The state of Illinois launched a new program Monday (Sept. 20, 2021) that will offer incentives to bring new businesses and create new jobs in Illinois.
The Prime Sites program is a highly competitive capital grant opportunity for companies proposing large-scale development projects that will create at least 50 well-paying jobs for Illinois residents.
The Illinois Department of Commerce and Economic Opportunity program will commit up to $33 million to Prime Sites, which officials hope will bring more than $165 million in capital projects to Illinois and spur the creation of at least 6,500 new jobs.
Local officials hope that translates to business development here in Kane County. Click here to visit the Why Kane website.
“With our skilled workforce, modern infrastructure, and unparalleled access to transportation and global markets, Illinois already is ripe for relocation, expansion, and retention of forward-thinking companies,” Gov. JB Pritzker said. “Our new Prime Sites program will further invite new investments from cutting-edge companies like those in the fields of renewable energy, quantum, technology, life sciences and many others expected to create thousands of well-paying jobs in the years ahead.”
Funded by Rebuild Illinois, DCEO will leverage the Prime Sites fund to provide matching capital for large investments by businesses relocating to or expanding in Illinois. Grants will range from $250,000 to $6 million and will be tied to the number of new jobs created. Recipients will be required to provide a minimum 4-to-1 match — enabling the grant to cover up to 20% of total capital costs for each project.
“The Prime Sites fund provides the state of Illinois with an additional tool to attract investment and job creation in cutting edge industries,” said DCEO Acting Director Sylvia Garcia. “As the latest installment of our Rebuild Illinois capital plan, Prime Sites will help Illinois continue to invest in infrastructure that accelerates growth in innovative industries—while also maintaining our laser focus on providing support for existing companies and building a pipeline of 21st century careers for Illinois residents.”
To apply for a Prime Sites grant, companies must commit to creating at least 50 well-paying jobs and investing $40 million in Illinois or creating at least 100 well-paying jobs and investing $20 million in Illinois.
Companies must also receive contingent approval through the state of Illinois that they qualify for the EDGE or High Impact Business program, incentives provided to companies that commit to expansion or job creation in Illinois.
Priority will be given to companies that are located in an economically disadvantaged area – such as an underserved area, Opportunity Zone, or Enterprise Zone – or that are in a set of high-growth industries.
Companies with local letters of support as well as those with national or global reach will receive preference during the review process. All projects must adhere to State of Illinois requirements for BEP and Illinois Works. A full list of eligibility requirements can be found on DCEO’s website.
DCEO will begin accepting applications for Prime Sites immediately, and awards will be made on a rolling basis. To receive updates on this program and economic development in Illinois, visit DCEO’s website or follow on social @IllinoisDCEO.
Kane County Economic Development
Kane County works with our municipal and economic development partners to attract and retain businesses, and maintain a dynamic workforce ready to meet the needs of the future.
Find out more at the Why Kane website.
- Economic Development Partners
- Job Enrichment
- Business Assistance
- Kane County Matching Grant Program
- Kane County Economic Development Staff
SOURCE: Illinois DCEO news release, Why Kane website