Business Programs and Services
Ken Springer, President
Knox County Partnership for Economic Development
Business Development Programs
The City and our partners look forward to assisting your business by providing financial and/or technical assistance where applicable. We have a variety of business development programs that may apply to your project. The program/s that would be available will depend on location, overall project cost, use of funds, jobs created/retained, etc. Below is a list and brief description of local incentives within the City of Galesburg to assist in starting and growing your business:
- GDC/SSA Rent Reduction Program - Up to $3,000 ($1,000 per year up to three years) may be available through the Downtown Council provided the property owner agrees to provide a match in rent reduction to you as a tenant. With landlord assistance the grant would amount to $2,000 per year, or $6,000 over three years.
- GDC/SSA Facade Enhancement Program - A grant providing 50% of project cost up to $7,500 for exterior improvements are available. The amount approved would depend on type of façade improvement proposed.
- City/GDC Facade Redevelopment Grant Program - A combined grant providing 50% of project cost up to $40,000 for exterior façade improvements projects of $20,000 or more. City funds would be provided through its TIF and GDC from SSA. Facades require architecture renderings.
- City TIF Redevelopment Assistance - Reimbursement of eligible redevelopment cost may be available, especially if the improvements increase property value. Amount will depend on incremental tax revenues resulting from improvements and other factors. An agreement will need to be approved prior to receiving any benefits.
- City Enterprise-Zone Benefits – Benefits for businesses locating or expanding include property tax abatement up to $1.0 million per taxing body, sales tax exemption of 7.5% on locally purchased building materials, waiver of permit fees, and various tax credits available through the State.
- City Business Innovation Grant Program – A grant providing 50% of project cost up to $10,000 is available for new business innovation. Funds can be used for new business start-ups or for existing businesses seeking to expand into new markets or product/service lines.
- City Revolving Loan Program - Low-interest loan at 3% interest is available for a variety of uses. Amount of loan is the lesser of $15,000 per job, or 50% of the project costs, or $750,000. Of the jobs created or retained, 51% should benefit low moderate income individuals.
- City Employer Training Program - Grants up to $50,000 or 50% of the training cost is available for employers seeking to upgrade employee skills and obtain higher levels of productivity and competitiveness.
- Entrepreneurship Center – Professional services in business planning, marketing assistance, and financing proposals are available through the Entrepreneurship Center.
- Incentive Proposals – In addition to incentives provided within the City, staff can provide an incentive proposal to include regional, State, and federal incentives. Special designation in Galesburg include: HUB Zone, Enterprise Zone, Foreign Trade Zone, and Rural Renewal Community.