The City of Chicago’s Small Business Improvement Fund (SBIF) is one of the best resources we have for strengthening small and industrial companies and supporting high-quality job creation.
It’s exciting that SBIF is about to open in part of our service area, the River West Tax Increment Financing District.
SBIF provides reimbursable grants to businesses for permanent building improvements. Commercial firms are eligible for grants up to $150,000 while industrial businesses with less than 200 employees can obtain a maximum of $250,000.
These funds can be used for upgrades like a new roof, masonry repairs, HVAC systems, floors, remodeling bathrooms and more.
To be eligible for the program, companies must be in a TIF District where SBIF is open.
In this case, companies in River West can apply for SBIF when it opens on August 1st; the deadline is Aug. 30th at 5 p.m. The application is three pages and easy to fill out.
The SBIF program administrator, SomerCor, will hold an informational webinar about this opportunity in River West on Wednesday, August 7th at 1 p.m. To sign up, please go here.
Our staff will promote SBIF to the business community in River West. We have a lot of knowledge and experience guiding businesses through the application process and completing projects.
Over the years, NBW has developed a network of reliable contractors, knowledge of the paperwork required to move through the process, and expertise in financing these projects.
With questions about SBIF and assistance pursuing it, please contact Steve Simmons at 773-929-5552 x2226 or steve@northbranchworks.org
Image credit: Chicago Department of Planning & Development
