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

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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

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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.

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

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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.

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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:

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    ComEd

    People's Gas

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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.

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