Incentives Overview
Rockford Area communities work enthusiastically with new and expanding companies to create a higher standard of living for the Region’s residents. Incentives are an investment in the future economic well being of a company and as such a return on investment of jobs, tax revenue, community cooperation, and capital investment is expected. Incentives and a location decision must make good fiscal sense to all parties involved.
The Rockford Region offers an array of incentive programs for new and expanding businesses as well as entrepreneurs. These programs are designed to assist a wide selection of qualifying companies in various stages of their economic growth.
The Greater Rockford Chamber of Commerce Economic Development Team has compiled information about these incentives for which qualified companies may be eligible. Incentives in the Rockford Area tend to come in the following forms.
Incentive Zones
Incentive zones are designed to spur development and job growth in designated, targeted areas using a combination of financial tools and strategic advantages.
Tax Abatements
Tax abatements may be awarded to new developments, redevelopments, and expansions that result in substantial new job growth, significant economic impact, or support specific goals set forth by local or state initiatives.
Workforce Development
Access to a diverse, qualified workforce is essential to the short and long-term success of a business. A number of programs available within the Rockford Region assist with the development of 21st century talent and skills.
Flexible Financing
State and local financing programs are available to bridge the capital gap between what is needed for a capital project to succeed and what is offered through the private sector financing market.
Energy Efficiency
These programs help companies improve their bottom line through long-term reduced utility costs and upfront cash rebates.
