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/Brown County Enterprise Zone Program
Quincy/Adams/Brown County Enterprise Zone program is designed to stimulate business development, job creation, and retention , and neighborhood revitalization in strategically targeted areas in the City of Quincy  and Adams and Brown Counties.    This is accomplishes through local and state tax incentives and permit fee discounts.     For more info: http://www.quincyil.gov/government/CityDepartments/PD/development/enterprise-zone
 

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.   

Economic Development Loan Program
The goal of theEDP-RLF is to preserve and promote the Quincy area economy by providing financial incentives that will encourage private investments for new and expanding business, resulting in the creation and or retention of jobs.    Since 1984, the EDL-RLF  Committee has approved 105 low interest loans to 75 local companies for a total loan value of $31,940,000.   Projected job created since 1984 are 3032 with 2688 jobs retained.    For more information on the ED-RLF link to: http://www.quincyil.gov/government/CityDepartments/PD/development/QEDLP   

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.  For more information on the CBD-RLF link to: http://www.quincyil.gov/government/CityDepartments/PD/development/CBD-RLF   

CDAP/DCEO 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