The state and local incentives are designed to increase investment and employment in Peoria. Small Business Development Centers by the. To learn more about grant opportunities for your business, please review the MBE – Grant Opportunity Research and click through the links resources in the attached document. Small Business Enterprise (SBE) Owned Business Definition. Applicants must meet certain qualification set out by SBA. State of Illinois Coronavirus Response Site, Illinois Department ofCentral Management Services, Login limited to State of Illinois employees. It has also helped businesses like O’Brien Steel, PMP Fermentation and Plattner Orthopedics expand or locate in Peoria. Benefits available on property improvements within the Enterprise Zone include a) the waiver of sales tax on building materials and b) partial property tax abatement. The Illinois Department of Human Services (IDHS) encourages businesses owned by minorities, women and persons with disabilities to take advantage of the state's Business Enterprise Program (BEP). Businesses must complete an application form, Illinois public universities. Illinois Department of Commerce and Economic Opportunity (DCEO) Enterprise Zone Participation Loan: Works much like the IFA’s Participation Loan, but is limited to businesses expanding or locating in an Enterprise Zone. Look for funding programs, training, and federal contracting opportunities. The City of Peoria has a number of financial incentives to help business grow and create jobs. by one or more of the minority individuals who own it. A description of each is provided below. Federal Historically Underutilized Business (HUB) Zone: Businesses may want to explore HUB Zone certification to better position themselves as contractors on government funded projects. To start the process go the the Doing Business with the City Webpage. State of Illinois Coronavirus Response Site, Register, Become a Vendor & State Government. Maximum of 25 year term for real estate and equipment, 7 years for working capital. Borrower cannot employ more than 500 FTEs. Each year the Illinois public universities report to the Business Enterprise Counsel on their utilization of Application forms with additional details are provided below. RLF funds may be used for a variety of purposes, from real estate to working capital loans. These costs can include purchase of land, buildings and new machinery. Micro Loan Opportunities: The City conducted a review of micro-lenders interested in providing small business loans, less than $15,0000, to help with startups and small project financing. US Small Business Administration (SBA) 504 Loan: Provides businesses with long-term, fixed-rate financing for major fixed assets, such as land, building,and machinery and equipment,  not to exceed 40% of total financing package. The program can provide tax credits to qualifying companies, equal to the amount of state income taxes withheld from the salaries of employees in the newly created jobs. The. Please contact the Department of Economic Development at (309) 494-8600 for more information on any of these programs. State of Illinois Small and Diverse Businesses The Illinois Business Enterprise Program for Minorities, Females, and Persons with Disabilities (also known as MAFBE) promotes the economic development of businesses owned by minorities, females, and persons with disabilities. Questions regarding reports should be directed to the individual Procurements in 66 set-aside categories, and all contracts of $50,000 and less, must be set-aside for qualified small businesses in the Small Business Set-Aside Program. Advantage Illinois accelerates investments and eases the credit crunch for small businesses, thanks to more than $78 million from the federal State Small Business Credit Initiative (SSBCI) of the Small Business Jobs Act of 2010. There you will learn how to find existing bid opportunities, position to receive future bids, and register your business as a vendor. The Business Enterprise Council shall report the information in items (i), (ii), (iii), and (iv) of this subsection beginning in September of 2016. 2020 City Business Development Programs – 20200101, Click Here! Please turn on JavaScript and try again. Because these goals vary by business 2020  City of Peoria – RLF – Guide & Application – 20-07-07, Vendors/Contractors who wish to do business with the City of Peoria must first take steps to become aware of the materials, supplies, equipment, or services sought by the City. For more information on any of these programs please contact: City of PeoriaEconomic Development Office419 Fulton St. Ste 207Peoria, IL 61602. Recent laws may not yet be included in the ILCS database, but they are found on this site as. qualified MAFBE businesses. DCEO’s Manufacturing Modernization Loan: Secondary financing of between $10K and $750K for manufacturers who are retooling, upgrading machinery, or expanding. Line of credit established for between $10K and $750K, but not more that 25% of total project. All financing is handled through the lender, with partial guaranty by SBA in case of failure to pay. Below are links to the various partners that you can click on for more details on what services they provide: Peoria Downtown Development CorporationCEO CouncilBradley University’s Turner Center for EntrepreneurshipIllinois Small Business Development CenterSBDC International TradePeoria Area Chamber of CommerceProcurement and Technical Assistance Center (PTAC)Peoria County Economic DevelopmentS.C.O.R.E – Counselors to America’s Small BusinessIllinois Department of Employment Security. Term will be one year for each $15,000 loaned (7 years maximum for loans for inventory and working capital). 10 year maximum term (if lender term is longer, balloon payment required after 10 years).

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