Overview
Small businesses do not have the resources of larger corporations. As a city dedicated to cultivating our small business economy, Hillsboro seeks to stimulate, develop, and grow companies that are dedicated and responsible members of our community. Through that commitment, Hillsboro hopes to encourage businesses that contribute to our quality of life by providing not only jobs for our citizens but are also committed to the well-being of our city.
TIF Grant
TIF (Tax Incremental Financing) is designed to help businesses complete projects where no other funding is possible within specific boundaries or “TIF districts.” The city of Hillsboro enters into redevelopment agreements that provide funds to businesses/developers so they will complete the project and make significant improvements within the boundaries of the district.
In order to receive these funds, the business/developer must be:
- A “for-profit” venture in good financial standing.
- The project must be located within the established TIF district (Hillsboro TIF map)
- The developer must present evidence of the financial capability to complete the proposed project.
If they meet the above requirements, the business/developer are welcome to fill out a TIF application and email it to the Community and Economic Development Director for the city of Hillsboro. After the application is filed, the director will:
- Contact the business/developer about any questions, concerns and clarifications.
- Present and advocate for the application before the city council. It is strongly recommended for the applicant to be at the stated meeting. The planner will inform them of the date.
- If the council approves the request, the business/developer will work with the city clerk and treasurer for the disbursement of funds.
Revolving Loan Fund
Small businesses typically apply to financial institutions for the financing of their business. However, there are times when the granted loan doesn’t meet all their needs. The City of Hillsboro established a revolving loan fund in order to help fill in the financial gaps so that local small business community can flourish and provide for the job needs of its citizens.
The Revolving Loan Fund is a lower interest loan with no additional fees added on to the application process with up to ten-year terms for repayment.
In order to qualify for the Revolving Loan Fund, businesses must meet the following criteria:
- The business must provide solid evidence of financial stability and owner guarantees and equity.
- A private lender must have already provided 51% of the needed loan.
- A detailed project summary that must be in the areas of the purchase of machinery, equipment or inventory, working capital as part of an expansion or modernization that will create or maintain employment, construction of new facilities, additions or renovations of existing facilities.
If they meet the above requirements, the businesses are welcome to fill out a revolving loan application and email it to the Community and Economic Development Planner for the city of Hillsboro. After the application is filed, the director will:
- Contact the business/developer about any questions, concerns and clarifications.
- Present and advocate for the application before the city council. It is strongly recommended for the applicant to be at the stated meeting. The city planner will inform them of the date.
- If the council approves the request, the business/developer will work with the city clerk and treasurer for the disbursement of funds.
Façade Improvement Grant
The City of Hillsboro is proud of its historic downtown with some of the buildings dating from the 1850’s. In order to encourage businesses to make our community beautiful, contribute to the community’s quality of life and give a positive impression to visitors, the City Council provides funds to develop the facades of the downtown district buildings.
The façade funds are matching grants up to 2,000 dollars per building. For example, if a business wants the full 2,000, it must spend 2,000 dollars for a total project cost of 4,000. The monies will be distributed after the project is complete.
In order to apply for this grant, the business/developer must:
- Fill out an application and submit it to the Community and Economic Planner
- Provide an overview of the project which must fall into the following categories: façade rehabilitation, storefront repair, door and window replacement, exterior painting, awnings, lighting or tuck pointing and masonry repair.
- Work with the Community and Economic Planner to answer any questions, concerns, and clarifications.
- Be present, if possible, when the application is presented to the Historic Preservation committee considers recommending the proposal to the city council.
- Be present, if possible, when the City Council considers the recommendation from Historic Preservation committee.
Facade Improvement Grant Application
More information:
Contact the Community and Economic Planner, Sarah McConnell at economicdevelopment@hillsboroillinois.net
