For more information, contact Eric Voyles, Vice President of National Business Development, at 815.987.8118 x106 or Mark Podemski, Vice President for Development, at 815.987.8118 x124.  You can also reach Eric by eMail (evoyles@rockfordil.com) and Mark by email (mpodemski@rockfordil.com) or write information@rockfordil.com for general assistance.


In 2011, companies announced plans for more than $53 Million in investment in the Rockford Region, creating 1,770 jobs.

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The Rockford Region offers an abundance of incentive programs for new and expanding businesses, manufacturing companies and entrepreneurs. The Rockford Area Economic Development Council has compiled information about these incentives for which qualified companies may be eligible. Select your type of business to determine which incentives best suit your company and learn more about what each has to offer.

If you are located within the Rockford Region and want more information, call Mark Podemski at 815.987.8118 x124 or mpodemski@rockfordil.com.

If you are located outside the Rockford Region and want more information call Eric Voyles at 815.987.8118 x106 or evoyles@rockfordil.com.



Business Development Public Infrastructure Program (BDPIP)

(Boone County, City of Rockford, Winnebago County)

The Business Development Public Infrastructure Program (BDPIP) is designed to provide grants to units of local government for public improvements on behalf of businesses undertaking a major expansion or relocation project that will result in substantial private investment and the creation and/or retention of a large amount of Illinois jobs.  The infrastructure improvements must be made for public benefit and on public property and must directly result in the creation or retention of private sector jobs.  The local government must demonstrate clear need for financial assistance to undertake the improvements.  Grant eligibility and amounts are determined by the amount of investment and job creation or retention involved.

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Employ Illinois

(Boone County, City of Belvidere, City of Loves Park, City of Rockford, City of South Beloit, Village of Cherry Valley, Village of Davis Junction, Village of Machesney Park, Village of Rockton, Village of Roscoe, Village of Winnebago, Winnebago County)

Employ Illinois gives business owners access to capital to start or enhance their businesses with the help of low-interest rate loans.  The loans are available to business owners large and small, and there are programs tailored to owners of child care facilities and self-employed Reserve Forces.

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Employer Training Investment Program (ETIP)

(Boone County, City of Rockford, Winnebago County)

The Employer Training Investment Program (ETIP) helps keep Illinois workers' skills in pace with new technologies and business practices, which, in turn, helps businesses increase productivity, reduce costs, improve quality and boost competitiveness. ETIP grants can reimburse new or expanding companies for up to 50 percent of the cost of training their employees.  Trainees must be employed by the company prior to implementation of the training program.  Instructors may be plant workers, public educators, private consultants, or others possessing the required expertise. Grants may be awarded to individual businesses, original equipment manufacturers sponsoring multi-company training for employees of their Illinois supplier companies, and to intermediary organizations operating multi-company training projects.

Grant funds to assist with employee training; single company or multi-company training projects.  Large Company and small-mid company components.

 

Reimbursement of up to 50% of total training costs of approved training programs

 

Large Company Component (ETIP/LLC - formerly ITP): companies must have 250 of more full-time employees;

 

Employees must be permanent, full-time.  Project must meet eligibility requirements

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Enterprise Zone

(City of Rockford)

The City of Rockford's Enterprise Zone offers local and state tax incentives and other benefits, including exemptions on certain taxes to new and existing businesses to reduce their operating and construction costs.

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Enterprise Zone Participation Loan Program (EZ/PLP)

(Boone County, City of Rockford, Winnebago County)

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Export Import Bank of the U.S.

(Boone County, City of Belvidere, City of Loves Park, City of Rockford, City of South Beloit, Village of Cherry Valley, Village of Davis Junction, Village of Machesney Park, Village of Rockton, Village of Roscoe, Village of Winnebago, Winnebago County)

The Export-Import Bank of the United States (Ex-Im Bank) is the official export credit agency of the United States.  Ex-Im Bank's mission is to assist in financing the export of U.S. goods and services to international markets.

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Foreign-Trade Zone (FTZ) #176

(Boone County, City of Belvidere, City of Loves Park, City of Rockford, City of South Beloit, Village of Cherry Valley, Village of Davis Junction, Village of Machesney Park, Village of Rockton, Village of Roscoe, Village of Winnebago, Winnebago County)

A Foreign-Trade Zone (FTZ) is a restricted-access site, in or within 60 miles or 90 minutes driving time, to a Customs port of entry that operates under the sponsorship of a corporation granted authority by the U.S. Foreign-Trade Zones Board and under supervision of the Customs Service.  The Rockford Area, with the Chicago Rockford International Airport (RFD) as grantee, enjoys Foreign-Trade Zone #176 status.  RFD also houses the Rockford Port of Entry.

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High Impact Business (HIB) Program

(Boone County, City of Rockford, Winnebago County)

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 state 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 or an investment of $30 million causing the retention of 1500 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 coal mine or, 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".

 

Tax incentives for companies making substantial capital investment and creating above average number of jobs.

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Illinois Taxes and Tax Incentives

(Boone County, City of Rockford, Winnebago County)

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Industrial Revenue Bond Program

(Boone County, City of Rockford, Winnebago County)

The Illinois Finance Authority (IFA) 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 may also be used for either new construction or renovation.

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Large Business Development Program (LBDP)

(Boone County, City of Rockford, Winnebago County)

Incentive funding to encourage large out of state co's to locate in IL or encourage existing IL com's to undertake major job expansion/retention project within IL.

 

The Large Business Development Program (LBDP) program 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.

 

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Manufacturing Modernization Loan Program

(Boone County, City of Rockford, Winnebago County)

Sub-prime rate loans to manufacturers for financing upgrading and modernization of euipmetn and operations .

 

The Manufacturing Modernization Loan Program is designed to provide manufacturers with access to adequate and affordable financing for upgrading and modernizing their manufacturing equipment and operations.

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Opportunity Illinois

(Boone County, City of Belvidere, City of Loves Park, City of Rockford, City of South Beloit, Village of Cherry Valley, Village of Davis Junction, Village of Machesney Park, Village of Rockton, Village of Roscoe, Village of Winnebago, Winnebago County)

Opportunity Illinois Community Development loans enable businesses and non-profits to broaden their services, strengthening neighborhoods and communities.  More than 400 financial institutions across the state provide low-interest community development loans through the Treasurer’s Opportunity Illinois program.

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Participation Loan Program

(Boone County, City of Rockford, Winnebago County)

The Illinois Finance Authority (IFA) assists businesses that create or retain jobs by offering a loan participation in conjunction with their bank.  Through this program the Authority will purchase up to the lesser of $1,000,000 or a 50% participation in the loan, directly from the borrower's bank.

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RLDC & NICDC & Small Business Administration 504 Program

(City of Rockford)

NICDC = Northern Illinois Community Development Corporation

RLDC = Rockford Local Development Corporation

Fixed rate loans for business start-up, expansion, modernization, etc.

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State Treasurer's Economic Program (STEP)

(Boone County, City of Rockford, Winnebago County)

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State Treasurer's Economic Recovery Loan Program (ER)

(Boone County, City of Rockford, Winnebago County)

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Trade Adjustment Assistance (TAA)

(Boone County, City of Rockford, Winnebago County)

Trade Adjustment Assistance for Firms (TAAF) is a worthwhile program for small and medium manufacturers who want to improve their competitive position. This unique, useful source of manufacturing assistance offers a cost sharing of projects aimed at enhancing domestic
manufacturers’ ability to compete within the global market.

If your manufacturing business has been injured by import competition you may be eligible for assistance through TAAF.

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