The City’s Small Business Improvement Fund (SBIF) will be renewed in nine Tax Increment Financing (TIF) districts under a plan approved today by City Council.
The SBIF program provides matching grants of up to $150,000 for the repair and remodeling of commercial and industrial properties in eligible TIF districts.
The proposal will reallocate $1 million for existing SBIF programs in the Fullerton/Milwaukee TIF district; $750,000 in the Lawrence/Kedzie TIF district; and $500.000 each in the 47th/King Drive, Addison South, Archer/Central, Avondale, Portage Park, South Chicago, and Western/Ogden TIF districts.
SBIF grants cover a range of building improvements including HVAC systems, repair and replacement of facades, roofs, accessibility compliance, interior remodeling, and other upgrades. The assistance is provided upon project completion and does not have to be repaid.
The SBIF program operates in 94 of the City's 145 TIF districts, which are designated areas that allocate local property tax growth for improvement projects within their borders. For district maps and related information, visit cityofchicago.org/TIF.
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