The City of Chicago’s Small Business Improvement Fund continues to see strong demand from businesses in the North Branch.
In February, SBIF was available in the Western Avenue South TIF District; we’re thrilled to share that a record number, thirty-five businesses, applied for grants including our member, Delmark Records (pictured).
SBIF provides businesses with reimbursable grants for permanent building improvements. Commercial businesses can receive up to $150,000 while industrial firms are eligible for a maximum of $250,000 with 50% project reimbursement.
Funds can be used for projects such as storefront renovations, building systems, interior remodeling, roof replacements, as well as new windows and doors.
North Branch Works staff conducted extensive outreach for the program in Western Avenue South, including writing stories promoting SBIF in the newsletters of Ald. Scott Waguespack (32nd Ward) and Ald. Matt Martin (47th Ward).
We also canvassed in Western Avenue South, leading to in-person meetings that generated multiple applications. In addition, we made hundreds of phone calls and sent emails and letters encouraging eligible businesses to apply.
E&J Foreign Cars in Western Avenue South, a 2021 SBIF recipient
Here’s the official list of SBIF applications that are currently being processed:
SBIF continues to open in TIF Districts across the city every month. Some SBIFs that will open close to our service area include:
The next TIF District scheduled to open in the North Branch are Addison South in October of 2024 and River West in December of 2024.
To see a full calendar of SBIF openings, please go here.
With questions about SBIF and NBW’s low-interest Small Business Loan Fund, please contact Steve Simmons, 773-929-5552 x2226 or steve@northbranchworks.org
Image credits: Delmark Records & E&J Foreign Cars
