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Those companies relocating or expanding in Effingham County may be eligible to receive valuable incentives or loans based on total investment, new hires and/or location within the county. Some of the programs available include:
Those companies locating or expanding within a state-designated Enterprise Zone may qualify for the following:
Property Tax Abatement - 100% abatement on the increase to the base amount. (3 years for commercial projects and ten years for industrial projects). This abatement period shall not extend beyond the "life" of the Enterprise Zone which currently expires in 2018.
There are several TIF district’s located throughout Effingham County. Each district is designed to provide qualified property owners a subsidy for redevelopment, infrastructure, and other repairs/improvements that are deemed to benefit the community at large. This program has been has been quite successful throughout the county.
This fund is designed specifically to promote community and economic development in Effingham County. Its’ use is at the discretion of the Board of Directors of the Effingham Regional Growth Alliance.
The EDGE program is designed to offer a special tax incentive to encourage companies to locate or expand operations in Illinois when there is active consideration of a competing location in another state. The program can provide tax credits to qualifying companies, equal to the amount of state income taxes withheld from the salaries of employees in the newly created jobs. The nonrefundable credits can be used against corporate income taxes to be paid over a period not to exceed 10 years.
Many companies in the area have taken advantage of the customized training solutions offered by the Business and Technology Institute at Eastern Illinois University https://www.eiu.edu/ and the Center for Business and Industry at Lake Land College www.lakelandcollege.edu/cbi . Training is available for all types of manufacturing and warehouse processes enabling companies to achieve the next level of efficiency and productivity. ERGA and Effingham County has access to financial resources to offset the cost of these training programs.
A locally controlled financing method used in cooperation with traditional bank loans to assist credit worthy existing and start-up businesses within the community. The funds may be used for both fixed asset and working capital purposes including...