Economic Development Opportunities

Princeton is a great community to call home, grow a business and establish roots. Princeton has a rich history of preservation and innovation. We offer all of the amenities you need to grow your business including city-owned fiber optic capacity, collaboration with technology, easy access to I-80 and I-39, affordable housing options, quality educational institutions, and workforce development programs.

If you are interested in growing your business in Princeton please contact Princeton's City Manager.

Theresa WittenauerCity HallCity Manager815-875-2631 ext. 1005

Please review the list of potential incentives below and Contact Us to learn more!

• Land Inventory:
  The City maintains a variety of land sites, such as the Princeton Technology Park and North Industrial Park, for shovel-ready development projects. Learn More…
• Revolving Loan Fund (RLF):
  Low interest loan of 3% for up to 10 years, up to 25% of project ($200,000 maximum). Requires creation of one job for every $15,000 loaned. Application required and approval by committee. Limited to available funds.
• Tax Increment Financing District:
  Development assistance with infrastructure and new construction within defined area along southeast interchange of I-80.
• Bureau/Putnam Enterprise Zone:
  Property Tax abatement, investment tax credits, sales tax exemptions on construction materials. Administered by North Central Illinois Council of Governments (NCICG). Learn More…
• Energy Efficiency Program:
  City of Princeton Electric Department performs energy audits and issues a report of deficiencies.
• IMEA Electric Efficiency Grants Commercial/Industrial Program:
  IMEA offers rebates to commercial and industrial customers for energy efficiency projects. Learn More…
• Illinois Small Business Development Center:
  The Center has office hours in Princeton at the Public Library once a week and provides multiple services and training, at no or low cost, for prospective or existing small business owners. Market analysis, bookkeeping, financing, inventory control, etc.
  Learn More at www.alliancebdc.org…
• Business Development Grant:
  The Illinois Dept. of Commerce and Economic Opportunity program offering assistance for new or expanding businesses in need of working capital, technology support, employee training, or global marketing expertise. Emphasis on small businesses.
• Illinois Finance Authority Participation Loan Program:
  This program participates with the lender for a lower blended-rate financing for purchase of land, buildings, construction or rehab, acquisition of equipment.
• Illinois Finance Authority Rural Development Loan Program:
  This program partners with the Rural Development Administration to finance up to 75% of project cost, $250,000 maximum.