The City's Small Business Improvement Fund (SBIF) will be renewed in three Tax Increment Financing (TIF) districts and expanded into a fourth under a plan approved today by City Council.
The plan will reallocate $500,000 in SBIF funding for the Pilsen Industrial and West Irving Park TIFs and $300,000 in the Midway Industrial TIF district. For the first time, $300,000 will be allocated in the Washington Park TIF district.
Owners of commercial and industrial properties within each TIF district will be eligible to receive matching SBIF grants of up to $150,000 to repair or remodel their facilities. Grants cover a range of building improvements including HVAC systems, masonry repairs, facades, storefronts, ADA accessibility, and interior renovations, and other upgrades. The assistance is provided upon project completion and does not have to be repaid.
The SBIF program operates in 93 of the City's 147 TIF districts, which provide financing for public improvements and local redevelopment projects. For more information about SBIF, visit www.cityofchicago.org/tif.
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