Revitalizing Chicago’s Neighborhood Businesses
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).
