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.
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 City Council on February 2, 2015 adopted a TIF Investment Plan for the Downtown Districts. The plan establishes goals, and strategies for TIF expenditures as well as the review and approval process for request for funding.
Central Business District Revolving Loan Fund (CBDRLF)
The goal of the Quincy CBD-RLF is to stimulate the preservation and revitalization of the Coty’s historic downtown by providing financial assistance to any current or prospective purchaser of commercial or commercial/residential properties for business purposes in the core area bounded by the riverfront, Twelfth Streets, Oak Streets and Payson Avenue. Since 2006, the CDB-RLF Committee has approved 52 low interest loans to for a total city loan value of $1,800,000. Click here for more information.
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