Small Business Improvement Fund (SBIF) Program

SBIF helps make improvements to small business properties in select Chicago neighborhoods.

The program uses tax increment financing (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.

Description
Program participants can receive matching grants to cover up to half the cost of remodeling work, with a maximum grant amount of $150,000. The grant does not have to be repaid.

Objective
To help local industrial companies expand and create employment oportunties for Chicago residents.

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 are processed by SomerCor 504 Inc.