Incentive Programs Available:
The Iroquois Economic Development Association is available to assist any company locating or expanding in Iroquois County. A wide range of financial incentives are potentially available. Even though “grants” to privately held companies are difficult to obtain, there may be assistance from local, state, and federal governments. Below is a sample of some financial assistance programs:
Tax Incremental Financing
This program allows refunding a portion of the amount of the property tax increment
that the company adds to the real estate value.
Revolving Loan Funds
These may be available from the local city governments and/or Iroquois County government. These are typically below market interest rate loans and based on the
number of proposed jobs to be created.
Industrial Revenue Bonds
Bonds sold and backed by the local entities at below market level rates to support industrial expansion.
Tax Credit Programs
Designed to provide future tax credits when some types of investments in job-creating activities are made.
Tax Abatement Programs
Some taxing bodies will consider abating a portion of taxes to encourage the location of new companies within their taxing district.