Local Financial Assistance
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Local Financial Assistance

GREDA has a complete offering of financial assistance services to accomodate nearly any project. Click on any of the documents below to learn more about the program's requirements.

Please contact GREDA when planning a project. Most assistance programs require funding to be secured BEFORE starting a project (e.g. purchasing property or equipment, hiring, etc.)

Low-Interest Loan Programs
Galesburg area businesses can receive funding at interest rates as low as 3% for eligible projects.

  • City of Galesburg Revolving Loan Fund (Within Galesburg City Limits)
  • Prairie Hills RCD Revolving Loan Fund (Outside Galesburg)

Enterprise Zone
The City of Galesburg operates a State of Illinois-certified Enterprise Zone to assist new and expanding businesses. Enterprise Zone benefits include permit and fee waivers, tax abatement and job creation incentives.

TIF Districts
Tax Increment Financing (TIF) districts allow the City of Galesburg to issue bond financing for economic revitalization projects. Galesburg has created multiple TIF districts for successful projects and has additional funding capacity remaining.

HUB Zone
Historically Underutilized Business (HUB) Zones are designated low-income areas where employers can receive additional incentives to locate facilities and create jobs for HUB zone residents.