State and local incentives

Enterprise Zone Program

Projects within the Enterprise Zone boundaries are eligible for a variety of incentives including;

Property tax abatement
Sales tax exemption on building materials
Investment tax credit

Tax Increment Financing districts

The City of Effingham’s Tax Increment Finance (TIF) districts dedicates additional property tax revenues generated within the TIF for improvements within the district to encourage new economic development and job creation. Funds may be used for costs associated with the development or redevelopment of property within the TIF.

Learn more about the TIF program.

South Central Illinois Regional Planning and Development Commission loan programs

SBA 504 loan program

The 504 loan program helps qualifying small for-profit businesses.

Commercial or industrial
Fixed assets only
10- or 20-year terms
$65,000 Available per Job Created/Retained
Funds up to 40% of fixed assets or $2,000,000
Loan assistance provided statewide
Conventional loan refinancing available

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.

Commercial or industrial
Suitable for fixed assets, expansions, inventory and working Capital
Wall Street Journal prime rate -1% interest rate (2.25% as of 4/27/2022)
Up to 10-year term*
$25,000 available per job created/retained
Funds the lesser of 75% of a project or $250,000

Title IX revolving loan fund

Industrial and high-tech Initiative
Fixed assets focus
Wall Street Journal prime rate -1% interest rate (2.25% as of 4/27/2022)
Up to 10-year term*
$20,000 available per job created/retained
Funds the lesser of 33% of a project or $300,000

Illinois Community Development Block Grant (CDBG)

Grant funds of up to $1,000,000 may be available for use by local governments to provide financial assistance to businesses locating or expanding in the community. Funds may be used for machinery and equipment, working capital, building construction and renovation. Grants may also be available for improvements to public infrastructure in direct support of a business that would create and/or retain jobs in the community. Applications may be submitted at any time.

Illinois Edge program

Illinois’ EDGE program provides annual corporate tax credits to qualifying businesses which support job creation, capital investment and improve the standard of living for all Illinois residents. Initial qualification criteria require certain job creation and project investment requirements.