Economic Development Resources

 

Business Resources

 

Will County

Tax Abatement Program

The Will County Tax Abatement Program can provide for a three, four, or five-year, 50% abatement for qualifying projects on new increment generated by new or expanded facilities.  The property tax abatement process begins with submitting the abatement application to the Will County Center for Economic Development, and the review and approval process generally takes 60 days.  Each individual taxing body is required to approve the request to abate their portion of the real estate taxes.

Business Grants for Employee Training Program

Incumbent worker training grants are available through the Workforce Investment Board of Will County.  Companies with Will County sites in healthcare, manufacturing, professional/financial/information technology services, and transportation/distribution/logistics (TDL) industries are eligible to apply.

Applications and detailed information including anticipated costs/fees are available through Mary Gajcak at mgajcak@willcountyillinois.com or 815-727-5679.  

State of Illinois

Advantage Illinois

The Advantage Illinois program enhances access to capital for Illinois businesses.  Under the Participant Loan Program, financial institutions identify potential opportunities for state participation.

Standard Participation Loan Program (PLP):  Designed to enable small businesses to obtain medium to long-term financing, to help grow and expand their businesses.

Minority/Women/Disabled/Veteran-Owned Businesses:  Similar to Standard PLP; however, the amount of financial support may range depending on loan term, MWDV control/ownership.

Revolving Line of Credit (RLOC PLP):  Similar to Standard PLO except in the form of a revolving line of credit.  Maximum term is two years and further support requires reapplication.

Funding may be used for many purposes, including but not limited to start-up costs, working capital, business procurement, franchise fees, equipment, inventory, as well as the purchase, construction, renovation, or tenant improvements of an eligible place of business that is not for passive real estate investment purposes.

Angel Investment Credit Program

The Illinois Angel Investment Tax Credit Program attracts and encourages investment dollars into early-stage, innovative companies throughout Illinois.  Investments provide these companies with much needed access to working capital to further their growth and success in Illinois.  Tax credit are allocated on a quarterly basis throughout the year and are awarded on a first-come, first served basis to qualifying companies.

EDGE (Economic Development for a Growing Economy) Tax Credit Program

The EDGE Program offers incentive to locate or expand operations in Illinois; requires active consideration of a competing location in another state.  Provides tax credits to qualifying companies equal to the 50% of the State income taxes withheld from the salaries of employees of newly created jobs (75% in underserved areas), and 10% of eligible training costs of new full-time employees' positions at the project.

If the company has fewer than 100 worldwide employees, requires minimum new jobs of 5% of worldwide employment and no minimum investment.  If more than 100 worldwide employees, requires the lesser of 10% of worldwide employment or 50 new FT jobs and $2.5 million minimum investment.

IDOT Economic Development Program (EDP)

The Illinois Department of Transportation Economic Development Program provides state assistance for roadway improvement or new construction that are necessary for access to new or expanding industrial, manufacturing or distribution type companies.  The funding commitment is based on how many jobs will be created and/or retained.  Applicants will receive a contributed portion from the State of $30,000 for every new job created and $10,000 for every job retained up to a maximum CAP of $2 million.  Funding will include preliminary engineering, construction engineering and contingencies.

The EDP program uses state-only funds and is designed to provide 50% state funding for eligible locally-owned roadways and 100% state funding for roadway improvements on state-owned routes.  The remaining 50% match will be provided by local government entities or private sources.

IFA's Bond and Loan Programs

Illinois-based businesses can receive guidance in choosing the right program to assist with your fixed asset purchases and capital financing needs such as new equipment, upgrades, or expansion of your business.  Expertise is provided in public-private partnerships and infrastructure financing.


Illinois Small Business/Entrepreneurship Assistance

IL Dept of Econ Opp

A clearinghouse of information is available on starting a small business and a one-stop shop for all things startup.  Your road to business ownership begins here.

U.S. Small Business Administration

The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, SBA delivers its services to people throughout the United States, Puerto Rico, the U. S. Virgin Islands and Guam.

Energy Efficiency                    Energy Savings

ComEd Energy Efficiency Program

The ComEd  Energy Efficiency Program is about improvement the value you receive from your electric energy dollars and in the process, saving money and protecting the environment.  ComEd has programs to fit a variety of business needs, from small business to heavy industrial.  Whether you are just starting out and need input on construction, or are seeking incentives for building optimization or equipment, ComEd offers programs to save money and earn incentives for businesses. 

Nicor Energy Smart Program

Nicor offers a variety of incentives to improve efficiency and generate savings through the Energy Smart Program.  The program includes assessments, rebates, free products, and even custom incentives designed around energy savings.


 


 


      Staff for Econ. Dev.

      Robin Ellis

      Asst. Village Admin/ Community Development Director


      Nancy Dye
      Economic Development Coordinator
      (815) 462-6416
      ndye@newlenox.net
       
      Resource Types
       
       
       
       

       
      Contact Us
      Village of New Lenox
      1 Veterans Parkway
      New Lenox, Illinois 60451
      Phone: (815) 462-6400
      Village Hall Hours:
      Monday - Friday 8:30 am - 5:00 pm
       
      Home of Proud Americans
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