Small Business Incentives
Small Business Loan ProgramThe Village of Schaumburg offers incentives for small business owners to stimulate economic growth and create jobs for low- and moderate-income individuals. The Small Business Loan Program assists existing small businesses with growth and expansion costs.The Village of Schaumburg will provide eligible applicants with forgivable loans of up to $15,000. To be eligible, applicants must be a small business (those with 500 employees or less) and are, or will be, located within the corporate limits of Schaumburg. For more information, contact Debbie Van Sickle at 847-923-3852 or view the program fact sheet.
Cook County Class 7The Cook County Class 7 real estate tax incentive allows eligible commercial users to reduce their assessed value for a period of twelve years. Eligible Properties must be for commercial development and meet the following criteria:
- The area must be designated in need of commercial development
- Real Estate Taxes have declined or remained stagnant for the last six years
- The project is viable and timely with the approval of the Class 7
- The project would not move forward but for the incentive
- The project will create increased tax revenue and employment for the area
More information on the Class 7 application can be found on the Cook County Assessor website.
Cook County Class 6BThe Cook County Class 6B real estate tax incentive allows eligible industrial users to reduce their assessed value for a period of twelve years. Eligible Properties must be for industrial development and meet the following criteria:
- The real estate is used primarily for "industrial purposes", which includes manufacturing, wholesale distribution, or processing of raw materials to create new products
- The incentive is used for either new construction, the purchase of an abandoned property (2 years vacant) or for substantial rehabilitation of a structure
The Village of Schaumburg also requires that applications seeking an incentive meet certain criteria in order to be considered for approval. The Village's official Class 6B policy can be viewed and downloaded here.
More information on the Class 6B application can be found on the Cook County Assessor website.
Industrial Revenue Bonds
Schaumburg receives $5.9 million each year in tax-exempt bonds that can be used by existing Schaumburg industries to expand or attract new industries. The interest rates on these industrial revenue bonds are 65-80% lower than conventional bank interest rates and typically save 10-25% of the amount financed. Eligible applicants are limited to manufacturers that alter or add value to raw materials. Wholesalers, distributors and retailers are not eligible.
Eligible uses of the funds include:
- Land acquisition
- Building construction
- New or existing equipment purchase
- Interest expenses during construction