Frequently Asked Questions about the economic ecosystem of Great Beloit

Welcome to Greater Beloit! Here are some Frequently Asked Questions about the economic ecosystem of our area, ranging from general inquiries about who we are, the support services we can offer to businesses of all sizes, and the quality of life in our charming, welcoming community.

For more detailed information, please contact us at 608-364-6610 or email our President/CEO Drew Pennington 

GENERAL QUESTIONS

What is the Greater Beloit Economic Development Corporation?

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.

Does the Greater Beloit Economic Development Corporation have a board of directors?

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.

Does the Greater Beloit Economic Development Corporation partner with other organizations?

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

What are the benefits of investing in the Greater Beloit Economic Development Corporation?

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.

How do I become an investor of the Greater Beloit Economic Development Corporation?

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.

How can I get in contact with the Greater Beloit Economic Development Corporation?

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

DOING BUSINESS IN GREATER BELOIT

What’s the advantage of operating a business in Greater Beloit?

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!

Does Greater Beloit Economic Development Corporation offer any business resources?

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.

BUSINESS INCENTIVES

What kind of business incentives are available in Greater Beloit?

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): This 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.

Can the Greater Beloit Economic Development Corporation help identify the best incentives for my business?

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.

SMALL BUSINESS SUPPORT

Is there support for small businesses in Greater Beloit?

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.

WORKFORCE DEVELOPMENT

Is there a stable workforce in Greater Beloit?

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.

Does Greater Beloit offer workforce support?

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.

SITE SELECTORS

What are the location advantages of Greater Beloit?

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.

Are there any shovel-ready sites in Greater Beloit?

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.

What kind of commercial properties and land are for sale in Greater Beloit?

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. 

QUALITY OF LIFE

Is Beloit close to any major metropolitan areas?

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.

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.

What’s there to do in Greater Beloit?

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.

Discover more about our charming city and all it has to offer by visiting:

Visit Beloit

Beloit Parks and Recreation

Downtown Beloit Association

Nature at the Confluence

Rockford Area Convention and Visitors Bureau 

K-12

School District of Beloit

School District of Beloit Turner

School District of Clinton

School District of South Beloit

The Lincoln Academy

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The Lincoln Academy is an innovative, high quality K4-12 public charter school with a focus on rigorous academics, career exploration and character development. We are dedicated to providing scholars an equitable environment conducive to the learning process and prove what is possible when scholars are given the right combination of school culture, strong academics, career-integration and mission driven staff. The Lincoln Academy expects all scholars to graduate from high school with a clear pathway to success.

Wisconsin-resident scholars are eligible to attend The Lincoln Academy. There are no other eligibility requirements and there is no cost to attend.

Our Lady of Assumption

Rock County Christian School

Career Exploration & Prep

Hendricks CareerTek

Higher Education

University of Wisconsin - Whitewater at Rock County

Beloit College

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Beloit College engages the intelligence, imagination, and curiosity of its students, empowering them to lead fulfilling lives marked by high achievement, personal responsibility, and public contribution in a diverse society. Our emphasis on international and interdisciplinary perspectives, the integration of knowledge with experience, and close collaboration among peers, professors, and staff equips our students to approach the complex problems of the world ethically and thoughtfully.

Blackhawk Technical College

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Our promise to every student is to provide an opportunity to build a future through flexible education in a supportive environment.

Beloit College

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Beloit College engages the intelligence, imagination, and curiosity of its students, empowering them to lead fulfilling lives marked by high achievement, personal responsibility, and public contribution in a diverse society. Our emphasis on international and interdisciplinary perspectives, the integration of knowledge with experience, and close collaboration among peers, professors, and staff equips our students to approach the complex problems of the world ethically and thoughtfully.

Blackhawk Technical College

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Our promise to every student is to provide an opportunity to build a future through flexible education in a supportive environment.

University of Wisconsin - Whitewater at Rock County

Partners

Madison Region Economic Partnership

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Over one million people choose the eight-county Madison Region of south central Wisconsin as their home. We live, work and play throughout Columbia, Dane, Dodge, Green, Iowa, Jefferson, Rock, and Sauk Counties. Our Region boasts game-changing research and development while playing a critical role in the global supply chain marketplace. 

Latino Chamber Of Commerce Of Dane County

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Founded in 2003, the Latino Chamber of Commerce of Dane County represents the Latino and non-Latino business community in the greater Madison and surrounding cities. We assist and promote the interests of our members and community through advocacy and programs that make an overall impact to Dane County’s economic growth. The diverse relationship of our active members and partners is an ideal mixture of small business owners, corporate representatives, and government leaders.

Alliant Energy

City of Beloit, WI

City of South Beloit, IL

Illinois Department of Commerce & Economic Opportunity

Illinois Department of Transportation

Intersect Illinois

Region 1 Planning Council

Rock Co. Alliance

Rock Energy Cooperative

Stateline Area Transportation Study (SLATS)

Southwest Wisconsin Workforce Development Board

Stateline Manufacturing Alliance

Town of Beloit, WI

Village of Clinton, WI

Wisconsin Department of Natural Resources

Wisconsin Economic Development Association

Wisconsin Economic Development Corporation

Wisconsin Small Business Development Center

Businesses

Downtown Beloit Association

gener8tor gALPHA

gener8tor gBETA

Greator Beloit Chamber of Commerce

Illinois Department of Commerce and Economic Opportunity

Illinois Small Business Development Center at Rockford Chamber of Commerce

Intersect Illinois

Rock County WI Development Alliance

Wisconsin Economic Development Association

Wisconsin Economic Development Corporation

Wisconsin Small Business Development Center - Rock County

Wisconsin Women's Business Initiative Corporation

Local Providers

Beloit Health System

Mercy Beloit Medical Center

Community Health System

Stateline Mental Health Services

Crusader Clinic in South Beloit

Starting a Business

Finding a Location

There are numerous websites available to assist in your search for a building or site. Start with the Greater Beloit Economic Development Corporation’s website at www.greaterbeloitworks.com and click on the “Site Selection” tab. Click on “Available Properties” to see properties listed for sale or lease, or “Gateway Business Park” to see vacant land owned by the City and/or GBEDC. If you are interested in downtown properties, try the Downtown Beloit Association’s website at www.downtownbeloit.com under the “Resources” tab. Contact the GBEDC Office for assistance at 608-364-6610.

Before you buy or lease property, inquire about the property’s zoning classification. The City has several zoning districts, and each district has a unique combination of permitted uses, conditional uses, and prohibited uses. Ideally, businesses will be able to find available space in a zoning district that lists the proposed business as a permitted (by-right) use. If the proposed business is a conditional use, a conditional use permit is necessary before the business may operate. Conditional use permit applications are considered by the Plan Commission. Contact the Planning Division at 608-364-6700 with questions about zoning issues.

Creating a Business Plan

Before buying or leasing property, be sure to finalize your business plan, budget, and financial projections. Creation of a marketing strategy and identifying insurance needs is also recommended at this stage. For assistance in preparing a business plan, see the organizations listed in the Resources section of this document. If you are looking for professional assistance with accounting, legal, insurance, real estate, or marketing issues, review the directory of existing businesses in Beloit at www.greaterbeloitchamber.org or www.downtownbeloit.com.

Securing State Licenses and Permits to Operate

Corporate entity registration in Wisconsin is handled through the Department of Financial Institutions (www.wdfi.org). Employers required to carry worker’s compensation insurance can register with the Wisconsin Department of Workforce Development at www.dwd.wisconsin.gov. Be sure to register with the Wisconsin Department of Revenue at www.revenue.wi.gov to receive a tax identification number and sales tax number.

Helpful tip: The State of Wisconsin offers a Wisconsin One Stop Business Portal to register with all three of the above-referenced departments (DFI, DWD, and DOR). Professional licensing for certain professions is handled by the Wisconsin Department of Safety & Professional Services at www.dsps.wi.gov.

Securing City of Beloit and Rock County Permits to Operate

All businesses within the City of Beloit need a Business Permit. A Business Permit is $100-$200 and applications may be obtained from the Water Resources Division (364-2888). Permit applications can also be found at www.beloitwi.gov under “How do I…Apply for a Permit.” The following licenses and permits may also be required, depending upon the nature of the business:

  • Alcoholic Beverage Sales
  • Operator/Bartender
  • Outdoor Vending including food trucks
  • Secondhand Article/Pawn Shop
  • Sidewalk Café License

Please contact the City Clerk’s Office at 608-364-6680 with questions about the above licenses and permits. Note: This list excludes other permits that may be required by Rock County and/or the State of Wisconsin. For example, the Rock Co. Public Health Department (https://www.co.rock.wi.us/departments/public-health) issues licenses for restaurants, hotels, motels, and other service establishments.

Selling Alcoholic Beverages

Alcohol sales and/or consumption is only allowed in certain zoning districts. A conditional use permit is required before a business may serve alcohol outdoors. Please contact the Planning Division at 608-364-6700 to inquire about where alcohol sales and/or consumption may occur. An alcohol license, available through the City Clerk’s Office (608-364-6680), is also required before a business may sell alcohol for on- and off-premise consumption.

Building New, Expanding, and Renovating

A Building Permit is required for all new structures, additions, renovations, structural repair, and mechanical system replacement. Once the work is completed and inspected, a Certificate of Occupancy will be issued. Site Plan Review is required before you may build a new structure, add to an existing structure, construct a new parking lot, or expand an existing parking lot by 25% or more. The Planning Division reviews site plans to ensure that the proposed project meets the standards of the City’s Zoning Ordinance. An approved site plan will result in the issuance of a Certificate of Zoning Compliance, which will allow you to seek a Building Permit. Architectural Review is required for every new structure, addition, exterior renovation, and sign (excluding residential buildings containing one or two units).

Installing Exterior Signs

The City’s Outdoor Sign Regulations outline different number, size, and height standards in each zoning district. If you are planning to erect a new sign or you plan to change, move, or expand an existing sign, you will need a Sign Permit and an Architectural Review Certificate.

Providing Parking for Customers

Outside of the downtown area, off-street parking and loading spaces are usually required for each business. Off-street parking and loading spaces are not required in the Central Business District. There are several City-owned and maintained lots to support businesses in the downtown area. When a building is constructed, expanded, or the use changes, the off-street parking standards must be met. Parking requirements vary by land use, but the number of spaces required is typically based on the size of the building (in square feet or seating capacity).

Click here for more info

Resources & Links

City of Beloit Economic Development Department (www.beloitwi.gov)

  • Site search, incentives, referrals, development agreements, etc.

Downtown Beloit Association (www.downtownbeloit.com)

  • Marketing, site search, façade grants, special events, etc.

gener8tor (www.gener8tor.com)

  • Startup accelerator, venture creation, investor network, 1:1 coaching, technical expertise

Greater Beloit Chamber of Commerce (www.greaterbeloitchamber.org)

  • Ambassadors, marketing, special events, networking, directory

Greater Beloit Economic Development Corporation (www.greaterbeloitworks.com)

  • Site selection, banks, demographic data, advocacy, workforce development, networking

Irontek (www.irontek.co)

  • Downtown coworking and shared office space, startup community, business resources, conference space

Rock County Development Alliance (www.rockcountyalliance.com)

  • Site selection, demographic data, workforce development, technical assistance

Rock County Jumpstart (www.rockcountyjumpstart.org)

  • Business plans, marketing, incubator, accelerator

SCORE (www.score.org)

  • Mentoring, workshops, business plans, growth management

Visit Beloit (www.visitbeloit.com)

  • Calendar of events, tourism, marketing, directory, networking

Wisconsin Economic Development Corporation (www.wedc.org)

  • Tax credits, grants, loans, entrepreneurship, training, certified sites, main streets

Wisconsin Small Business Development Center (www.wisconsinsbdc.org)

  • Consulting, marketing, financing,

Wisconsin Women’s Business Initiative Corporation (www.wwbic.com)

  • Entrepreneurship & financial wellness training, lending, coaching