The City’s Small Business Improvement Fund (SBIF) would be renewed in three Tax Increment Financing (TIF) districts under a proposal introduced today to City Council by Mayor Rahm Emanuel.
SBIF helps owners of commercial and industrial properties to repair or remodel their facilities through grants up to $150,000.
The proposal would reallocate $750,000 for SBIF grants in the Lawrence/Pulaski TIF district, $500,000 in the Lincoln Avenue TIF district and $250,000 in the Jefferson Park 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 144 TIF districts, which provide financing for local redevelopment and public improvement projects within their boundaries.
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