Economic development grants are made available by various state and federal agencies to attract, retain, and expand business in Illinois. The Illinois Department of Commerce and Economic Opportunity, Illinois Department of Transportation, and United States Department of Commerce – Economic Development Administration offer grant and/or loan programs to assist communities with spurring economic development. Grant funds are available for machinery, equipment, construction, railroad and shipping improvements, upgrading roads, improving highway access, and upgrading essential public infrastructure and facilities. Please contact NCICG with questions about the following programs.
Illinois Department of Commerce and Economic Opportunity (DCEO)
- Community Development Assistance Program – Economic Development Component
This program, managed by DCEO, offers funds for communities to assist in the the location and/or retention of businesses in their communities. Funds are granted to the community and may be used for infrastructure or to loan to the benefiting company for machinery, equipment, building construction/renovation, or infrastructure. Maximum grant request for this program is $750,000. ($15,000 per job created or retained). Applications are accepted on a rolling basis.
- Business Development Public Infrastructure Program (BDPIP)
This program is administered by DCEO, with the purpose of providing low-interest loans to units of government for public improvements on behalf of businesses undertaking expansion or relocation projects. Funding is available only for infrastructure projects which lead directly to private sector expansion or retention activities. Maximum grant or loan is based on details of project ($10,000 per job created or retained). Applications are accepted on a rolling basis.
Illinois Department of Transportation (IDOT)
- Railway Freight Loan Program (RFP)
This program provides capital assistance to communities, railroads, and shippers to preserve and improve rail freight service in Illinois. Low interest loans are typically provided, but in some cases a community may be eligible to receive grant funds. For information contact Samuel tuck at email@example.com.
- Truck Access Route Program (TARP)
This program assists local government agencies with the upgrading of roads to accommodate 80,000-pound trucks. IDOT will provide up to $45,000 per lane mile and $22,000 per intersection or up to 50% of the total project costs up to $900,000 whichever is less. Projects must connect to a truck route and end at another truck route or truck generator. Contact the Bureau of Local Roads and Streets at (217) 782-3401 for more information.
- Economic Development Program (EDP)
This program provides assistance in improving highway access to new or expanding industrial, distribution or tourism developments. The focus of the program is on the retention and creation of permanent full-time jobs. The program provides up to 50% state matching funds for eligible roadway-related construction and engineering items. A 50% match is required, but there is a possibility that other agencies can assist with the match. Contact IDOT at (217) 782-2755.
U.S. Department of Commerce – Economic Development Administration
- Public Works and Economic Development
This program supports the construction, expansion or upgrade of essential public infrastructure and facilities.
- Economic Adjustment Assistance (EAA)
This program provides a wide range of technical, planning, and public works and infrastructure assistance in regions experiencing adverse economic changes that may occur suddenly or over time (e.g., strategy development, infrastructure construction, revolving loan fund capitalization).
- Local Technical Assistance
This program helps fill the knowledge and information gaps that may prevent leaders in the public and nonprofit sectors in distressed areas from making optimal decisions on local economic development issues. Funds can be used for studies and analyses that forward economic development efforts. Applications are accepted on an ongoing basis.