Amount: up to $150,000 for commercial properties and $250,000 for industrial properties.

 

The Small Business Improvement Fund (SBIF) provides grant funding for permanent building improvements and repairs across the city.

Offered by the Department of Planning and Development (DPD) to tenants and owners of industrial and commercial properties, SBIF grants are funded by Tax Increment Financing (TIF) revenues in designated TIF districts citywide.

About the Fund

The City of Chicago’s Small Business Improvement Fund (SBIF) promotes economic development by providing small businesses with reimbursable grants for permanent building improvement costs.

SBIF grants use local Tax Increment Financing (TIF) revenue to reimburse you for the pre-approved repair or rehab of your business facilities or adjacent land acquisition. SomerCor is the program administrator contracted by the Chicago Department of Planning and Development.

Eligibility Requirements

  • Business properties located in a TIF district where SBIF funds are available and the SBIF is open for applications
  • Commercial businesses with gross annual sales up to $9 million on average over the previous three years
  • Commercial property owners with net worth up to $ 9 million and liquid assets up to $500,000
  • Industrial businesses with up to 200 full-time employees
  • Residential projects are not eligible for SBIF grants

Eligible Expenses

Most permanent building improvements are eligible for SBIF grants, including:

  • Exterior renovations and repairs, including new windows, doors and roofs
  • Interior remodeling, including framing, drywall, flooring and ceilings
  • Tuck-pointing and masonry repairs
  • HVAC, electrical and plumbing system upgrades
  • Structural components of new signage
  • ADA improvements
  • Project-related architectural and construction management fees

Ineligible Expenses

A number of specific types of work cannot be financed by SBIF grants. While they can be a part of a project approved for SBIF assistance, these expenses will not be eligible for reimbursement:

  • New construction
  • Minor repairs or improvements such as painting or cleaning
  • Equipment-related expenses
  • Planters surrounding or affixed to buildings
  • Work on the interior of residential units in mixed-use buildings
  • All fencing
  • Parking lot construction or repair
  • Landscaping
  • Other work not consistent with program or TIF goals

Eligibility Timeline

SBIF grants are available for 30 day periods each months.

Program’s Budget

Since 1999, SBIF has invested more than $100 million in small businesses all over Chicago because small businesses are job creators and economic engines in our neighborhoods.

Amount of the Government Grant

Program participants can receive grants to cover between 30-90% of the cost of remodeling work, with a maximum grant of $150,000 for commercial properties and $250,000 for industrial properties.

The grant, which is administered by SomerCor on the City’s behalf, does not have to be repaid.