Crystal Lake is a pro-business community and we strongly advocate for business development. In an effort to attract new businesses to Crystal Lake and to promote continued investment by our existing businesses, the City has enacted the following Economic Development incentive programs. Business owners interested in applying should first contact Heather Maieritsch, Economic Development Manager to discuss the qualification criteria, as well as, the application process.
Industrial Revenue Bonds
The City has the ability to issue tax-exempt Industrial Revenue Bonds (IRB's) for manufacturers to finance the acquisition of fixed assets such as land, buildings, and equipment. IRB financing can be utilized for new construction or for renovation projects. Advantages of utilizing Industrial Revenue Bond financing include long-term financing at interest rates that are lower than conventional financing, acts as a tax-exempt financing mechanism, allows for fixed or variable rate financing and qualifying applicants can finance up to 100 percent of project cost.
Tax Increment Financing (TIF) is a technique that municipalities use to attract private development and investment to areas that have not seen appropriate growth. TIF may only be used when private development would be too difficult or costly without improvements and incentives. Crystal Lake has three active TIF Districts, and each district has its own set of unique goals and objectives.
Small Business Resources
SCORE Fox Valley is a resource partner of the U.S. Small Business Administration (SBA) that has helped entrepreneurs and small business through free mentoring, local workshops, and free resources. Visit their website for more information on their programs.
Need help creating a Business Plan or Recession Plan? The Illinois Small Business Development Center (SBDC) can help. The SBDC is a service of the McHenry County Shah Center. To set up an appointment, call (815) 455-6098 and ask for the SBDC Manager.