Elgin Economic Development Corporation highlights small support opportunities in May

May provides two opportunities to recognize economic development efforts and the importance of small businesses in our community. Small Business Week is the first full week of May, and Economic Development Week follows from May 12-16. The hard-working and innovative small business owners of Elgin contribute to the vibrancy and character of Elgin while providing fulfilling employment to residents. These enterprises define the community and exemplify what it’s like to live here. 

“Small businesses are the lifeblood of our community,” said Kaley Frye, Assistant Director of Economic Development. “They create jobs, inspire innovation, and foster a unique sense of place that sets Elgin apart. By supporting small businesses, we’re investing in the future of our local economy and in the people who call Elgin home.”

We celebrate their success and offer our appreciation to them for Small Business Week and Economic Development Week. The Elgin Economic Development Corporation offers a range of valuable resources to support small businesses at every stage of development – from the scrappy start-up to the expanding company.

Financial Assistance and Incentives

Growing and sustaining a small business requires continuous investment. The Elgin EDC provides access to funding opportunities for enterprises meeting specific requirements. 

Business Enhancement Grants

These matching reimbursement grants offer up to $20,000 for qualifying businesses. Funds must be used for commercial improvements. Through these projects, we strive to promote economic vitality, support job creation and enhance the visual appeal and functionality of commercial buildings. Eligible projects include building renovations, upgrading facilities to comply with codes, installation of pedestrian amenities, facade improvements, and equipment purchases. Small, for-profit businesses receive priority consideration.

Custom Incentive Packages

Businesses adding new jobs or making significant capital investments in the Elgin community may qualify for custom incentive packages. The EEDC can work with these enterprises to develop tailored agreements featuring various incentives, including tax abatements or infrastructure support. We are here to support growth in Elgin and strive to meet the needs of growing employers. 

Site Selection and Real Estate Support

EEDC strives to streamline processes for companies contemplating Elgin for establishing a business. A series of tools available through our office and on our website simplify the research process. 

Property Listings Portal

A consistently updated directory of available commercial and industrial properties is hosted via the EEDC website. This directory features GIS mapping, demographic overlays, and real-time data to augment the research process. Filters allow prospective businesses to sort by size, location, and use type to streamline navigation. Small businesses can list sites for free.

Broker Connections

Elgin EDC also connects businesses with local real estate professionals, developments, and property owners to assist with finding the right location and coordinating visits.

Business Development and Planning

For many small businesses, business development and planning tools can be prohibitively expensive. EEDC provides local enterprises with the opportunity to access key data necessary for informed decision-making. 

Data and Market Research

Access to custom demographic reports, consumer spending data, foot traffic analysis, and regional workforce statistics provides small businesses with the tools they need to succeed and grow. EEDC provides access to Placer AI for retailers, restaurants, and service providers, allowing them to make data-driven decisions.

Project Impact Reports

EEDC maintains partnerships with firms like Impact DataSource to offer economic impact projections for business expansions or relocations. The analysis provided by Impact DataSource can demonstrate the potential benefits and costs of a project and evaluate the long-term impact on the community by examining job creation, tax revenues, and government costs.

Educational and Technical Assistance

Ongoing training and support for small businesses helps enterprises grow, develop stronger employees, and form meaningful connections in the community. EEDC is here to assist with these goals independently and through collaboration with partner organizations. 

Workshops and Training

Our partnerships with the Elgin Chamber of Commerce, the Governor’s Office of Small Business, and the Small Business Development Center provide opportunities for training and workshops focused on marketing, finance, and growth strategies. 

Mentorship and Collaboration

Through various events, EEDC assists with building connections to local business leaders, school district partners, and industry mentors to support collaboration and workforce development. 

Permitting and Process Guidance

Starting a new business can feel overwhelming, but the right guidance makes a big difference. The EEDC is here to help you navigate city development services and permitting requirements to streamline the process of opening or expanding your business.

Austin Community College

The Elgin Campus of Austin Community College offers specialized programs designed to support the region’s growing entrepreneurial community. The Agricultural Sciences program features a working farm, providing hands-on training in sustainable, farm-to-market agricultural entrepreneurship. The campus also offers a Veterinary Technology program and core curriculum courses that can be transferred to a four-year university or applied toward an ACC degree program. 

Marketing and Visibility

EEDC Website Features

Regular highlights on the EEDC website include business spotlights, news articles, and project announcements promoting local entrepreneurs and their contributions to the local economy.

Social Media and PR Support

EEDC also provides opportunities for local businesses to be featured in EEDC promotions, community campaigns, and media outreach efforts to increase exposure.

To learn more about small business development opportunities in Elgin, contact the EEDC today.