Large Business Development Program
The Illinois Department of Commerce and Economic Opportunity (DCEO) administers the Large Business Development Program. Lake County Partners is a conduit for the program.
| Program Details |
| Purpose: |
Provide incentive financing to large, out-of-state companies looking to relocate facilities to Illinois and encourage existing Illinois companies to undertake major job expansion or retention projects within the state. |
| Program Description: |
Funds are targeted to major economic development opportunities that will result in substantial private investment and the creation and/or retention of 300 or more full-time jobs. Program funds can be used for the purchase of land and buildings, construction or renovation of fixed assets, site preparation, and the purchase of machinery and equipment. Funds cannot be used for debt refinancing or contingency funding. This program can be offered as a grant or a loan to companies that meet the program’s eligibility. |
| Eligibility: |
A large business (500 or more employees) that is expanding or retaining 300 or more full-time jobs. |
| Ineligible Applicants: |
Retail services and small businesses (less than 500 employees) creating and/or retaining less than 300 full-time jobs. |
| Loan Term: |
10 years |
| Loan Rate: |
Fixed, low or no interest rate. |
| Fees: |
Not applicable. |
| Application Process: |
The application should be submitted to the program manager. The review and evaluation process will be completed within 45 days. For assistance with the application process, contact Bill Whitmer, Vice President of Economic Development, Lake County Partners at (847) 247-0137 or wwhitmer@lakecountypartners.com. |
| Job Criteria: |
Must create/retain 300 jobs. |
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