In an effort to support the growth of local businesses, the City of Rockford will soon launch the Business Advancement Program, a new economic development initiative designed to support businesses as they advance their operation.

The program offers five-year forgivable loans to qualifying for-profit businesses that operate from a commercial or industrial-zoned brick-and-mortar location within the city limits. The goal of the program is to promote business advancement, job creation and long-term investment in Rockford’s local economy.

"This program is about helping Rockford businesses grow, expand and innovate," said Mayor Tom McNamara. "We recognize the critical role that local business plays in our city’s economy and this program provides funding to scale their business as they take the next step in the growth of their company.”

To qualify for the Business Advancement Program, eligible projects can include a variety of costs associated with the growth of business offerings that are directly tied to the advancement of the business. These costs can include equipment upgrades, rent, salaries, marketing and other operational expenses. Applications will be reviewed on a competitive basis using the program criteria and scoring chart. Initial loans will be provided at a 1:1 match up to $25,000. Although a project’s total cost may be greater than $50,000, $25,000 is the maximum reward amount for this program. Each participant’s loans will be fully forgiven after a five-year period, provided the business sustains operations, remains in compliance with zoning and licensing, and maintains a continued presence in Rockford.

Program Highlights:

• 5-Year Forgivable Loans
• Available to for-profit businesses in commercial or industrial-zoned brick-and-mortar properties that are located within an eligible area
• Funds may not be used capital improvements or construction of any kind
• Loan forgiveness is tied to full compliance with the terms of the Development Agreement 

The City of Rockford Economic Development Department will administer the program and provide technical assistance to applicants throughout the process.

Applications for the Business Advancement Program will open on December 1, 2025 and closes December 31, 2025. Interested businesses are encourage to view the informational webinar on November 26, 2025 or attend office hours for more information. They may also visit the City of Rockford’s website for full eligibility requirements and application guidelines.

For more information, visit www.rockfordil.gov/businessadvancementloanprogram, email EconomicDevelopment@rockfordil.gov or call the City of Rockford Economic Development Department at (815) 387-7162.