Incentives for Growing Your Businesses in Urbana

If your business is new or experiencing changes, you may be eligible for various incentives offered by the City of Urbana, Champaign County, the State of Illinois, or other agencies.

Enterprise Zone Program - City of Urbana

Economic development is encouraged in a designated area in which tax incentives and direct financial assistance is provided to firms locating or expanding there. The Enterprise Zone Program includes property tax abatements, sales tax exemption on building materials, investment tax credits, jobs tax credits, income tax deductions for financial institutions, dividend deductions, corporate contribution deductions, Enterprise Zone machinery and equipment sales tax exemption, utility tax exemption, and other assistance provided by City staff. See the City of Urbana website for more information.

Tax Increment Finance Redevelopment Incentive Program - City of Urbana

The City of Urbana encourages development in specified Tax Increment Finance District (TIF) areas by offering various methods of assistance and incentives. The TIF Redevelopment Incentive Program offers zero-interest loans that can be used for the rehabilitation of buildings, landscaping, site improvements, and remodeling of enclosed commercial mall space. See the City of Urbana website for more information.

Development Agreements - City of Urbana

Development projects within the City of Urbana that involve annexation, infrastructure alterations, or unique service provisions for the community may be eligible for development agreements. These agreements are negotiated and signed for both the developer and the City of Urbana. Contact a City of Urbana staff member for more information.

Home Builder Incentives/Tax Rebate Program - City of Urbana

The Tax Rebate Program allows property owners of newly constructed single family homes, condominiums, duplexes, zero lot line town homes, and co-ops in Urbana to obtain a rebate of the difference in total property tax rate between Urbana and Champaign. See the City of Urbana website for more information.

Business Loan Programs - Champaign County Regional Planning Commission

The Champaign County Regional Planning Commission (RPC) is a central resource for a variety of innovative federal, state and local business loan programs. These programs are designed to stimulate the growth, expansion and retention of businesses within Champaign County. The RPC's economic development programs offer borrowers lower interest rates, long-term fixed rate financing, lower down payment requirements, and enhanced private lender risk.

For more information, contact the Champaign County Regional Planning Commission at: 1776 East Washington Street, P.O. Box 17760, Urbana, IL 61803-7760 Phone (217) 328-3313 Fax (217) 328-2426 Visit their website

Champaign County Community Development Corporation Incentives

The Champaign County Community Development Corporation (CDC) is a multi-bank Community Development Corporation whose purpose is to promote small business start-up and expansion and therefore generate employment opportunities for low-to moderate-income residents of Champaign County. The CDC will promote economic development by providing debt and equity financings to qualifying small businesses.

For more information, contact the Champaign County Community Development Corporation at: 1776 East Washington Street, P.O. Box 17760, Urbana, IL 61803-7760 Phone (217) 328-3313 Fax (217) 328-2426 Visit their website

State of Illinois Business Incentives

The State of Illinois provides a variety of resources and incentives to businesses, depending upon criterion and eligibility. Visit their website for more information.

Small Business Development Center Resources

University of Illinois Extension Small Business Development Center (SBDC) coordinates and delivers management programs, technical assistance and educational programs to small businesses. Services are tailored to meet the unique needs of the existing business owner or manager and potential business owners. Visit their website for more information.