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Start Your Business in Peoria
One of the goals for our department is to be a hub of information for our business community, so please reach out to the Economic Development Department if there are any resources that are missing from the list below so we can add those to the website!
Business plans are made up of eight different sections, listed below. Preparing a business plan is important when wanting to pitch your business, apply for funding, and for overall business success!
1. Executive Summary
Briefly explain your business and plans for the future
2. Business Description
Describe your business and your product or service and explain how they are different from that of other businesses
3. Market Analysis
Identify your potential customers and describe your industry and competition
4. Organization & Management
Show how you plan to structure your business; introduce your management team and their responsibilities
5. Service or Product Line
Describe your product or service, including the features and benefits of your product or service
6. Marketing & Sales
Explain how you plan to market and sell your product or service to the potential customers you've identified
7. Finances
Show your current and projected financial status, including balance sheets, a cash flow statement, and revenue projections
8. Appendix or Supporting Documents
Below is a list of available resources in our community to help you in your business journey!
One of the goals for our department is to be a hub of information for our business community, so please reach out to the Economic Development Department if there are any resources that are missing from the list below so we can add those to the website!
Bradley College's Resources
Distillery Labs
Illinois Central College
Small Business Development Center (SBDC)
Below are several different types of funding mechanisms. For a list of local resources please visit our Incentives page, here.
Angel Investors
An angel investor is an individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity. Central Illinois Angels.
Self-funding
Funding/ financing a business venture based on one's own funds.
Crowdfunding
Characterized by fundraising a project or venture by raising small amounts of money from a large number of people, typically via the internet.
Microloans
The practice of granting small loans to people in need. These loans are generally used by entrepreneurs who are starting a business, or those who need extra cash to expand.
Small Business Administration (SBA) Loan
The SBA works with lenders to provide loans to small businesses. The agency doesn't lend money directly to small business owners. Instead, it sets guidelines for loans made by its partnering lenders, community development organizations, and micro-lending institutions. The SBA guarantees these loans will be repaid, which eliminates some risk for the lending partners.
Small Business Loans
The act of borrowing money from a financial institution by a small business-person to start, run, or expand a small business.
We have a list of Available Properties, and community realtors.
For more information on how to register as a minority and women-owned business, please visit our Equal Opportunity Office's Webpage.
The Chamber of Commerce manages the ribbon cuttings for new businesses in our community.
For a list of partner business organizations in the City of Peoria and Greater Peoria region click this link, here.
State
Applying for an Employer Identification Number and Illinois Business Tax Number irs.gov/business & www.revenue.state.il.us/Businesses/register.htm
Businesses Licensed with Illinois Department of Financial and Professional Regulations (IDFPR)
Local
Permits and Licenses can be applied for here.
Private Property Permits are managed by the Community Development Department (309) 494-8600
Public Property Permits (i.e. Drive Approaches) are managed by the Public Works Department (309) 494-8800
All Licenses are handled by Accounts Receivable (309) 494-8588