Since 1984, Greater Peoria EDC continues to administer Foregin-Trade Zone #114 in conjunction with the US Customs and Border Protection Peoria IL Port of Entry. Foregin-trade zones have been an important tool to control tariff payments, provide flexibility and improve cash flow for companies reconsidering their global supply-chains due to tariffs and the COVID-19 pandemic. Foreign-Trade Zone #114 encourages international trade, allowing for efficiencies and cost savings from the deferral, reduction, and/or elimination of Customs duties on imports and exports. We can quickly bring FTZ designation to any existing or new company within our 24-county central Illinois service area. Rivian Automotive, LLC, is an example of a company pursuing FTZ #114 status to support the rapidly expanding electrical vehicle (EV) industry in central Illinois.
Launched in 2015, Greater Peoria Manufacturing Network creates opportunities to expand sales individually and collaboratively, address common issues such as workforce, and exchange best practices and technologies. Greater Peoria has a diverse regional economy that has steadily expanded over the last two decades, supplementing a highly industrial manufacturing-based economy. Significant growth is seen in the industries of healthcare and manufacturing NAICS code of 31-33, with 348 manufacturing employers in the five county area. The high location quotient and the cluster of employers demonstrate that the Greater Peoria area is a strong manufacturing region. In recognition of this strong manufacturing base, the US Economic Development Administration (EDA) awarded the Greater Peoria Region a 2014 Investing in Manufacturing Communities Partnership (IMCP) designation as one of the 24 national manufacturing clusters. Greater Peoria Region’s federal recognition as a strong manufacturing cluster led to successful 2015 awards of federal and foundation grants, funding to conduct deeper analysis of our existing manufacturing industry cluster and possibility of a flexible network which is managed by Greater Peoria EDC.
In 2016, Greater Peoria Region was brought into the Illinois Defense Network (IDN) due to identified defense assets and industry supply chain companies. IDN partners work together to strengthen local defense manufacturing industries through efforts including workforce development, supply chain resilience, innovation and cybersecurity. Though often regarded as the “Earthmoving Capital of the World” thanks to the presence of large Original Equipment Manufacturers (OEM) like Caterpillar and Komatsu, the Greater Peoria Region in Central Illinois is also home to the 182nd Airlift Wing of the Illinois National Guard. The 182nd Airlift Wing of the Illinois National Guard maintains and operates eight C-130 Hercules aircrafts capable of transporting large amounts of personnel and equipment over long distances.
Since 2015, the Illinois Defense Network has been active in the Greater Peoria region, implementing the Illinois Defense Adjustment and Resiliency programs with support from the Office of Local Defense Community Cooperation (OLDCC) and Department of Defense (DoD) to support these crucial and high-risk transportation and logistics industries.
Greater Peoria offers a variety of financial incentives and support for businesses looking to grow and achieve sustainability. In Greater Peoria you can access incentives such as HubZones, EDGE Tax Credit and R&D Tax Credit to name a few. Opportunities for funding are available for nearly every type of business in any size of our communities.
We are here to help. Whether you need economic data to move your business, or business assistance and resources to help you make a relocation decision, the Greater Peoria EDC is here for you. Contact us today.