The Department of Planning and Development (DPD) and SomerCor will roll out the Small Business Improvement Fund (SBIF) grant program for applications in the following TIF districts in August:
River West, West Town and Near West Side
Applications open: 9 a.m. Thursday, Aug. 1
Applications close: 5 p.m. Friday, Aug. 30
The SBIF program uses revenue from TIF districts to help owners of commercial and industrial properties to repair or remodel their facilities for their own business or on behalf of tenants. Tenant businesses are also eligible to apply on their own.
Program participants can receive grants for 30 to 90 percent of project costs, with a maximum grant of $150,000 for commercial properties and $250,000 for industrial properties. The grants are administered by SomerCor on the City's behalf and do not have to be repaid. Those interested in applying can verify that their property is located in an eligible district by using the SBIF Locator Map tool.
DPD and SomerCor will host an informational webinar to review program requirements and the application process. For additional information, visit www.chicago.gov/sbif.
SBIF Informational Webinar
1 p.m. Wednesday, Aug. 7 | Register
