GDC SSA Facade Grant Program
The GDC Façade Grant Program is designed to assist property owners and businesses with exterior visual improvements to building facades, including new signage, awnings, or historical restoration.

• Maximum grant:
      Taxed Properties: $7,500
      Tax Exempt Properties: $2,000

• Grant paid upon GDC approval and successful completion of project
• Grant amount based on percentage of total project cost:
      Taxed Properties - Up to 35% of total project cost not to exceed $7,500
      Tax Exempt - Up to 25% of total project cost not to exceed $2,500
• Project must be completed within 6 months of committee approval date
• Purposed project may not start until GDC approval has been received.
• Application Requirements:
      -Schedule initial consultation with the Galesburg Downtown Council       -Complete 2-page form
      -Include two project quotes
      -The Galesburg Downtown Council reserves the right to alter funding amounts for projects it deems in the best interest of the Special Service Area.

GDC Business Development Program
This new grant aims to provide financial incentives through initial rent reduction to perspective businesses that want to locate a business in the special service area.
• Eligibility
The Downtown Council will award up to $3,000 in rent funds when the property owner agrees to offer matching funds for free rent to a perspective tenant. Awards are based on term of lease and amount of free rent offered by the property owner.
• Grant Terms
3-year Lease - 3 Months up to $3,000
2-year Lease - 2 Months up to $2,000
1-year Lease - 1 Month up to $1,000
* To be eligible, property owners must guarantee the lease is completed in full or refund the Downtown Council the pro-rated award amount.
• Application Process Steps
Schedule initial consultation with the Galesburg Downtown Council prior to signing lease agreement

City of Galesburg SSA Revolving Loan
The SSA Revolving Loan is a low interest loan for interior building code work, facades, and business start-up within the boundaries of the Special Service Area.
Maximum loan - $20,000
• Loan amount shall not exceed the lesser of the following:
      -$20,000
      -Current Fund Available
      -75% of project cost for façade renovations w/non-CDAP funds
      -50% of project cost for facades, code improvements and startup costs using CDAP funds
      -Sum of $10,000 for each full-time equivalent job created or retained + 20% of estimated increased assessed value of property + 5% of increased gross annual sales resulting from project
• Facade Loan Rate: 0% up to 7 years or 3% for 7 to 10 years (non-CDAP funds)
• Term of loan shall not exceed 7 years for code improvements and business startup costs at 3% interest
• Eligible borrowers exclude residential developments and non-profit corporations
• Project must be initiated within 6 months of council approval
• Application Requirements:
      -Minimum equity investment of 10%
      -5-page form with financial statement plus 3 years income tax returns and proformas
      -More than 50% of jobs created or retained shall be available to low and moderate income workers

Prairie Hills Downtown Revitalization Loan
The Prairie Hills Downtown Revitalization Loan is a low interest loan for exterior façade work and repair, interior HVAC or other efficient improvements.
Maximum loan - $15,000
• Loan amounts not to exceed $15,000 may be borrowed per business. Loan terms not to exceed (10) years
• Interest rates are fixed at 4%
• Required collateral (inventory, equipment, land, buildings, etc.)
• Eligible borrowers include corporations, partnerships, sole proprietorships and LLCs.
• Application Requirements:
      -Brief company history
      -Project description, estimated time frame for completion
      -Construction cost estimates/quotes
      -If business is leased or rented, permission from the building owner must be obtained
      -Tax returns for the previous (2) years
      -Profit and loss statements
      -Current balance sheet

IVCA Community Services Block Grant Loan Program
This grant is for profit entities that meet SBA guidelines for job creation and economic development.
• Interest rates below conventional lenders
• Eligible for-profit entities that meet SBA size guidelines. (Financial institutions are not eligible)
• Loans 49% or less of project cost
• Terms of loan are up to (10) years; interest rates are 5%-7.5%
• Processing fee + cost incurred
• Job criteria =$15,000 per 1 full-time or 2 part-time jobs
• Application on-line @ www.ilventures.org

Historic Preservation Financial Incentives @ Illinois Historic Preservation Agency
• 20% Rehabilitation Tax Credit for historic buildings; 10% for non-historic commercial buildings pre-1936
• 50% Disabled Access Tax Credit
• Property Tax Assessment Freeze Program
• Investment Tax Credit for Low Income Housing
• Endangered Building Grants
For more information: www.state.il.us/hpa/ps