For your convenience, the Economic Development Department has compiled all of our incentive program information into one document, which can be found here:

Summaries of all Programs

Please find below a list of programs available within the Village of Rantoul to assist new and existing companies with economic development.

Tax Increment Financing (TIF) Districts

Tax Increment Financing (or TIF) is a state enabled tool used by municipalities to reduce or eliminate blighting conditions, foster improvement, and enhance the tax base of every taxing district which extends into the area. Tax Increment Financing provides for redevelopment that would otherwise not occur without the support of public investments. This tool allows the Village to capture the increase in local property tax that result from a redevelopment which also contributes to the TIF fund. Money collected in this fund may only be used on projects within the boundary of the district.

Eligible project expenses generally include: land acquisition, financing costs and site improvements (i.e. utility extensions).

The Village of Rantoul currently has three (3) active TIF Districts. Here is the TIF District Map. Each project will be considered individually and the dollar amounts available for reimbursement will vary depending on several factors, including how much money has been collected in the TIF fund and other Village planning and development goals. For more detailed information and to discuss specific projects, please contact Village Economic Development at (217) 892-6801 or email

Enterprise Zone

The current Rantoul Enterprise Zone was established in 2016 in order to promote investment and revitalization and economic growth within the Village of Rantoul. Enterprise Zones are meant to stimulate economic growth and neighborhood revitalization by providing public incentives for private investment.  Please contact Village Economic Development for further information at (217) 892-6801 or email.

Economic Development Administration Loan Fund

Funded by a grant from the U.S. Economic Development Administration, with all proceeds reinvested in small businesses, this program lends qualifying borrowers up to $500,000 at a interest rate of between 2 and 10%, depending on the WSJ Prime Rate, over a period of up to 10 years. Eligible projects include real estate acquisition and improvement, working capital and equipment. Proceeds from this fund may be combined to meet a matching grant requirement. Download the EDA Loan plan here.

Contact Village Economic Development by email or phone at (217) 892-6801 for more information. 

Small Business Micro Loan Fund

Funded by the Village of Rantoul, with all proceeds reinvested in small businesses, this program will lend qualifying borrowers up to $100,000 at a interest rate of between 2 and 10% over a 5-7 year period. Eligible projects include equipment and capital improvements. Proceeds from this fund may be combined to meet a matching grant requirement. Contact Village Economic Development by email or phone at (217) 892-6801 for more information.

Downtown Storefront Facade Improvement Grant Program

Applications are accepted for a matching grant program funded by the Village in order to encourage Downtown business owners to improve the look of their properties. Generally, eligible improvements include awnings, windows, façades and other exterior cosmetic building improvements. The Village will provide a 50% match of owner/tenant funds up to $10,000 per building. Applications will be reviewed on a first-come, first-served basis and approved by the Village Board.

Foreign Trade Zone (FTZ)

Rantoul has a Foreign Trade Zone (or FTZ) centered around the existing airport. Please see Rantoul's FTZ website for additional information.

Historically Underutilized Business Zone (HUBZone)

Many parts of the Village of Rantoul are located in a Historically Underutilized Business Zones (HUBZone), which helps small businesses in urban and rural communities gain preferential access to federal procurement opportunities. This is a large potential market and an important opportunity for many types of businesses.

 

To qualify for the program, your business must meet these requirements, among others:

• Be located in an area designated as a HUBZone. Check your business address here
• 35% of your employees must reside in a HUBZone

Please contact Mary Turner for additional information about the qualifying process:
Mary Turner
217.223.5636
mr-turner@wiu.edu
Illinois PTAC
301 Oak St.
Quincy, Illinois