There are several key incentives available for investors looking to rehabilitate one of downtown’s historic buildings:
Owner-Occupied Real Estate Project
The Lincoln Land Small Business Development Center can help walk you through these federal business programs if you are planning to work from your rehabbed building:
Small Business Administration 504 Loans
Small Business 7a Loan Program
City’s Microloan Program – Through Justine Petersen, the largest SBA micro lender in the U.S., provides comprehensive micro-enterprise lending and training to small and start-up businesses including one-on-one counseling and technical assistance; credit building strategies; FDIC Money Smart Curriculum; a business plan questionnaire to assist clients through the business planning process; micro-loan origination; and post-loan technical assistance for those that struggle to meet their business plan benchmarks and for those that are expanding their businesses. Contact the City’s Planning and Economic Development Office.
Start Up Handbook by University of Illinois & Innovate Illinois