Economic Development Programs
Small Business Incentive Program
The Small Business Incentive Program was created to assist our new and prospective entrepreneurs in setting up their business. The program offers to match the cost of seeking professional services in legal, financial and marketing. Applicants must be a registered client of the Champaign County Small Business Development Center and willing to open their business in Champaign. The match is increased to 75% if the applicant is willing to open their business in a defined targeted neighborhood or if they meet financial hardship thresholds. The Small Business Development Center is a free business counseling service offered through the Champaign County Economic Development Corporation. Visit the SBDC to get started.
Storefront Improvement Program
The Storefront Improvement Program is in place in the East University Avenue Tax Increment Finance Districts. This program assists property owners with the cost of replacing, restoring or renovating their storefront in order to help project a positive image for their business or building. The program covers 50% of eligible expenses for ground floor improvements and 25% of upper floor improvements. The maximum amount of grant funding per building is $10,000. Learn more about the program by visiting the City’s Business Portal.
Enterprise Zone Program
The City of Champaign maintains six separate Enterprise Zone Programs, each designed to target specific goals around neighborhood revitalization, affordable housing, business expansion, commercial district rehab, tourism and historic preservation.
- Targeted Neighborhood Improvement Program
- Affordable Multifamily Housing Program
- Commercial District Enhancement Program
- Employment Expansion Program
- Historic Structure Rehabilitation Program
- Tourism Development Program
Learn more about the programs and to download applications in the City’s Business Portal.
Redevelopment Incentive Program
The Redevelopment Incentive Program is a Tax Increment Finance Program currently in place for the East University Avenue TIF District. This program assists property owners and tenants with major building renovations. The program is designed to provide up to 20% funding (based on the number of program goals achieved) up to a maximum of $100,000. The program is based on the availability of budgeted funding in each fiscal year. To learn more about the program and to download the application visit the City’s Business Portal.