The City of Salem features two Tax Increment Financing (TIF) Districts, one Enterprise Zone, and one Business District to assist business projects. Salem is also home to six banks, either headquartered in Salem or branch offices, which offer commercial lending.
Salem’s TIF districts are located in our Downtown and Industrial Park areas. TIF can help with projects that have eligible expenses, including site work, rehab/repair, financing, and professional services (engineer, architect, etc). Maps of Salem’s TIF districts can be found here. If you are a property owner or lease holder in a Salem TIF district and think that TIF may help, please contact Jeanne Gustafson, Economic Development Director, (618) 335-0263.
The Salem Enterprise Zone can help businesses that are expanding and creating jobs within the Zone. Possible assistance may include sales tax exemption for construction materials involved with a business project and property tax abatements. A map of the Salem Enterprise Zone can be found here. Applications for assistance can be downloaded below.
Revolving Loan Fund (RLF)
Business projects that create and/or retain jobs within the City of Salem may apply for Revolving Loan support for their project. Loans are considered up to $15,000 per full time job created or retained. The City must partner with a separate institution, such as a bank, on the loan and cannot lend for more than 50% of an eligible project. A 10% equity injection is required by those who apply for RLF support. Refinancing of existing debt is not eligible for RLF support. The application for the RLF program can be downloaded below.
Salem Commercial Lending Institutions
Salem is also home to six banks, either headquartered in Salem or branch offices, which offer commercial lending. Contact information for commercial lending agents may be found by visiting the following websites: