Financial Resources & Incentives

Local Lenders

The first place to go when you have your plan in place is your local lender. Many banks and financial institutions can help you create a financial plan that makes sense for your business and your personal finances.

Local Lenders the EDC Recommends:

Better Banks: Amanda Miller, (309) 272-6353, aamiller@betterbanks.com

CEFCU: Doug Reinking, (309) 263-0009, dreinking@cefcu.com

Heartland Bank: Crystal Hartman, (309) 284-8406, cmhartma@hbtbank.com

Morton Community Bank: Tim Mueller, tim.mueller@mortonbank.com

Local Grants

Morton Building Improvement Grant
The Morton Building Improvement Grant provides grants of up to $10,000 to commercial property owners and occupants for exterior structural and aesthetic improvements, interior code compliant elements, signage and permanent hardscape to support enhancing the property value. The grant is open to any business or building owner located in the Morton Business District, which is the vast majority of local businesses. The Morton Building Improvement Grant is funded through the Morton Business District Fund. Grant applications are accepted at any time and will be reviewed on a monthly basis

Morton MicroGrant
The Morton MicroGrant provides small grants of up to $5,000 to for-profit business owners interested in starting, moving, or growing a business in Morton. Funds can be used for property improvement or acquisition, equipment purchases, inventory and working capital, and rent subsidies. The Morton MicroGrant is funded through a directed investment with the Morton EDC made by Morton Community Bank. Applications are reviewed on a monthly basis as needed.

Energy Savings

If you are considering the implementation of electric energy efficiency modifications to your commercial building to reduce energy consumption and cost, you might consider applying for ActOnEnergy, a program administrered by Ameren Illinois Utilities.  This program offers cash-back incentives for energy efficiency projects of all sizes and types including lighting fixtures and controls, motors and drives, and efficient colling equipment.

Morton Enterprise Zone

The Village of Morton has a designated Enterprise Zone that has been in existence since the early 1980s. By state statute, an Enterprise Zone is an area designated by a municipality for targeted business growth and economic revitalization. The Enterprise Zone stimulates economic growth and neighborhood revitalization in economically depressed areas of the state.

Incentives include the following:

  • Sales tax exemptions on building materials, some machinery, and pollution control equipment

  • Utility tax exemption

  • Investment and job tax credits

  • Dividend income, interest, and contribution deductions

  • Local sales tax relief on building materials purchased

And in addition, the Morton Enterprise Zone offers:

  • Waiver of one-half of building permit fees

  • Expedited plan review process and zoning, variance, and special use process with respect to any improvement within the Zone

How to Take Advantage of the Enterprise Zone

  1. Determine if your property, or the property you are looking at acquiring, is in Morton’s Enterprise Zone (view map here)

  2. Contact the Morton Economic Development Council to confirm eligibility of project for Enterprise Zone benefits

  3. Contact your legal and/or tax adviser(s) to find out if you would be eligible for some or all of the tax benefits

  4. Discuss the Enterprise Zone benefits with your contractor and make sure they are not charged any sales tax on purchase of building materials and equipment. You will be given a certificate to show retailers for the sales tax exemption when you successfully obtain your building permit from the Village of Morton Planning and Zoning Department.

  5. Review everything on a periodic basis with your legal and/or tax advisers.

For Manufactures

An Industrial Revenue Bond (IRB) is a form of municipal bonding that is designated for use by private manufacturers. Projects within an Enterprise Zone are given preference for IRBs. By providing a reduced financing rate, an IRB gives small manufacturers’ access to capital (both locally and in national markets) that they ordinarily might not have. IRB’s can be issued for amounts between $1.5M and $10M, and the interest rate is generally below market value and sometimes even below prime. These loans can be at fixed or variable rates and usually have terms of 20 years. Unlike many other state and locally-run programs, IRBs can fund 100% of costs. These costs can include purchase of land, buildings and new machinery. Applicants must secure the legal opinion of certified bond counsel. For more information on this program, please contact the MEDC.