SomerCor Small Business Improvement Fund

Small Business Improvement Fund (SBIF)

The City of Chicago’s Small Business Improvement Fund (SBIF) promotes economic development by providing small businesses and property owners with reimbursement grants for permanent building improvement costs. Residential projects are not eligible.


The SBIF grant is funded by local Tax Increment Financing (TIF) revenue and is made available to business and property owners located in the SBIF-eligible TIF districts citywide. 


SBIF applications must be submitted during monthly rollout periods for individual TIF districts. To see upcoming dates, click learn more below.

Learn More

Funding

 

Grant funds may be used to reimburse up to 90% of pre-approved construction costs, with a maximum reimbursement of $75,000 for multi-tenant properties, $150,000 for commercial properties, and $250,000 for industrial properties.


Administrator

City of Chicago, Department of Planning and Development (DPD)

Eligible Projects


  • The project property must be located within a SBIF-eligible TIF district. Verify if your property is in a TIF with the locator tool.
  • Commercial businesses with an average of less than $9 million in annual gross sales.
  • Industrial businesses with no more than 200 full-time employees.
  • Property owners with a cumulative net worth of less than $9 million and less than $500,000 in liquid assets.
  • Tenants with annual sales of less than $9 million with express prior property owner approval.
  • Must have site control of property in the form of a deed or executed lease agreement with the title-holder.


Building Sector

Small businesses

Advantages

Eligible elements for mixed use buildings:

  • Eligible interior renovations on the ground floor that are for commercial use only.
  • Envelope and structural repairs such as roof, tuckpointing, flood damage, beams, storefronts, and basement repairs that are for commercial use only. If some ground floor uses are not eligible for SBIF, these expenses are pro-rated. For example, if 100% of ground floor uses are SBIF-eligible, 100% of the costs will be SBIF-eligible, and the reimbursement grant will be paid based on the applicant’s qualified percentage of reimbursement. If 50% of ground floor uses are SBIF-eligible, 50% of the costs will be SBIF-eligible, reimbursement grant will be paid based on the applicant’s qualified percentage of reimbursement.
  • Building systems that are for commercial use only. If the systems are shared by the residential and commercial uses, costs will be pro-rated to cover only those for the commercial uses.

Additional Information

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