Business Assistance

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Energy Efficiency

ComEd’s programs assist local businesses reduce electricity costs by lowering consumption. These programs can provide a competitive edge over other States where energy efficiency programs are not as robust or consumer-friendly as ComEd’s portfolio.

Loan Programs

Kendall County Revolving Loan Fund Program
Kendall County has a low interest rate loan program used to assist small businesses with job creation or retention by loaning up to $15,000 per job created or retained. The total amount loaned can be up to 49% of a project cost. Qualifying businesses must demonstrate appropriate collateral to be used for the loan.

Private Activity Bonds
Through the Upper Illinois River Valley Development Authority (UIRVDA), Kendall County can offer tax-exempt bonds to projects of $1 million or more that have an emphasis on manufacturing. UIRVDA issues these bonds on behalf of manufacturing companies to finance the acquisition of assets such as land, buildings and equipment or to construct new or renovate existing facilities. Some of the benefits of the UIRVDA Industrial Revenue Bonds include low interest rates, long terms, flexible terms, and exemption from federal income tax on the interest.

Kendall-Grundy Department of Community Action Microloan
The mission of the Kendall-Grundy Department of Community Action is to encourage self-sufficiency while recognizing the need for personalized, direct services for residents faced with hardships. To accomplish this goal, the Micro-Loan Program was established through a Community Service Block Grant to assist in financing micro- businesses for start up or expansion efforts. A micro business is defined as any proprietorship, partnership or corporation that provides self-employment to borrower on a full-time, year-round basis and that provides employment for not more than five persons on a full-time and year-round basis.

Tax Incentives

Property Tax Abatement
Abatement on property taxes can be offered for qualifying new and existing expanding businesses. Eligible applicants include Distribution and Logistics, Manufacturing operations, and Office Headquarters. The abatement of taxes can granted for three years for a 75%, 50%, 25% reduction in property taxes. Approval of a tax abatement is based on criteria such as job creation, total investment, use of property, and amount of property taxes anticipated to be generated.

State of Illinois EDGE Tax Credit Program
The State of Illinois EDGE (Economic Development for a Growing Economy) 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 non- refundable credits can be used against corporate income taxes to be paid over a period not to exceed 10 years. To qualify a company must provide documentation that attests to the fact of competition among a competing state, and agree to make an investment of at least $5 million in capital improvements and create a minimum of 25 new full time jobs in Illinois.

Illinois Small Business Job Creation Tax Credit
The State of Illinois recently passed a new incentive for small businesses, the Illinois Small Business Job Creation Tax Credit. The law creates a $2,500 tax credit (that can be carried forward) on withholding tax for employers who hire new, full-time Illinois employees during the 12-month period beginning July 1, 2010. Only employers with 50 or fewer total employees qualify. The total credit allowance under the legislation is $50 million. In other words, the program will provide a credit for the first 20,000 qualified jobs. An on-line system will allow employers to register their new hires and, in effect, reserve their place in line. Employers can begin claiming the credit after the job has been maintained for a year. The on-line system will be available beginning July 1, 2010.

Employee Training

Kane, Kendall, DeKalb Workforce Investment Board
Facilitated by the Illinois Workforce Investment Board, the Kane, Kendall, DeKalb Workforce Investment Board offers employee training programs to maintain and improve competitiveness generally for unemployed or underemployed. The WIB is a key player in the economic growth and competitiveness of the surrounding region. Established under a 1998 Federal law called the Workforce Investment Act, the Board has a mandate to create a workforce development system that meets the needs of area employers for qualified workers, and expands the employment opportunities available to area job seekers.

Waubonsee Community College
Waubonsee Community College’s noncredit professional development courses range from one day to a month or two, giving employees the skills to improve at their current position or to start a new one. Waubonsee offers courses in several specialized areas, including truck driver training, CNC Operators, and industrial plant operations. In addition to courses taught on campus at Waubonsee Community College, courses are conveniently offered online.

Joliet Junior College
Joliet Junior College’s Corporate & Community Services provide both credit and non-credit programs for employers looking for a variety of training formats including short courses, one and two-day seminars and other flexibly scheduled workshops. Training programs offered include engineered technicians, renewable energy, forklift driving, warehousing & logistics, and refinery operations. These programs include hands on training to provide employees with on the job skills.

Tax Increment Financing Districts

Tax increment financing is available in three locations within Kendall County. TIF Districts allow a municipality to capture the increase in local property taxes (the increment) that results from a redevelopment project to pay for a variety of eligible costs involved in the project. The three TIF Districts located in Kendall County include two in Yorkville – Countryside Shopping Center at Route 34 and Route 47 as well as the Downtown Yorkville District, and one in Montgomery located at the northwest corner of Fifth Street and U.S. Route 30.

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