and Economic Opportunity. Grants can also be obtained for public infrastructure improvements based on $15,000 per job created up to $750,000.
Illinois Job Training Programs
The State of Illinois has several training programs available. Among the various programs is the Illinois Training Program, which is a local program coordinated by Lake Land College and the Illinois Manufacturers Association. Another program is the Industrial Training Program. This program is available through the Illinois Department of Commerce and Economic Opportunity and has been used by numerous companies in Effingham.
Illinois Edge Program
This program allows for a tax credit against corporate state income taxes assessed over a period not to exceed 10 taxable years. The credit is calculated on the personal income tax collected on salaries paid for the new or retained jobs.
For more information, contact Todd Hull, Economic Development Director, at (217) 342-5304.