TIF Districts – The City of Ottawa has Six Tax Increment Financing Districts (Canal, Dayton, Downtown, East, North and OIP) available for business and industry to fund developments. The increase in Real Estate value generated by development is shared with the developer to defray eligible costs.
Enterprise Zones, also throughout the City, provide State Sales Tax
exemption, Machinery/Equipment Sales Tax Exemption, Utility Tax Exemption and Jobs Tax Credit.
- Local incentives include a sales tax exemption, partial property tax abatement, investment tax credit & State Income Tax Deduction.
- Fees on building permits for building, signs, plumbing, electrical are reduced by 50%.
Illinois Department Of Commerce And Economic Opportunity ("IDCEO")
EDGE Tax Credit – Three percent (3%) of payroll for ten (10) years.
ETIP Grant – Matching grant for job training of $500 per employee.
For more information, please visit: http://www.commerce.state.il.us/
Ottawa Business Financing Matrix
A Guide of Local Financing Programs for Business and Economic Development
PROGRAM: 1st Farm Credit Services
PURPOSE: Largest Available Variety Of Competitively Priced Financial Products And Services Specifically Designed For Agriculture And No-Agriculture Businesses.
CONTACT:
Ken Corbin
815-433-1780
PROGRAM: USDA Business Industrial
PURPOSE: Land & Building, New Construction Or Renovation, Equipment, Working Capital Plus Refinance (Maximum 50% Of Project).
CONTACT:
Kevin Vetos
815-433-0551
PROGRAM: Upper Illinois River Valley Development Authority
PURPOSE: Tax Exempt Bonds Such As Industrial Revenue Bonds Used For Manufacturing Activities. Taxable Bonds For Non-Manufacturing Purposes Such As And Commercial, Industrial, Transportation And Distribution Facilities. Long Term Financing, Low Interest Rates, Flexible Terms, Favorable Requirements, Quasi-State Guarantee.
CONTACT:
Andrew Hamilton
866-325-7525
PROGRAM: Illinois Finance Authority
PURPOSE: Land & Building New, Renovation Or Equipment. Interest Below Prime. 10 Year Term
CONTACT:
James Senica
309-495-5959
PROGRAM: Ottawa Community Development
PURPOSE: Job Retention Or Creation. City Participates With Local Lender. Low Interest Rate. 10 Year Term
CONTACT:
William Franklin
815-228-2335
| Federal Programs | |
| Program | Eligible Projects |
| SBA 504 Loan Program | Acquisition of machinery, equipment, real estate, land, construction or remodeling |
| EDA Funding | Public Works, Research, Technical Assistance, Economic Adjustment |
| FTZ #114 | Area considered outside the Customs territory of the U.S.A. Customs duties can be reduced, deferred or eliminated |
| State of Illinois Loan Programs | |
| Program | Eligible Projects |
| Participation Loan Program (DCEO) | Financial assistance to small business |
| Community Development Assistance Program (DCEO) | Finance infrastructure, public facilities, economic development |
| Illinois Capital Access Program(DCEO) | Loan insurance for small and new businesses that do not qualify under conventional lending policies |
| Participation Loan Program -Illinois Finance Authority (IFA) | Fixed-asset financing |
| Title IX Revolving Loan Fund (IFA) | Land, buildings and equipment for manufacturers |
| Industrial Revenue Bonds (IFA) | Land, buildings, equipment for manufacturing. |
| Local Government Bonds (IFA) | Double tax-exempt bonds for infrastructure, buildings & equipment. |
| Technology Development Bridge (IFA) | Seed-stage equity financing to small, high-technology companies. |
| Dept. of Transportation Economic Development Transportation Program (DCEO | Highway improvements for new/expanding industry, distribution, manufacturing companies. |
| IL State Treasurers Economic Program (STEP) | Create, expand or retain permanent jobs or demonstrate other economic benefit for the State. |
| 501 (c) 3 Not for Profit (IFF) | Real estate acquisition, renovation; equipment |
| Industrial Training Program | Grants to offset 50% new and existing workforce training |