The first place to go when you have your plan in place is your local lender. Many banks and financial institutions can help you create a financial plan that makes sense for your business and your personal finances.
Local lenders we work with and recommend:
Heartland Bank – 309-284-5301, firstname.lastname@example.org
Morton Community Bank – Jeremy Knepp, 309-266-5337 x 217, Jeremy.email@example.com
PNC Bank – Jim Ritthaler, 309-263-1915, James.Ritthaler@pnc.com
Morton Building Improvement Grant
The Morton Building Improvement Grant provides grants of up to $10,000 to commercial property owners and occupants for exterior structural and aesthetic improvements, interior code compliant elements, signage and permanent hard scape to support enhancing the property value. The grant is open to any business or building owner located in the Morton Business District, which is the vast majority of local businesses. The Morton Building Improvement Grant is funded through the Morton Business District Fund. Starting in 2018, grant applications will be accepted at any time and will be reviewed on a monthly basis. View Guidelines 2018 Application
The Morton MicroGrant provides small grants of up to $5,000 to for-profit business owners interested in starting, moving, or growing a business in Morton. Funds can be used for property improvement or acquisition, equipment purchases, inventory and working capital, and rent subsidies. The Morton MicroGrant is funded through a directed investment with the Morton EDC made by Morton Community Bank. Applications are reviewed on a monthly basis as needed.
The City of Morton has a designated Enterprise Zone that has been in existence since the early 1980s. By state statute, an Enterprise Zone is an area designated by a municipality for targeted business growth and economic revitalization. The Enterprise Zone stimulates economic growth and neighborhood revitalization in economically depressed areas of the state.
More on Morton’s Enterprise Zone
Industrial Revenue Bonds
An Industrial Revenue Bond (IRB) is a form of municipal bonding that is designated for use by private manufacturers. Projects within an Enterprise Zone are given preference for IRBs. By providing a reduced financing rate, an IRB gives small manufacturers’ access to capital (both locally and in national markets) that they ordinarily might not have. IRB’s can be issued for amounts between $1.5M and $10M, and the interest rate is generally below market value and sometimes even below prime. These loans can be at fixed or variable rates and usually have terms of 20 years. Unlike many other state and locally-run programs, IRBs can fund 100% of costs. These costs can include purchase of land, buildings and new machinery. Applicants must secure the legal opinion of certified bond counsel. For more information on this program, please contact the MEDC.
Illinois Employer Training Investment Program
The Employer Training Investment Program (ETIP) supports Illinois workers’ efforts to upgrade their skills in order to remain current in new technologies and business practices, enabling companies to remain competitive, expand into new markets and introduce more efficient technologies into their operations. ETIP grants may reimburse Illinois companies for up to 50 percent of the cost of training their employees. Grants may be awarded to individual businesses, intermediary organizations operating multi-company training projects and original equipment manufacturers sponsoring multi-company training projects for employees of their Illinois supplier companies.
More on ETIP
If you are considering the implementation of electric energy efficiency modifications to your commercial building to reduce energy consumption and cost, you might consider applying for ActOnEnergy, a programadministrered by Ameren Illinois Utiltiies. This program offers cash-back incentives for energy efficiency projects of all sizes and types including lighting fixtures and controls, motors and drives, and efficient colling equipment.
More on ActOnEnergy
State of Illinois Resources
DCEO Loan Programs
DCEO Tax Assistance