The program uses local Tax Increment Financing (TIF) revenues to help owners of commercial and industrial properties and/or tenants within specific TIF districts to repair or remodel their facilities. Program participants can receive reimbursing grants to cover 25%, 50%, or 75% of the cost of remodeling work, with a maximum grant amount of $ 150,000. The grant does not have to be repaid.

The Small Business Improvement Fund (SBIF) helps make improvements to small business properties in selected Chicago neighborhoods.

Eligible Expenses For a SBIF Grant include, but are not limited to:

• New windows, floors or roof
• Sign removal and replacement
• Tuck pointing
• 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 a mixed-use building, and property leased to certain businesses are not eligible for the program. If you are not sure, contact us and ask.  Vacant business property is eligible, but grants are not paid until the space is occupied by a business tenant.

Applications are selected on a first come first served basis, unless a lottery is needed in a district.  The grant is processed by SomerCor 504, Inc., a federally certified Small Business Administration lender.

If you own a business property within a TIF district and want to know if you are eligible to participate in the SBIF program, call SomerCor at (312) 360-3300.

Fast & Efficient application process. Click here for application material.

Eligibility requirements to participate in the SBIF program:

Industrial: 100 or fewer full-time equivalent employees.

Commercial: Gross sales under $3 million annually for the prior three years, on average.

Property Owner/Landlord: Maximum net worth of $6 million (excluding industrial applicants).

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The SBIF program is alive and well in the City of Chicago. This program is helping small business to remain viable in the City of Chicago by helping them with their building renovation and infrastructure costs.  Grants are given in a rebate fashion after work is completed by the applicant, and proof of payment to their City Licensed Contractors is received by the City.  This program has kept businesses in Chicago, helped make them stronger, and kept and created new jobs. Eligible businesses can receive up to $150,000 in funding during the grant process, and are eligible to reapply one year after receiving their grant check.  The average grant size is approximately $35,000.  Eligible costs include permanent renovations to existing buildings.

The City lists past SBIF Grant recipients on its data portal.

• North Branch South – Lottery Results 1-18-12

There are a multitude of programs and services available to small businesses. This list is by no means exhaustive, and Somercor 504, Inc does not endorse any outside agencies. We provide this list as a courtesy. If you are seeking resources or financial support for your small business, please contact delegate agencies directly.

The following programs  and organizations may offer incentives, rebates, or support for renewable energy or energy efficient projects:

The Cook County Energy Efficiency Program:

www.delta-institute.org/cookefficiency
Flyer

The Database of State Incentives for Renewables and Efficiency:

http://www.dsireusa.org/

The ComEd Smart Ideas website:

http://www.comed.com/pages/promo_smartideas.aspx

IFF- Energy Efficiency Support for NonProfits:

http://www.iff.org/sustainable-solutions

Peoples Gas

http://www.peoplesgasdelivery.com

The following Small Business Development Centers can offer resources to early stage and existing small businesses:

The Illinois Small Business Development Center at UIC assists pre-venture, start-ups, and established businesses with management, marketing, and financial counseling. They also provide assistance with business and marketing plan preparation, securing capital, improving business skills, accessing international trade opportunities and other business management needs.

The Hull House Small Business Development Center offers various workshops, individual counseling, an entrepreneurial training program, networking events, financial literacy training in English and
Spanish, and an entrepreneurship program for formerly incarcerated individuals.

The Women’s Small Business Development Center offers various workshops, seminars, business coaching, and financial assistance for female-owned businesses.

The Jewish Vocational Service Duman Entrepreneurship Center offers entrepreneurial training, business assistance, mentoring, and access to capital.

The Chicago Urban League Entrepreneurship Center offers business classes, information exchange forums, corporate mentoring, financial assistance, and an alumni network for African-American owned businesses.

The Chicagoland Chamber of Commerce provides members with a member directory, networking opportunities, events,  initiatives, and additional opportunities.

The Industrial Council of Nearwest Chicago provides support with business planning, debt and equity financing, industrial retention, expansion and relocation, placement and training and business and financial management. ICNC also assists companies in accessing grants and incentive programs.

The City of Chicago also has a list of Economic Development Agencies:

http://www.cityofchicago.org/city/en/depts/dcd/supp_info/delegate_agencieseconomicdevelopment.html

We are always happy to connect small businesses with relevant resources. If you know of any other programs or support available, email eevenhouse@somercor.com.

New Area Rollouts:

Application Deadline Dates:

Lottery Times:

Portage Park 2/9/2012 at 3:00 PM at 121 N. LaSalle St. Room 1006

Lotteries take place at City Hall and are open to the public.

Deadlines occur thirty days after a public rollout meeting, and determine whether or not a lottery is needed.  Applications are due in by the end of business on the deadline date.  Applicants should submit their applications personally.  Fax and Email are the preferred methods.  Please confirm receipt of application.

Chicago Flyhouse needed to do work on their facade, it was bowing out and was coming unattached to the building.  They also wanted to restore the building to how it looked before an earlier “fix”. In addition to the work they did on their facade, they did some permanent landscaping, installed a wrought iron fence, and did some Heating and Cooling work.  This project was in the Kinzie Industrial Corridor on the West Side of the City of Chicago.

Chicago Flyhouse Before SBIF

Chicago Flyhouse After SBIF

MDT Architects renovated the interior of their space to house their office.  They also wanted to showcase their architectural ideas in their own space.  They are located in the Wilson Yards SBIF District.

MDT Architects Interior Space before SBIF

MDT Space After SBIF

Debra Pernell, an insurance agent on the City’s South Side, completely renovated a storefront for her insurance agency.

Pernell Insurance Agency, before SBIF

Pernell Insurance Agency, after SBIF

Derek Walvoord, SBIF Director                    
P: 312.360.3319
F: 312.360.3333 dwalvoord@somercor.com

Silvia Sanchez, Assistant Director       
P: 312.360.3334
F: 312.360.3333 ssanchez@somercor.com

Joseph Lewis, Assistant Director
P: 312.360.3329
F: 312.360.3333 jlewis@somercor.com

Erin Evenhouse, Program Associate
P: 312.360.3328
F: 312.360.3333 eevenhouse@somercor.com

Because of our agency relationship with the City of Chicago, SomerCor 504, Inc does not endorse any of these lenders, but has provided this list as a courtesy for applicants looking to finance their SBIF grant.  Please consult several lenders when you are looking for financing.

Micro Finance – Loans of up to $25,000

Accion Chicago, (312) 275-3000, www.accionchicago.org

Priscilla Cordero, Senior Loan Officer, (312) 275-3000 ext 104, info@accionchicago.org

Nitika Nautiyal Chauhan, Senior Loan Officer,  (312) 275-3000 ext 112, info@accionchicago.org

Bank Lenders

Banco Popular

Jan Goldstein, Business Banking Specialist, jgoldstein@bpop.com, (773) 205-3126

National City/PNC

Tom Bartkowski, AVP Business Banking, tom.bartkowski@nationalcity.com, (773) 358-8137

Harris Bank

Steven Lick, A.V.P and Branch Manager, steven.lick@harrisbank.com, (773) 384-8600 x 2222, 2196 N Elston Ave.

Illinois Service Federal Savings and Loan Association

William L. McKnight, Chief Lending Officer, wlmcknight@isfbank.com, (773) 624-2000 ext 317.
Service Federal is interested in lending on the S.E. Side of the City of Chicago.

Northside Community Federal Credit Union

Tom Laures,  t.laures@northsidecommunityfcu.org, (773) 769-5800 ext. 225
Northside Community FCU will work with select SBIF grant recipients on Chicago’s North Side to provide financing up to $35,000.

First Eagle Bank

Faruk Daudbasic,  (312) 850-9232.
First Eagle Bank has created a loan pool to provide front funding to select small businesses using the SBIF program. Applicants must be located in one of the following SBIF districts: Austin Commercial, Central West, Chicago/Central Park, Galewood Armitage, Humboldt Park, Kinzie Industrial Corridor, Madison/Austin, Midwest, Near West, North/Cicero, or Northwest Industrial Corridor. First Eagle will loan 100% of the SBIF grant up to $75,000.