City of Rockford Business Growth Program

The City of Rockford’s Business Growth Program offers forgivable loans to for-profit businesses to advance business operations. The program's core mission aligns with fostering business development and growth, specifically targeting job creation for low-to-moderate income individuals. While not explicitly a "foundation," the city acts as the funding entity with a clear strategic priority: local economic development through business support and employment opportunities for specific demographics. The program serves as a tangible mechanism to implement this theory of change by providing financial incentives for growth that directly contribute to job creation. The primary target beneficiaries are for-profit businesses legally established and operating within the City of Rockford’s municipal boundaries, specifically those in commercially or industrially zoned properties, and established by May 1, 2024. A key focus is on businesses located in eligible census tracts, ensuring that the benefits of the program are directed towards areas identified as needing economic upliftment. The impact goal is to stimulate business expansion, leading to increased employment opportunities for low-to-moderate income individuals within the city. The program prioritizes projects that involve the purchase of equipment and operating expenses associated with business expansion. This includes inventory, employee salaries, rent, and advertising/marketing expenses. These priorities directly support businesses in their growth phases, addressing common financial hurdles they may face when expanding operations. By focusing on these areas, the program aims to maximize the potential for businesses to scale up and, consequently, create more jobs. Expected outcomes include a tangible increase in business development and job creation for low-to-moderate income individuals. While specific measurable results are not explicitly detailed beyond "up to $25,000 in gap funding" and "job creation," the implied metrics would be the number of businesses supported, the total value of loans disbursed, and the number of new jobs created for the target demographic. The city's strategic priority is to strengthen its local economy and reduce unemployment among its low-to-moderate income residents, with this program acting as a direct tool to achieve those measurable results.