The program uses 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 up to 75% 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.

Expenses Eligible For a SBIF Grant Include:

• 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 mixed-use building, 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 are selected by lottery and 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) 360-3334.

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

Property owners that also own the occupying business must meet certain eligibility requirements to participate in the SBIF program.

Industrial Property: A maximum of 100 full-time equivalent employees. Commercial: Maximum sales of $1.5 million annually for the prior three years, or equivalent average.