The Department of Planning and Development will open the Small Business Improvement Fund (SBIF) this summer for applications in 17 Tax Increment Financing (TIF) districts.
The SBIF program uses TIF revenues to help owners of commercial and industrial properties within specific TIF districts to repair or remodel their facilities for their own business or on behalf of tenants.
Program participants can receive grants to cover between 25 percent and 75 percent of the cost of remodeling work, with a maximum grant of $100,000 for commercial properties and $150,000 for industrial properties.
The grant, which is administered by SomerCor on the City’s behalf, does not have to be repaid.
Qualifications and Restrictions
Expenses eligible for a SBIF grant include:
- New windows, floors or roof
- Sign removal and replacement
- Tuckpointing
- New heating, ventilation and air conditioning
- Improvements to accommodate disabled patrons or workers
- Purchase of adjacent property for building expansion or parking
SBIF grants are provided to property owners after remodeling work is completed and all expenses are paid.
Residential property, residential components of mixed-use buildings, and property leased to fast-food chains and certain other businesses are not eligible for the program.
Vacant business property is eligible, but grants are not paid until the space is occupied by a business tenant.
Applications will be accepted for businesses located within the boundaries of the following TIF districts from 9 a.m. on Wednesday, July 15 to 5 p.m. on Friday, Aug. 14:
- 47th/Ashland, Back of the Yards
- Washington Park, Washington Park, Grand Boulevard and Greater Grand Crossing
- River West, Near West Side and West Town
- 79th/Southwest Highway, Auburn Gresham and Ashburn
- 79th/Vincennes, Auburn Gresham and Greater Grand Crossing
- Commercial Avenue, South Chicago, South Deering and Calumet Heights
- 87th/Cottage Grove, Greater Grand Crossing
- 79th Street Corridor, Englewood, West Englewood and Auburn Gresham
- Bryn Mawr/Broadway, Edgewater
Applications will be accepted in the following TIF districts from 9 a.m. on Monday, Aug. 3 to 5 p.m. on Friday, Sept. 4:
- 119th/ I-57, Morgan Park
- 43rd/Cottage Grove, Grand Boulevard
- 47th/King Drive, Grand Boulevard
- 63rd/Ashland, West Englewood
- Avalon/South Shore, Avalon Park and South Shore
- Madison/Austin, West Garfield Park and Austin
- Midwest, North Lawndale and East Garfield Park
- Ogden/Pulaski, North Lawndale and South Lawndale
The SBIF program uses revenue from TIF districts to help owners of commercial and industrial properties to repair or remodel their facilities for their own business or on behalf of tenants.
Program participants can receive grants for 25 to 75 percent of project costs, with a maximum grant of $100,000 for commercial properties and $150,000 for industrial properties.
The grants are administered by SomerCor on the City’s behalf and do not have to be repaid.
Learn More and Apply
The Department of Planning and Development and SomerCor will host two webinars this summer to review program requirements and the application process:
Advance registration is recommended, however, the meetings can also be live streamed the day of the meeting on DPD’s YouTube page.
For additional information, including program rules and the application, visitwww.somercor.com/sbif. Questions can be directed to Silvia Orozco atsorozco@somercor.com.