Businesses can use this program to offset the costs of training current employees. Training is limited to employers in the targeted industry sectors of manufacturing, healthcare, and finance/insurance.
Illinois Department of Commerce and Economic Opportunity (DCEO)
www.ildceo.net/dceo
Employer Investment Training Program (ETIP)
ETIP assists companies in training new workers and retraining or upgrading the skills of their existing workforce. Grants may be awarded to individual companies, as well as to intermediary organizations offering training to meet the common training needs of multiple companies.
Economic Development for a Growing Economy (EDGE)
EDGE provides tax credits to qualifying businesses that create new jobs and make a capital investment in Illinois. Credits are calculated from the personal income tax collected on salaries paid to employees in the new jobs created, which may be taken as a tax credit against corporate income taxes. To qualify for the EDGE program a business would have to make an investment of $5 million and 25 jobs or $2.5 million and 50 jobs. If the company has less than 100 employees worldwide then an investment of $1 million and 5 jobs is required.
Participation Loan Program (PLP)
The PLP program is designed to work through banks and other conventional lending institutions, to provide subordinated financial assistance to Illinois small businesses that employ Illinois workers. A business with 500 or fewer employees may apply for a PLP loan of not less than $10,000 or more than $750,000. Loans shall not exceed 25% of the total project and may not be used for debt refinancing or contingency funding.
Illinois Finance Authority (IFA)
www.il-fa.com
Industrial Revenue Bonds
Administered through the Illinois Finance Authority, the industrial revenue bond program provides the authority with the ability to issue tax exempt IRBs on behalf of Illinois manufacturers looking for long term financing on the purchase or renovation of fixed assets such as land, building, and equipment. IRBs may finance up to 100 percent of the total costs for qualifying projects of at least $1.5 million. Terms of the bonds may not exceed 10 years. A $1,500 non- refundable fee is required upon submission of application.
Additional Links
Illinois State Treasures Office
www.treasurer.il.gov
US Small Business Administration
www.sba.gov
SomerCor 504
www.somercor.com
Source: Choose DuPage
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