The City of Chicago’s Small Business Improvement Fund (SBIF) is an incredible program that strengthens businesses by providing grants for building improvements.
Commercial businesses are eligible for grants up to $150,000 while industrial firms with less than 200 employees can receive a maximum of $250,000 with 50% project reimbursement.
SBIF was recently open in part of our service area, the Addison South TIF District; the city made $1.5 million available for this area.
We’re pleased to share that twelve businesses applied for SBIF grants. The list of applicants includes:
• Mercenary Brewery & Distillery LLC dba Maplewood Brewing Co. - 2717 -19 N. Maplewood Ave.
• Mercenary Brewery & Distillery LLC dba Maplewood Brewing Co. - 2700 N. Campbell Ave.
• Daria Pruska LLC dba Boulevard Bistro - 2753 N. Western Ave.
• Fernandez Auto Glass IV Inc. - 2733 N. Western Ave.
• Cruising Canines Inc. - 2940 N. Leavitt St.
• CoClubChicago LLLC dba Guild Row - 3130 N. Rockwell St.
• Fierce Girl LLC – 2601 W. Fletcher St.
• Interior of Stone – 2900 N. Western Ave.
• 2750-2752 N Elson LLC - 2750-2 N. Elston Ave.
• 2415 W Diversey LLC -2415 W Diversey Ave
• Bash Sports Academy LLC – 2617 W. Fletcher St.
• WasteNot, Inc. – 2419 W. Barry Ave
• Constellation Arts LLC – 3111 N. Western Ave.
Because the funding requested exceeds $1.5 million, the program administrator, SomerCor, will hold a lottery to determine the order in which the applications are processed.
So, what are the next steps for the businesses that receive SBIF grants? SomerCor will assign a staff person to work with each business. The first stage involves completing an initial set of paperwork.
During the second stage, businesses will be required to obtain two estimates for their projects from contractors with City of Chicago business licenses and certificates of insurance.
After SomerCor reviews and approves the estimates, business or property owners then choose which contractor they’d like to hire for the project.
At this point, the City of Chicago will issue a conditional letter of approval; business or property owners will need to show proof of financing before the project can begin.
To meet this requirement, owners can show a bank account statement or submit a loan commitment letter from a lending institution.
Our team is available to help businesses complete SBIF projects. We can help by providing assistance completing paperwork, connecting you to contractors with experience doing SBIF projects, and securing low-interest financing.
These services are available at no cost due to North Branch Works’ contracts with the City of Chicago that include helping businesses complete SBIF projects.
Indeed, we recently helped two of our member businesses complete SBIF projects. Please see the success stories for KH Hapkido School Inc. (2743 N. Western Ave.) and Lucas Tire & Autocare (3501 N Western Ave).
With questions and for help completing the SBIF process, please contact Steve Simmons at 773-929-5552 x2226 or steve@northbranchworks.org.
