Updated: Jan 7
Many small businesses miss the opportunity to take advantage of resources available through the City of Chicago. Below is the information for the SBIF- Small Business Improvement Fund listed on the City of Chicago's website.
The Small Business Improvement Fund (SBIF) provides grant funding for permanent building improvements and repairs across the city. Offered by the Department of Planning and Development (DPD) to tenants and owners of industrial and commercial properties, SBIF grants are funded by Tax Increment Financing (TIF) revenues in designated TIF districts citywide. Program participants can receive grants to cover between 30 percent and 90 percent of the cost of remodeling work, with a maximum grant of $150,000 for commercial properties and $250,000 for industrial properties. The grant, which is administered by SomerCor on the City’s behalf, does not have to be repaid.
Who is eligible?
Business properties located in a TIF district where SBIF funds are available and the SBIF is open for applications
Commercial businesses with gross annual sales up to $9 million on average over the previous three years
Commercial property owners with net worth up to $ 9 million and liquid assets up to $500,000
Industrial businesses with up to 200 full-time employees
Residential projects are not eligible for SBIF grants
When are grants available near me?
SBIF applications are submitted during monthly rollout periods for individual TIF districts. Upcoming dates are listed below.
December 2021 OPENS: 9 a.m. Wednesday, Dec. 1 CLOSES: 5 p.m. Thursday, Dec. 30
Avalon Park/South Shore
Pilsen Industrial Corridor
Humboldt Park Commercial
How do I apply?
The application must be submitted to DPD’s program administrator, SomerCor.
For additional program information or application assistance, visit the SomerCor website at www.somercor.com/sbif.