There are several financial resources and incentives available to small businesses. Below are some financial incentives being offered through Cook County and local utility providers.

• Cook County CPACE Program

Cook County is offering the Commercial Property Assessed Clean Energy (CPACE) finance program to Cook County commercial property owners. CPACE is an innovative program that enables commercial property owners to obtain 100% long-term, fixed-rate financing for energy efficiency, renewable energy, resiliency, water use, and electric vehicle charging building improvements. To view the program details, and to see if any of your projects qualify, visit Cook County's CPACE website. 

• Nicor Gas Rebate Program 

Rebates for energy efficiency upgrades are available to all active commercial Nicor Gas customers. You may be eligible for a Nicor rebate if you have, or plan to complete, work that includes:

• Space & Water Heating 
• Steam Traps
• Efficiency Improvements
• Commercial Food Service Equipment
• Boiler Tune-Ups 

For more information on the rebate program, and to download the rebate applications, visit Nicor's Rebate Program website.

• ComEd Commercial Incentives

ComEd provides many incentives for commercial customers for items such as lighting, HVAC, refrigeration, restaurant equipment and more. Incentive opportunities include instant discounts on utility bills, payment rebates, and many others. Find full program details by visiting ComEd's website.

The Village of Schaumburg offers incentives for small business owners to stimulate economic growth and create jobs for low- and moderate-income individuals. The Small Business Loan Program provides eligible applicants with 80% matched, forgivable loans of up to $15,000. Funds may be used for:

• Payment of staff salaries, operating capital 
• Lease/acquisition of tenant space/property 
• Acquisition of inventory, supplies, and raw materials 
• Acquisition of furniture, fixtures, equipment and tools (with or without installation costs) 
• Marketing materials and advertising including website development and servicing and marketing campaign (limited to 50% of loan) 
• Financial management education of business owner through Harper Community College, Next Level Northwest or other approved program (limited to 50% of loan) 
• Job training 
• Façade improvements, awnings, signs
• Building construction, renovation, and build-out 

A business must have: 

• At least .5 FTE (20 payroll hours per week) positions not including owners  

AND 

• 51% or more of the total weekly payroll hours, not including owner/s hours, are low-to moderate-income positions.  

For more information, contact Matt Frank at (847) 923-3853 or click on the link to obtain complete details in the Program Guide. To apply for the program, click the link below.

Small Business Loan Application

The Village of Schaumburg is a premier place for small businesses to thrive. Here are just a few of the things that small local businesses had to say about doing business in Schaumburg:

Jasmine and Patrick Panayotov, Managing Partners at Proceed Innovative

“Working with the Village of Schaumburg’s Economic Development team, specifically with Matt Frank and Matt Wilson, on our application for the CDBG Program has been an exceptionally positive experience. From the outset, their team was incredibly strategic and supportive, guiding us through the application process with expertise and encouragement. The Village’s commitment to fostering small business growth was evident in every interaction, making us feel valued and supported.

Receiving the grant was a pivotal moment for our business. Thanks to the financial support provided, we could retain a key employee during a critical time. This not only stabilized our operations but also allowed us to promote her to a managerial position. The impact of the loan did not stop there; it also enabled us to expand our team by hiring an additional employee. This growth has significantly enhanced our capacity to serve and contribute to our local community. We are immensely grateful for the opportunity provided by the Village of Schaumburg and the CDBG program, and we look forward to continued collaboration and community engagement.”

Jim Burke, Chief Operating Officer of Links Technology

“When we started Links Technology in 1999, there was no question where our Corporate Headquarters would be. Schaumburg is our first choice to live and work. Schaumburg has been a very rewarding place where we have established many long-lasting customers and friendships. It’s the place that has opened their doors and given us many opportunities. The Village of Schaumburg listens to the concerns of businesses and comes up with plans on how to make them better. The Village of Schaumburg is always thinking of new ways to improve the community and is constantly striving to bring in more diverse and beneficial businesses making it the premier suburban business destination. We would still choose Schaumburg to this day!”

Charlie and Julie Cates, Owners of Muscle Activation Schaumburg

“When we were looking at communities to open our business in throughout the Chicagoland area, we chose Schaumburg because it felt most like home. As a small business owner, when you put all of your time and effort into building your business and brand, you want be able to share your work with a community of people that will appreciate what you have to offer and support you on multiple levels. Schaumburg has become that community for us, allowing us to grow and attract clients from not just the Northwest Suburbs, but from all over the United States. We are grateful to be part of the flourishing business community in Schaumburg, and look forward to continuing to contribute to the community as a whole for years to come."

Larry Hauck, President of PM Mold Company

“PM Mold Company has experienced rapid growth to the point we where we were outgrowing our facility. The Schaumburg Business Association & Village staff helped accommodate this growth and helped us achieve our goals to expand and remain here in Schaumburg. In large part to the large workforce available in Schaumburg along with its prime location and great infrastructure; the decision was quite clear to remain here in Schaumburg and continue to grow with the community. I am proud that PM Mold is continuing to grow & is a vibrant part of the Schaumburg community.”

Weronika Sopiarz Rysz, President of Tennis27

"Schaumburg's outstanding commitment to promote a healthy community helped me grow my specialty store here. It has a strong business hub, shopping paradise, and so many great parks around with beautiful tennis courts and people who love the game. Schaumburg has it all!"

The Village of Schaumburg, in partnership with several municipalities and organizations, has become a driver of business development, workforce development and transportation improvements in all commercial industry sectors. Below are some of the most beneficial resources that can help you with your business.

Illinois SBDC
The Illinois Small Business Development Center (SBDC) at Harper College can help whether you're exploring a new business idea, hiring for open positions, or structuring the purchase or sale of a business; are all parts of the SBDC's free services.

SCORE
SCORE is the nation’s largest network of volunteer, expert business mentors, with more than 10,000 volunteers in 300 chapters. As a resource partner of the U.S. Small Business Administration (SBA), SCORE has helped more than 11 million entrepreneurs through mentoring, workshops and educational resources since 1964.

U.S. SBA
The U.S. Small Business Administration (SBA) is as an independent agency of the federal government which provides a number of free services including business counseling, training, capital planning, contracting, disaster assistance, and business advocacy. View the full U.S. SBA resource guide SBA resource guide.

Next Level Northwest
Next Level Northwest (NLNW) is a free business accelerator program for businesses that have moved beyond the start-up phase but have not yet reached their full potential. Interested companies can pitch themselves to a panel of judges during one of the village's "pitch nights" throughout the year and then once accepted, be paired with professional business coaches and mentors. To qualify, businesses must have been in business for at least three years and reached certain financial milestones.

Schaumburg Township District Library
Whether you are a business owner looking for specific demographic data to better target customers or a resident interested in learning more about the Schaumburg community, there are a number of resources available to Schaumburg businesses.

Schaumburg Business Association
The Schaumburg Business Association is the local area Chamber of Commerce which serves the region's business community by providing hundreds of networking events, marketing opportunities, advocacy services, and much more.

State of Illinois DCEO
The State of Illinois' Department of Commerce & Economic Opportunity (DCEO) has a number of useful resources available to startups and small businesses. It also features a statewide resource for businesses called "First Stop".

Digital.com
Digtal.com regularly publishes a number of resources for small businesses. They most recently launched a small business guide for veterans which includes helpful tools and financial resources. The Veteran Small Business Guide features opportunities for veteran business owners at any stage of business, whether its a startup or established company.

Illinois workNet
The Illinois workNet program is one of the most comprehensive employment, business services and support resources available. The organization leverages partnerships and technology to expand seamless and real-time access to workforce development resources.

Harper College
Harper College has a number of apprenticeship opportunities available including CNC precision machining, industrial maintenance mechanics, logistics & supply chain management, and insurance.

GCAMP
The Greater Chicago Advanced Manufacturing Partnership (GCAMP) is a regional organization dedicated to increasing the skilled workforce in the greater Schaumburg area. GCAMP strives to provide education, training, and employment opportunities to students, parents, schools, and manufacturers.

Housing Authority of Cook County
The Housing Authority of Cook County offers a program called beWELL, which is a comprehensive resource for growth from preschool to working adult. Broken down into three phases, the goal of the program is to provide a path for workers and their families to Work, Earn, Live and Learn (WELL).

Metra
The Milwaukee District West (MD-W) and Union Pacific Northwest (UP-NW) train lines have several stations within five miles of Schaumburg. Riders can choose to take the train in from Chicago to the Schaumburg, Roselle, Hanover Park, Arlington Park or Palatine Metra stations.

Pace Suburban Bus
In addition to the numerous routes in and around the Schaumburg area, Pace operates routes traveling directly from the previously mentioned Metra train stations as well as routes that go to and from the Elgin area, Rosemont Blue Line, north Schaumburg business area, and Woodfield Regional Center. Some of the most common routes include 554, 600, 608, 611, and the Woodfield Trolley service.

Pace Vanpool
Pace Vanpool is a workday ride share arrangement that can help employees enjoy a more comfortable and more affordable commute. The program is available for all commuters who live or work in Cook, DuPage, Kane, Lake, McHenry and Will counties.

The Village of Schaumburg puts out a regular e-newsletter called the Small Business Source, which helps keep businesses and residents informed of the latest small business activities in the area. You can view the most recent edition below, and subscribe to future editions.

The Cook County Small Business Source strives to support, grow and elevate small businesses by providing no-cost business advising, resources and access to events. To learn more, please visit their website.