47th/State and Michigan/Cermak SBIFs Open March 1
The Department of Planning and Development (DPD) and SomerCor will roll out the Small Business Improvement Fund (SBIF) grant program for applications in the following TIF districts in March.
- 47th/State, Grand Boulevard and Washington Park
- Michigan/Cermak, Near South Side
Applications open: 9 a.m. Wednesday, March 1
Applications close: 5 p.m. Friday, March 31
The SBIF program uses revenue from TIF districts to help owners of commercial and industrial properties to repair or remodel their facilities for their own business or on behalf of tenants. Tenant businesses are also eligible to apply on their own.
Please note that residential projects are not eligible for the SBIF program, and residential developers should not apply.
Program participants can receive grants for 30 to 90 percent of project costs, with a maximum grant of $150,000 for commercial properties and $250,000 for industrial properties. The grants are administered by SomerCor on the City’s behalf and do not have to be repaid.
DPD and SomerCor will host an informational webinar to review program requirements and the application process, including an overview of program changes adopted by City Council under Mayor Lightfoot.
SBIF Informational Webinar
1 p.m. Wednesday, March 1 | Register
For additional information, visit www.chicago.gov/sbif.