The City’s Small Business Improvement Fund (SBIF) will be renewed in four Tax Increment Financing (TIF) districts under a plan approved today by City Council.
The funding, which will be made available for local businesses, includes:
The SBIF program provides matching grants up to $150,000 for the repair and remodeling of commercial and industrial properties in eligible TIF districts. The 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 144 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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