Frequently Asked Questions about the Economic Ecosystem of Greater Beloit

Yes! Each business has unique needs and may qualify for incentive programs they wouldn't otherwise know about. Contact the GBEDC today for help navigating the incentive landscape. 

You’ll find a variety of business incentives at the state, local, and federal levels in Greater Beloit, which include:

• Opportunity Zones: Low income census tracts nominated by governors and certified by the U.S. Department of the Treasury into which investors can now put capital to work financing new projects and enterprises in exchange for certain federal capital gains tax advantages. The country now has over 8,700 Opportunity Zones in every state and territory, and Greater Beloit is one of them.
• New Market Tax Credit: The new markets tax credit (NMTC) is provided for under Section 45D of the Internal Revenue Code. The purpose of the credit is to encourage investment in low-income community businesses, while also effectively reducing the borrowing or financing costs to the businesses.
• Tax Incremental District (TID): A contiguous geographic area within a city defined and created by resolution of the local legislative body, consisting solely of whole units of property as are assessed for general property tax purposes, other than railroad rights-of-way, rivers or highways.

In the City of Beloit, TID 14 (4th Street area), TID 15 (Gateway Business Park), and TID 16 (Prairie Avenue) are open and available for use. TID 14 doesn't close until 2034 with the expenditure period ending in 2029.  

Tax Incremental Financing (TIF) assistance to develop affordable housing may also be available, and interested parties should contact GBEDC staff for more information.

The Greater Beloit Region is a wonderful place to relax and have fun. Our area is full of amazing parks, trails, sports facilities and arts events as well as unique boutiques, delicious local eateries, and an events calendar that offers something for everyone.

There’s also the natural beauty of the Rock River, Turtle Creek, and Springbrook Creek, which all offer an abundance of gorgeous surroundings season by season. 

Are homes in Greater Beloit more affordable than the rest of the country?
They are! In fact, our housing prices are notably lower than the national average, hovering around $191,000 (Zillow) vs. the median average of $462,000 throughout the rest of the country.  

Median Home Price By State: How Much Do Houses Cost?

Yes! Greater Beloit is strategically located near major metro areas like Madison, Milwaukee, and Chicago. As a result, we offer the convenience of big-city access with the benefits of a tight-knit, thriving community. Beloit isn’t just a place to do business, it’s a place to grow, connect, and prosper.

You’ll find a wide variety of buildings and acreage to suit operations of all sizes. Click here to access the current list of available commercial properties in our area. 

Yes! You’ll find shovel ready sites at our Gateway Business Park, which offers: 

• I-43 & I-90 Visibility
• Utilities in place
• Fiber, Water & Sewer
• 3 Interchanges & rail within two miles

For a list of available parcels in Gateway Business Park, click here. 

Thanks to our strategic position on major interstates (I-39/90), all businesses in Greater Beloit  can take advantage of easy access to the metropolitan areas of Chicago, Milwaukee, Madison, and Rockford, making our area a prime location for growth and efficient distribution, with 33% of the U.S. population located within 500 miles.

We are also close to Rockford International Airport (30 mins) and the Southern Wisconsin Regional Airport (15 mins) as well as rail services. 

Greater Beloit Economic Development Corporation collaborates with a network of economic development partners to offer various workforce development programs.

From developing your business plan to identifying the perfect location, we are here to help you succeed as you begin your venture in Beloit.

Click here to access a list of our workforce resources and partnering organizations. 

Beloit is the place to be! If you’re looking for a community that offers abundant opportunities for your business, you’ve come to the right place.

Whether you're launching a new venture or expanding, Beloit provides the ideal environment for success.

Our city has a diverse and skilled talent pool, supported by organizations dedicated to nurturing young professionals and preparing them for the workforce.

This pipeline of future talent ensures your business will have access to capable, motivated individuals ready to contribute to your growth.

Entrepreneurial endeavors are possible in Beloit with GBEDC’s gateway of information. Our platform is your definitive guide to initiating a successful business venture in Beloit including:

• Forming a business plan
• Securing necessary licensing and permitting
• Obtaining the right financing
• Site selection
• Selling alcoholic beverages… and more!

We are here to equip you with the insights, tools, and connections to turn your business dreams into reality.

Established in April of 2005, the Greater Beloit Economic Development Corporation's (GBEDC) mission is to foster investment and job growth in the economy thereby improving the quality of life, educational attainment, housing availability and prosperity for all in the Greater Beloit Region.

You are welcome to contact us at 608-364-6610 or email our President/CEO Drew Pennington.

Your completed application along with your evidence of good standing will be submitted to the GBEDC Executive Committee for review and final approval. If you have any questions, please do not hesitate to contact our CEO/President Drew Pennington.

The mission of the GBEDC is to foster investment and job growth in the economy thereby improving the quality of life, educational attainment, housing availability and prosperity for all in the Greater Beloit Region.

Prosperity for all is a bold goal, but as our north star it reminds us that the diverse population that lives, works and visits our region are a part of driving our economy. It takes strong partners throughout the region to achieve our mission.

Yes! The GBEDC believes in the power of partnerships to serve the Greater Beloit Region.

Yes. The GBEDC Board of Directors is the main governing body for the organization.

In addition to our business directors, we also have government jurisdiction, community partner, and education partner directors. The ability to have this cross section of directors ensures that we work together as a community to further our mission.

Learn more about our executive committee members by clicking here. 

Absolutely. We partner with multiple organizations on the local, state, and federal level for everything from business development services to financing options.

Please click here for a list of reliable resources or request a Greater Beloit Huddle meeting to help you start and grow your business in the Greater Beloit Region.

Beloit is a great place to grow your business! Whether you're looking to start fresh or expand your existing operations, Beloit offers a wealth of unique opportunities.

With expansive locations, a supportive and engaged community, accessible financial incentives, and a collaborative business environment, your venture is positioned for long-term success.

From innovative startups to established enterprises, Beloit provides the resources, connections, and momentum you need to thrive… and keep growing!