The City of Chicago’s Small Business Improvement Fund (SBIF) is an incredible program that strengthens neighborhood businesses, creates high-quality jobs, and promotes economic development.
In March, SBIF was open in the Addison South TIF District which covers parts of Avondale and Logan Square. We’re excited to report that 16 businesses applied for grants, including Hyun’s Hapkido & Tae Kwon Do School located at 2753 N. Western Avenue (pictured).
SBIF provides businesses with reimbursable grants for permanent building improvements in Tax Increment Financing (TIF) Districts across the city. The program is open to commercial and industrial businesses.
SBIF funds can be used for projects such as storefront renovations, building systems, interior remodeling, and roof replacements.
The maximum grant a commercial business can receive is $150,000 while industrial firms are eligible for grants up to $250,000.
Grants to commercial businesses can cover 30%, 60%, or 90% of a project’s cost depending on a company's annual revenues while industrial firms with 200 or fewer employees receive 50% project reimbursement.
North Branch Works staff conducted extensive outreach for the program in Addison South, including meeting in-person with interested businesses and coordinating outreach efforts with the 1st, 32nd, and 33rd Ward offices.
In addition, we made phone calls and sent letters and emails encouraging businesses to apply.
Many of the 16 applications resulted from our outreach to businesses such as Metropolis Coffee Company, Vosges Haut Chocolat, Electrical Audio, Ravinia Brewing Company, Judson and Moore Distillery, American Heritage Fireplace, Kobo Enterprises LLC, the Alley Chicago, and Thattu Chicago.
SBIF continues to open in TIF Districts across the city every month. The next SBIF to open in our service area is River West in September 2022.
To see the full calendar of SBIF openings, please go here.
North Branch Works would like to thank Silvia Orozco, SBIF Director at SomerCor, for her support during our outreach efforts in March.
With questions about SBIF and North Branch Works’ low-interest Small Business Loan Fund, please contact Steve Simmons at 773-929-5552 x2226 or steve@northbranchworks.org:10033
