Up to $7.1 million in grant funding will be made available to small businesses on the West and South sides through a plan approved today by City Council.
The funds will be allocated through the City’s Small Business Improvement Fund (SBIF), which provides matching grants up to $150,000 for building repair and remodeling work in eligible Tax Increment Financing (TIF) districts.
The proposal will allocate $1.5 million toward existing SBIF programs in the Belmont/Central TIF district; $1 million each in Avalon Park/South Shore, Galewood/Armitage, and Pulaski Corridor TIF districts; $750,000 in the Midwest TIF district; $500,000 each in the Commercial Avenue, Belmont/Cicero, Western/Ogden; and $400,000 in the Division/Homan TIF district.
SBIF grants cover a range of building improvements including HVAC systems, masonry, facades, handicap accessibility, interior renovations, and other upgrades. The assistance is provided upon project completion and does not have to be repaid.
The SBIF program operates in 94 of the City's 147 TIF districts, which are designated areas that allocate local property tax growth for improvement projects within their borders.
For district maps and related information, visit cityofchicago.org/TIF.
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