City of Quincy ILLINOIS

DEVELOPMENT INCENTIVES

The Department of Planning and Development can help identify state and local resources for existing, new and expanding companies in Quincy. Staff is available to assist business owners with the application process for a variety of development incentives and assistance. Click on the link below for more information.

Quincy/Adams County Enterprise Zone Program
In the 2002-2003 FY, the Department processed 152 applications for new construction or rehabilitation projects that resulted in $32,936,233 in improvements.

Quincy Tax Increment Financing Program
Tax Increment Financing (TIF) is a method of funding public investment in an area slated for redevelopment by capturing, for a time, all of the increased tax revenue that may result if the redevelopment stimulates private investment. As private investments add to the tax base within the redevelopment area, the increase tax revenues are placed in a special fund that can only be used for public purpose permitted by law.

Quincy Economic Development Loan Program
Since 1984, the Economic Development Loan Committee has approved 85 projects for 59 companies for a total loan value of approximately $26,836,000. Projected total jobs created since 1984 are 2622 with 2280 jobs retained.

Central Business District Revolving Loan Fund (CBDRLF)
Low interest loans are available to persons wanting to acquire properties and establish a business in the Central Business District. Since 1995, 25 loans have been approved totaling $2,858,528. Click here to download a loan application.

CDAP/DCCA Grants
From time to time and under special qualifying circumstances, the Department will assist the business developer with grant applications to the Community Development Assistance Program (CDAP) and grants offered by the Department of Commerce and Economic Opportunity (DCEO). For more information regarding these grant programs, please contact Tom Fentem at 217-228-4515.  

USDA Rural Development Guaranteed Business Loans

Government backed financing is available for Quincy businesses and lenders. Rural Development will guarantee up to 80 percent of loans for businesses looking for startup, growth or expansion.  Borrowers can get higher loan amounts, lower interest rates and longer repayment terms, with fixed or variable rates. Through this program, lenders have another tool to expand their loan portfolio, increase their earnings in the secondary market, reduce their concerns about collateral and make loans above their legal lending limits.  The program is designed to help local lenders and businesses in communities like Quincy create and maintain jobs.  Contact Jeff.Seefeldt@il.usda.gov or 224-9307.  More information available at: http://www.rurdev.usda.gov/rbs/busp/b&i_gar.htm