The City of Chicago’s Small Business Improvement Fund (SBIF) is an incredible resource for businesses looking to do permanent upgrades to their buildings.
Commercial firms are eligible for a reimbursable grant up to $150,000 while industrial companies can receive a maximum of $250,000. It’s a great way to cover the costs of things like new roofs, windows, doors, facades, HVAC systems, and more.
We’re pleased that SBIF will open in part of our service area, the Addison South Tax Increment Financing District, in October. The Addison South TIF District includes parts of the North Center, Avondale, and Logan Square neighborhoods.
Our partner and the SBIF program administrator, SomerCor, will hold a virtual information session about SIBF on October 2nd at 1 p.m. To sign up, please go here.
To be eligible for SBIF, businesses must have a physical location within the Addison South TIF District (see below right). Property owners and tenants can apply.
We encourage businesses in our service area to apply for SBIF. The opportunity to apply only comes around every few years. The program opens for applications on Oct. 1st; the deadline to apply is Oct. 30th at 5 p.m.
Some of our member businesses who have completed SBIF projects include Hyun’s Hapkido & Takewondo School, Lucas Tire & Autocare, and Guild Row.
North Branch Works will lead the outreach to commercial and industrial businesses in the Addison South TIF District in October.
In addition, we are hosting an informational meeting about SBIF with Wintrust Bank (2814 W. Fullerton Avenue). It will be held on October 2nd from 12:30-1:30 p.m. All are welcome to attend.
With questions about SBIF and for help applying, please contact Steve Simmons at 773-929-5552 x2226 or steve@northbranchworks.org.
Image credits: Chicago Department of Planning & Development
