Small Business Improvement Fund (SBIF) Grants Available: Recoup up to $150,000 in Remodeling Investments (limited time)

July 15, 2018 By In Blog Posts No Comment

Applications Will Also Be Accepted from November 1 to November 30, 2018

Small Business Improvement Fund (SBIF)For Chicago’s Midwest & Western/Ogden TIF Corridors

Businesses in the Midwest and Western/Ogden TIF corridors are invited to apply for SBIF grants providing reimbursement of remodeling expenses of up to $150,000, from August 1 through November 30, 2018.

For example:

  • Spend $300,000 or more and apply for reimbursement of up to $150,000
  • Spend $100,000 and apply for reimbursement of up to $50,000

SBIF Before & After

Before & After Remodeling Eligible for SBIF Reimbursement

What Is a SBIF?

The Small Business Improvement Fund (SBIF) is a City of Chicago grant program administered through SomerCor 504, Inc. to help small business owners in high need areas. The grants are available to eligible industrial businesses in designated corridors throughout the city, in coordination with Mayor Rahm Emanuel’s support of Chicago’s small business community.

SBIF grants are intended to help small business owners in eligible areas renovate, expand or start up businesses.

The grants are offered to small business owners who own or lease their property, and property owners who lease to businesses in the Midwest and Western/Ogden SBIF districts. Applications must be submitted by November 30, 2018. Learn more here:

How to Apply

Step 1: Identify Your TIF Area

Click the links below to view a map of the two TIF corridors included under these SBIF grants:

  • Midwest: portions of North Lawndale and East Garfield Park
  • Western/Ogden: portions of North Lawndale, the Lower West Side and Near West Side

Step 2: Download and Review the SBIF Eligibility Requirements (for both corridors)

Step 3: Download the SBIF application form (for both corridors)

Step 4: Submit Your Application by August 31 (follow directions on the application)

If applications exceed available funds, applicants will be considered in an order determined by lottery. Lottery announcements are found here.

What Is the Lawndale Business Renaissance Association (LBRA)?

The mission of the LBRA is to revitalize businesses, both industrial and commercial, in the Lawndale and Little Village communities, bordered by Austin and Western avenues and the Eisenhower (I-290) and Stevenson (I-55) expressways. The LBRA works to attract, retain and grow businesses in the area through the strategic deployment of city, county, state and federal programs and incentives.

Learn more about this SBIF and how our other services can help your business grow

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