Illinois Incentives & Programs

State of Illinois Economic Development Incentives and Programs Include:

NEW PROGRAM October 2011 - Advantage Illinois to Provide Access to Capital for Businesses and Entrepreneurs to Create Jobs and Grow the Economy

The Advantage Illinois program  is designed to provide Illinois businesses and entrepreneurs with access to the capital they need to start new companies and expand existing business. Advantage Illinois will leverage $78 million in federal funding that will allow businesses to bring innovative ideas and new products to market and accelerate job creation and economic growth in Illinois.

“Advantage Illinois will help Illinois businesses of all sizes increase innovation and competition, and expand and create good-paying jobs,” Governor Quinn said. “In order to boost our economy, create jobs and compete in the global marketplace, we must provide businesses and entrepreneurs with the tools they need to grow.”

The Advantage Illinois program is comprised of three program components to spur institutional lending, and one program to leverage private venture capital in start-ups and high-growth businesses:

Capital Access Program (CAP) assists businesses with various financing needs. It is designed to encourage financial institutions to make loans to small and new businesses that do not qualify under conventional lending policies.

Participation Loan Program (PLP) supports businesses with projects that create or retain jobs and/or modernize their businesses to improve competitiveness. One component of the program is devoted to Minority/Women/Disabled/Veteran-Owned businesses (MWDV PLP). The state purchases and subordinates part of the loan to help mitigate lender risk.

Collateral Support Program (CSP) establishes savings accounts or CDs that provide cash collateral support to lending institutions to enhance the equity and/or loan collateral levels of small business borrowers.
Invest Illinois Venture Fund Program (IIVF) is a new venture capital program to support young, innovative companies in Illinois that show high growth potential, can demonstrate their place in the market and already have other investors.

Beginning in October 2011, the Department of Commerce and Economic Opportunity (DCEO) will be actively enrolling lending institutions that will, in turn, provide financing to businesses utilizing the CAP, PLP and CSP components of the program. Businesses will be able to begin accessing loans to use these funds when they have completed the appropriate paperwork with a participating lending institution. Program guidelines, including lender applications, and a regularly updated list of participating banks will be available at www.ildceo.net/AdvantageIllinois.

Businesses interested participating in the Invest Illinois Venture Fund (IIVF) may submit their applications online to DCEO at www.ildceo.net/AdvantageIllinois. The fund is also supported by the Governor's Illinois Innovation Council, which is actively working to execute strategies to enhance awareness of capital availability in Illinois and connect the dots between great ideas and the partners who can help turn ideas into companies and products.

Other Programs available throught the Illinois are outlined below. 

Illinois Department of Commerce and Economic Opportunity (DCEO)

• Business Development Public Infrastructure Program
• Economic Development For A Growing Economy (EDGE) Tax Credit
• Employment Training Investment Program (ETIP)
• High Impact Business Designation
• Large Business Development Program
• Manufacturer’s Modernization Program
• Participation Loan Program
• Technology Grants and Programs for Businesses

Illinois Department of Revenue Incentives

• Investment Tax Credit
• Manufacturers’ Purchase Tax Credit
• Research & Development Tax Credit

Illinois Department of Transportation (IDOT) Incentives

• IDOT Economic Development Program (EDP)
• IDOT Rail Freight Program (RFP)
• IDOT Truck Access Route Program

Employ Illinois Programs

• Employ Illinois: Business Program At a Glance
• Employ Illinois: Business Program FAQs
• Employ Illinois: Community Development At a Glance
• Employ Illinois: Community Development FAQs
• Employ Illinois Program Grid 

 State of Illinois Website (General information)

Energy Savings by ComEd

• Energy Saving Incentives by ComEd