The Technology Industry Grant provides grant funding to businesses seeking to locate or expand within the city of Peoria.
Donor Name: City of Peoria
State: Illinois
City: Peoria
Type of Grant: Grant
Deadline: Ongoing
Size of the Grant: $10,000 – $25,000
Details:
The city of Peoria has a strong ecosystem for technology industries with supporting organizations such as the United States Department of Agriculture Agricultural Research Laboratory (USDA AgLab), Bradley University’s Peoria NEXT Innovation Center, Distillery Labs, Jump Training Center, and various organizations within the Peoria region in the growing tech industries.
Applicants should be companies that place importance on technology as a source of innovation to increase market competitiveness. Industries include Agricultural Technology (AgTech), Biological Medical Technology (BioTech), Medical Technology (MedTech), and other forms of technological advancement, development, and support of the industry.
Businesses must demonstrate the following:
- Established seed funding
- A proof of function prototype
- A plan for further development of the product for the market launch
Program Goals
- To leverage local ecosystem to attract technology industry businesses.
- To stimulate and leverage public and private investment within the City.
- Introduce new technology to the Peoria area.
- Support commercial space activity in business districts
Funding Information
The Program provides awards between $10,000 and $25,000 in assistance to locate, invest in operational space, and expand within the city of Peoria corporate boundaries.
Priority Location
- Properties located within the boundary of the city of Peoria with prioritized funding in the following areas:
- Medical District as defined by the boundaries of the OSF St. Francis Medical Center, Carle Health Methodist Hospital, and the University of Illinois College of Medicine Campus.
- Central Business District as defined by the boundaries of I-74 to the Riverfront, Bob Michel Bridge to William Kumpf Blvd up to Glendale Avenue.
- West Main Street as defined by the boundaries of N. University Street to NE Crescent Avenue from West Russell Street to W Windom Street.
- The property must not have any outstanding code violations.
- The unit must be zoned for and operate as commercial or industrial use.
Eligible Uses
- Lease or mortgage assistance.
- Operational expense support.
- Other business costs related to the newly opened location.
Eligibility Criteria
- A small business is defined as a commercial enterprise that is independently owned, operated, and controlled, and has 50 or fewer full-time equivalent employees (under 2,000 payroll hours per week) at the time of application.
- Payment of all property taxes and/or assessments, general and special, must be current.
- Neither the owner of record, the tenant, nor any of their principals may be in default of any obligations to the City, including, but not limited to, fines, ordinance violations, debts, or otherwise (including personal property taxes and fees owed to the city).
- Applicant business structure should be incorporated or a Limited Liability Company (LLC) to receive funds. An Employer Identification Number (EIN) is required for application, applications without EIN will not be accepted.
- Business must have a Research/Innovation Technology NAICS code.
- Seed funding phase or after (seeking outside money in exchange for equity).
- International companies must demonstrate ability to operate within the United States.
- A proof of function prototype must be available.
For more information, visit City of Peoria.
