The Technology Industry Grant Program provides grants to technology industry-related businesses seeking to locate or expand within Peoria. The city of Peoria has a strong ecosystem for technology industries with supporting organizations such as the United States Department of Agriculture Agricultural Research Laboratory (USDA AgLab), Bradley University’s Peoria NEXT Innovation Center, Distillery Labs, Jump Training Center, and various organizations within the Peoria region in the growing tech industries. The first review of applications will begin July 21.
The Program will award $250,000 in grants through funds made possible by the American Rescue Plan Act (ARPA). Grants will be awarded between $10,000 and $25,000. Businesses must demonstrate the following:
Established seed funding
A viable product
A plan for further development of the product for the market launch
Technology Industry Business Definition
Applicants should be companies that place importance on technology as a source of innovation to increase market competitiveness. Industries include Agricultural Technology (AgTech), Biological Medical Technology (BioTech), Medical Technology (MedTech), and other forms of technological advancement, development, and support of the industry.
Lease or mortgage assistance.
Operational expense support.
Other business costs related to the newly opened location.
Properties located within the boundary of the city of Peoria with prioritized funding in the following areas:
Medical District as defined by the boundaries of the OSF St. Francis Medical Center, Carle Health Methodist Hospital, and the University of Illinois College of Medicine Campus.
Central Business District as defined by the boundaries of I-74 to the Riverfront, Bob Michel Bridge to William Kumpf Blvd up to Glendale Avenue.
West Main Street as defined by the boundaries of N. University Street to NE Crescent Avenue from West Russell Street to W Windom Street.
The property must not have any outstanding code violations.
The unit must be zoned for and operate as commercial or industrial use.