BUSINESS INCENTIVES

 

GNCDC is a world class liaison organization bringing forward public and private sector incentive programs designed to encourage investment in growing your business and workforce. Call our office at GNCDC – (773) 637-2416 or email: info@gncdc.org to find out more if you qualify for any of these popular incentive programs.

 

        NOTE: Programs may require prior approval so call GNCDC first.

 

 

TIFWORKS 50/50

The City of Chicago has launched a new matching employee training grant program for manufacturing companies located in the Pulaski and the Galewood-Armitage TIF districts. TIFWorks 50/50, with a streamedlined application and quick review process, is designed to offset the cost of training both existing and newly hired employees by rebating 50% of pre-approved training. $10,000 per company for incumbent training; $5,000 per new-hire up to $15,000 for On-the-Job training.

 

Frequently Asked Question

 

IMPROVEMENTS, EXPANSIONS, AND WORKFORCE DEVELOPMENT GRANTS

 

The SBIF (Small Business Incentive Program): This City of Chicago program rebates from 25 to 75 percent of structural building improvements for industrial owner/occupants, landlords, and tenants who meets the eligibility criteria. Only available in selected TIF district. New construction not eligible. 


Enterprise Zones: Offers a variety of incentives for industrial companies within designated zones. Incentives include building materials sales tax exemptions, transfer tax exemption. Most companies served by GNCDC are in Enterprise ZONE V.

Streamlined TIF: City of Chicago program reimburses up to 25 percent of $1 million for projects in eligible TIF districts:

TIF Financing: Funds used to repair roads and infrastructure, clean polluted land and put vacant properties back to productive use Eligible costs include studies and surveys; acquisition of land and site preparation, building repair. Projects costs usually exceed $1 million.

 

Cook County 6b: Reduces property tax incentives on redevelopment of vacant building or property.

 

TIFWorks: Reimbursement for eligible training programs, for companies in eligible TIF districts.


WOTC: Workers Opportunity Tax Credit is a federal program to offset the cost of new hires who meet federal criteria.

Utility Rebates: Both ComEd and People’s Gas offer rebate program for investments in new lighting and other equipment that reduces your use of electricity and natural gas:

    ComEd

    People's Gas

LENDING PROGRAMS

 

Small Business Loan Program

 

Loans are available through a partnership between the City of Chicago Treasurer’s Office and community-based lenders. The program targets small and high-growth companies that can use the funds for short-term loans and lines of credit. For more information, click on City Treasure’s Small Business Loan Program

 

For a comprehensive list of all City of Chicago incentive programs, click here.

For a comprehensive list of Cook County Incentive Programs, click here.

Greater Northwest Chicago Development Corporation

4506 W. Fullerton Ave

Chicago, IL 60639

Phone: (773) 637-2416

info@gncdc.org

Proudly, A LIRI and a 501(c)(3) non-profit, GNCDC Reaches Out with Programs & incentives in our community – Since 1977 to effect local industrial retention & small business growth.