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Incentive Programs
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504 Loan Program
This program is similar to Advantage Illinois where there is set group of approved lenders. In this case lenders are Community Development Companies.
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7(a) Loan Program
This program allows borrowers to choose their lender and is probably the most versatile of the SBA loan programs. These loans are often compared to PPP loans except they are non-forgivable.
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Advantage Illinois (DCEO)
By working with the state's lending community and venture capitalists, Advantage Illinois helps entrepreneurs and small businesses start-up or expand. Lenders assist businesses in identifying the right program.
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Economic Incentive Policy
The City of Geneva has established a set of goals within adopted long-term planning documents that involve the continued development and redevelopment of the City.
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EDGE Program
Administered by the Illinois Department of Commerce and Economic Opportunity, Illinois' EDGE program provides annual corporate tax credits to qualifying businesses which support job creation, capital investment and improve the standard of living for all Illinois residents.
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Federal Rehabilitation Income Tax Incentives
The Federal Rehabilitation Income Tax Incentives program reduces a building owner's federal income taxes by 20% of the rehabilitation project's budget. The program is only for income-producing, depreciable, certified historic structures.
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Fire Sprinkler Incentives
The Tax Cuts and Jobs Act, first passed by Congress in 2017, incentivizes small businesses to retrofit or upgrade fire sprinkler systems in existing commercial structures by providing the ability to write off full installation costs. Equipment must be put into use from Sept. 27, 2017 to Jan. 1, 2023.
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Illinois Historic Preservation Tax Credit
The Illinois Historic Preservation Tax Credit program provides state income-tax credit equal to 25% of a project's Qualified Rehabilitation Expenditures to owners of certified historic structures who undertake certified rehabilitations.
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Industrial Development Revenue Bonds (IRB's)
The Illinois Finance Authority issues tax-exempt IRB's on behalf of manufacturing companies to finance the acquisition of land, buildings and equipment. IRB financing benefits include lower interest rates,100% financing of project costs, and federal income tax exemption for interest.
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Microloans
In this program borrowers work with a local SBA office to a find non-profit or community based organizations that can provide loans up to $50,000.
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Sales Tax Rebates
Illinois State Statute provides that a municipality may enter into an agreement to share or rebate sales tax over a finite period of time. The City of Geneva has made economic incentive agreements with retailers and developers to make high impact projects financially feasible.
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Special Service Area No. 1
The City provides special services to the downtown in an area defined as "Special Service Area No. 1."
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Tax Increment Financing (TIF)
TIF is a development and redevelopment tool used to encourage economic growth and finance eligible development costs. The City has two active TIF districts.