The Small Business Improvement Fund (SBIF) 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.
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.
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SomerCor 504 Inc
To help local industrial companies expand and create employment oportunties for Chicago residents.
Qualifications and Restrictions
Expenses eligible for a SBIF grant include:
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.