Incentives & Programs
FEDERAL PROGRAMS
USDA provides funding opportunities for rural small businesses through loans, loan guarantees, and grants.
USDA Business and Industry Loan Guarantee program bolsters the existing private credit structure through the guaranteeing of loans for rural businesses, allowing private lenders to extend more credit than they would typically be able to.
ENTERPRISE ZONE
The Bureau/Putnam Area Enterprise Zone was established in July of 1987 and recently qualified for an extension until 2017. The purpose of the Zone is to help stimulate the location and expansion of business to provide jobs and revenue for the Bureau/Putnam area. View the map linked below to see specific Spring Valley properties within the Zone boundaries. These boundaries may be expanded based on specific commercial or industrial projects.
Available Assistance
Targeted Financial Assistance: The State of Illinois offers a variety of loan financing with competitive interest rates (as low as 3%) to qualifying firms.
Site Selection: We can assist you in quickly identifying sites most suited to your needs. Depending on your project, the enterprise zone can be expanded to include a site if it is not within the current boundaries.
Employee Selection and Training: Through our superb local training assistance agency and our area community college, we can assist your firm in selecting and training employees at a substantially reduced cost to your firm.
Small Business Assistance: The Small Business Development Center at the local community college offers a wealth of information and technical assistance to small and medium sized firms. The Center has established a wide network of information to help you with your needs.
Local and State Incentives
In addition to the above assistance, the zone itself offers a wide array of local and state incentives including a near 100%, 10 year property tax abatement on industrial/commercial real property improvements, a 6 – 6.25% local and state sales tax deduction on locally purchased building materials, and a “zone project only” 0.5 % investment tax credit on qualified property/equipment investments.
ADDITIONAL STATE PROGRAMS
Other specific incentives are available for Workforce, Financing, Tax Credits, and Technology. Information on these incentives is available through the following links.
The state of Illinois has a wealth of economic development programs, services and incentives available to eligible candidates. Please explore the opportunities and fill out the inquiry form on the pages of your choice, if you’d like further information.
IL DCEO Program & Services Guide
Financing Business and Community Growth
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.
The Illinois agriculture industry employs one in four people either directly or indirectly. For over 32 years, the Treasurer’s office has been providing opportunities for Illinois farmers through the Ag Invest Linked Deposit Program.
The Illinois General Assembly authorizes the Treasurer’s Office to manage Technology Development Accounts. These accounts allow the Treasurer’s Office to use a portion of the State’s Investment Portfolio to provide capital to technology funds in Illinois that finance technology businesses seeking to locate, expand, or remain in Illinois.
IL TREASURER”S TECHNOLOGY INVESTMENTS
Economic Development for a Growing Economy Tax Credit Program (EDGE)
The EDGE program provides an incentive to businesses to support job creation, capital investment and improve the standard of living for all Illinois residents. The non-refundable corporate income tax credit is calculated as a percentage (not to exceed 100%) of the expected income tax withholdings of new job created in the state. Tax credits are available to qualifying companies, equal to the amount of state income taxes withheld from the salaries of employees in newly created jobs. Non-refundable credits can be used against corporate income taxes to be paid.
Tax credits amounts are calculated on a case-by-case basis. EDGE credits are processed on an annual basis, for up to 10 years, based upon employment ramp-up plans outlined by the business and agreed to by the Department.
FACADE GRANTS
The primary goal of the Spring Valley Revitalization TIF Grant Program is to visibly enhance the city’s business district, promote the historic restoration of its structures, encourage economic renewal, and create a safe, attractive, and well-maintained environment that promotes a thriving entrepreneurial climate.
Facade Grants must be submitted for approval prior to any work being done.
REVOLVING LOAN FUND
The revolving loan fund is designed to make available needed, reasonable term loans at an attractive blended interest rate to existing and potential business/property owners to invest in the City of Spring Valley with the result of job creation and/or retention for low to moderate income persons.
- A match of 2:1 will be required.
- Minimum SV-RLF Program Loan shall be $5,000 and the maximum shall be determined as funds are available.
- Rates and terms shall be determined by the purpose, as set in the SV-RLF guidelines.
TAX INCREMENT FINANCING DISTRICT
In August of 2006, Spring Valley enacted an extensive Tax Increment Financing District. The real estate tax increment of the properties within the district can be used as a source of revenue to reimburse certain costs for public and private projects either by issuing TIF bonds or by reimbursing developers on a “pay-as-you-go” basis. All of the other taxing bodies continue to receive real estate tax revenue from the base assessed valuation, so there is no loss of revenue to those local taxing bodies. The maximum life of a TIF District is 23 years; therefore the life of Spring Valley’s district benefits extends until 2029. Many prime properties available for development in Spring Valley are located within the district boundaries.TIF can be used to fund a variety of public improvements and other investments that are essential to a successful redevelopment program, including:
- Area-wide public infrastructure improvements such as road and sidewalk repairs, utility upgrades, water and sewer projects.
- Acquisition, clearance and other land assembly and site preparation activities.
- Rehabilitation of older, deteriorating or obsolescent buildings.
- Correction or mitigation of environmental problems and concerns.
- Job training, workforce readiness and other related educational programs.
- Incentives to retain or attract private development