If your business is already located in DuPage County or you are looking to relocate, there are numerous DuPage County business resources available to you.
Illinois Department of Commerce and Economic Opportunity (DCEO)
Employer Training investment Program (ETIP)
The Employer Training Investment Program (ETIP) is a competitive application program for Illinois based manufactures and service companies to facilitate upgrading the skills of their workers in order to remain current in new technologies and business practices. Participation in the program will enable companies to remain competitive, expand into new markets and introduce more efficient technologies into their operations. ETIP grants may reimburse Illinois companies for up to 50 percent of the eligible cost of training their employees. Grants may be awarded to individual businesses, intermediary organizations operating multi-company training projects and original equipment manufacturers sponsoring multi-company training projects for employees of their Illinois supplier companies. www.ildceo.net/dceo/Bureaus/Business_Development/Grants/ETIP.htm
Economic Development for a Growing Economy (EDGE)
EDGE provides tax credits to qualifying businesses that create new jobs and make a capital investment in Illinois. Credits are calculated from the personal income tax collected on salaries paid to employees in the new jobs created, which may be taken as a tax credit against corporate income taxes. To qualify for the EDGE program a business would have to make an investment of $5 million and 25 jobs or $2.5 million and 50 jobs. If the company has less than 100 employees worldwide then an investment of $1 million and 5 jobs is required.
Extended Small Business Jobs Creation Tax Credit Program
The entrepreneurial spirit is alive and well in Illinois and must be nurtured. To help continue to move the Illinois economy to a sustainable recovery the Small Business Jobs Creation Tax Credit has been extended by the Governor Quinn and the General Assembly with some new components.
The program officially went live on July 1, 2012 and only new, full-time jobs created beginning July 1, 2012 to June 30, 2016 will be eligible for tax credits. The program will either run until June 30, 2016 or it will immediately come to a close if $50 million in tax credits are issued prior to that 2016 date.
Overall, not a lot has changed from the pilot program to this extended program. Eligible businesses (and not-for-profit businesses) are still those with 50 or fewer full-time employees. Eligible jobs are those that pay at least $10/hour or $18,200/annually and the position must be sustained for one full year from the hire date.
One important thing to note: You do not have to keep the same individual in the position the entire year, but you will need to make sure the position is filled with any number of employees for at least one year from the actual hire date.
A new piece to this program is that PEO’s (Professional Employer Organizations) would be able to receive a tax credit based on their working relationship with an eligible business. If a PEO has been contracted by an eligible business to issue W-2s and make payment of withholding taxes, then they could enter their information and be eligible to receive a tax credit.
After creating one (or more) new, full-time positions that meet the eligibility requirements, employers are eligible to receive a $2,500 per job tax credit. This will provide an extra boost for employers, enabling them to grow their businesses in Illinois.
To register a position or to learn more about the program please visit our website: https://jobstaxcredit.illinois.gov/Default.aspx.
If you have any questions about the program feel free to contact us via email at JobsTaxCreditProgram@illinois.gov or by phone at (800) 252-2923.
Illinois Finance Authority (IFA)
Industrial Revenue Bonds
Administered through the Illinois Finance Authority, the industrial revenue bond program provides the authority with the ability to issue tax exempt IRBs on behalf of Illinois manufacturers looking for long term financing on the purchase or renovation of fixed assets such as land, building, and equipment. IRBs may finance up to 100 percent of the total costs for qualifying projects of at least $1.5 million. Terms of the bonds may not exceed 10 years. A $1,500 non- refundable fee is required upon submission of application.
Illinois State Treasures Office
US Small Business Administration
Source: Choose DuPage