# Illinois Department of Commerce and Economic Opportunity

Illinois Department of Commerce and Economic Opportunity is an other based in Chicago, United States.

## Overview

- **Organization type:** other
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** Chicago, IL, United States
- **Assets under management:** Undisclosed
- **Website:** dceo.illinois.gov
- **LinkedIn:** https://www.linkedin.com/company/illinoisdceo

## Regulatory record

- **Reports private funds:** No

## About

The Illinois Department of Commerce and Economic Opportunity is based in Springfield, Illinois. It offers services such as business resources, job training, and community development programs. The department serves businesses, communities, and individuals in Illinois, providing incentives and tax credits.

## People

- Kristin Richards — Director

## Questions

### What is the Illinois DCEO's primary economic development tool for attracting large employers?

The Economic Development for a Growing Economy (EDGE) program is DCEO's principal incentive. It provides annual corporate income tax credits to qualifying companies that commit to job creation or retention and make capital investments in Illinois. Credits are not upfront cash; they are issued over a 10-year period, contingent on the company meeting its obligations. Non-compliance triggers clawback provisions enforced by the department.

### How does DCEO's REV program differ from standard tax credits?

The Reimagining Energy and Vehicles (REV) program, enacted in 2021, is a competitive incentive package specifically targeting electric vehicle manufacturers and suppliers. Unlike the broad-based EDGE credits, REV offers enhanced tax credits for companies investing in the EV and clean-energy manufacturing supply chain, with workforce training components attached. The Stellantis plant in Belvidere was awarded REV incentives to support its conversion to EV assembly.

### Does DCEO allocate capital like an investment fund?

No. DCEO is a state government agency, not an investment fund. It disburses through statutory grant programs, tax credit agreements, and federally funded initiatives — none of which seek financial returns. The department's performance is measured by job creation, private capital leveraged, and wage growth, not by internal rates of return or portfolio valuations.

### How does DCEO support minority-owned and small businesses?

The department operates the Office of Minority Economic Empowerment (OMEE) and administers the Advantage Illinois program, which provides capital access through loan participation and credit enhancement. The Back to Business grant program, including its local chamber initiative, distributes recovery funding to small businesses. OMEE also houses the Illinois Minority Business Development Center, offering procurement and certification assistance.

### What geographic coverage does DCEO provide within Illinois?

DCEO organizes its field operations into five economic development regions: Northeast, Central, Southern, Metro East, and a dedicated regional team structure. Each team serves as the primary point of contact for businesses, municipalities, and local economic development organizations seeking state incentives. This regional model is designed to give downstate and rural communities equivalent access to the department's incentive portfolio.

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Last updated: 2026-06-03T20:00:00.000Z

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