Economic Development Incentives and Programs
Tax Increment Financing (TIF) DistrictsTax Increment Financing (or TIF) is a
Eligible project expenses generally include: land acquisition, financing costs and site improvements (i.e. utility extensions).
The Village of Rantoul currently has three (3) active TIF Districts. Here is the TIF District Map. Each project will be considered individually and the dollar amounts available for reimbursement will vary depending on several factors, including how much money has been collected in the TIF fund and other Village planning and development goals. For more detailed information and to discuss specific projects, please contact Village Economic Development at (217) 892-6801 or email
Enterprise ZoneThe current Rantoul Enterprise Zone was established in 2016 in order to promote investment and revitalization and economic growth within the Village of Rantoul. Enterprise Zones are meant to stimulate economic growth and neighborhood revitalization by providing public incentives for private investment. Please contact Village Economic Development for further information at (217) 892-6801 or email.
Economic Development Administration Loan FundFunded by a grant from the U.S. Economic Development Administration, with all proceeds reinvested in small businesses, this program lends qualifying borrowers up to $500,000 at a interest rate of between 2 and 10%, depending on the WSJ Prime Rate, over a period of up to 10 years. Eligible projects include real estate acquisition and improvement, working capital and equipment. Proceeds from this fund may be combined to meet a matching grant requirement. Download the EDA Loan plan here.
Contact Village Economic Development by email or phone at (217) 892-6801 for more information.
Small Business Micro Loan FundFunded by the Village of Rantoul, with all proceeds reinvested in small businesses, this program will lend qualifying borrowers up to $100,000 at a interest rate of between 2 and 10% over a 5-7 year period. Eligible projects include equipment and capital improvements. Proceeds from this fund may be combined to meet a matching grant requirement. Contact Village Economic Development by email or phone at (217) 892-6801 for more information.
Downtown Storefront Facade Improvement Grant ProgramApplications are accepted for a matching grant program funded by the Village in order to encourage Downtown business owners to improve the look of their properties. Generally, eligible improvements include awnings, windows, façades and other exterior cosmetic building improvements. The Village will provide a 50% match of owner/tenant funds up to $10,000 per building. Applications will be reviewed on a first-come, first-served basis and approved by the Village Board.
Foreign Trade Zone (FTZ)Rantoul has a Foreign Trade Zone (or FTZ) centered around the existing airport. Please see Rantoul's FTZ website for additional information.
Historically Underutilized Business Zone (HUBZone)
Many parts of the Village of Rantoul are located in a Historically Underutilized Business Zones (HUBZone), which helps small businesses in urban and rural communities gain preferential access to federal procurement opportunities. This is a large potential market and an important opportunity for many types of businesses.
To qualify for the program, your business must meet these requirements, among others:
- Be located in an area designated as a HUBZone. Check your business address here
- 35% of your employees must reside in a HUBZone
Please contact Mary Turner for additional information about the qualifying process:
301 Oak St.