Springfield IL Economic Development Agency

Find Springfield, Illinois economic development agencies, departments, and corporations. Economic development agencies provide information on resources for economic growth, expansion of local businesses, attracting new business and tourism.

Springfield Economic Development 800 East Monroe Street Springfield IL 62701 217-789-2408

About Springfield Economic Development Agencies

Springfield Economic Development Agencies (EDA's) are government agencies at the Illinois State, Sangamon County, or local level whose mission is to promote business activity and development, attract and retain business, facilitate development that increases employment and the tax base, and encourage an environment in which the economy can thrive in Springfield, IL.

You may contact the Economic Development Office for questions about:
  • Springfield Economic Development programs and services
  • City and community development
  • Job creation, training, and workforce development
  • Springfield Economic Development funds
  • EDA grants and funding
Springfield Business Development

Economic Development Agencies in Springfield promote Illinois, Sangamon County, or community as a favorable location to do business. They usually work closely with Springfield Chambers of Commerce and other business groups to market the region for business development. This collaboration often involves creating marketing materials, developing promotional advertising, and organizing Springfield business expos.

Small Business Support Programs

The Springfield Economic Development Agency may include an office dedicated to supporting small businesses. The Springfield government can support small businesses by providing ombudsmen services, helping small businesses work through licensing and Sangamon County permitting requirements, and raising awareness of bidding opportunities on government contracts.

Land Development Programs in Springfield, Illinois

Springfield Economic Development Centers actively seek developers for undeveloped land or parcels in need of redevelopment. They market development opportunities, and in cases where obstacles to development exist, they may help identify gap funding or other solutions to impediments such as site contamination. Springfield EDA's also maintain inventories of available commercial land and commercial building space in order to serve as a matchmaker for developers, landlords, and business owners.

Springfield Tax Incentives

Springfield Economic Development Corporations sometimes offer tax incentives to businesses that expand or relocate within their jurisdiction. This strategy is particularly common at the Illinois State level, but it also takes place at the Sangamon County and local levels. Typically, the Economic Development Agency offers a Springfield tax incentive or tax abatement based on the theory that the new or expanded business will generate job opportunities and thus increase the tax base.

Economic Development Grants & Loans

Springfield grants and non-traditional loans are also available through Economic Development Agencies. Common grants to businesses include Brownfield Redevelopment grants, facade improvement grants, and Springfield public improvement grants. A variety of Springfield loan programs may be accessible through an Economic Development Agency, often at below-market interest rates and with less stringent credit requirements than loans from traditional financing institutions.