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Updated Nov. 9, 2020
The Small Business Improvement Fund (SBIF) program uses Tax Increment Financing (TIF) revenues to help owners of commercial and industrial properties within specific TIF districts to repair or remodel their facilities for their own business or on behalf of tenants.
Program participants can receive grants to cover between 25 percent and 75 percent of the cost of remodeling work, with a maximum grant of $100,000 for commercial properties and $150,000 for industrial properties. The grant, which is administered by SomerCor on the City's behalf, does not have to be repaid.
Expenses eligible for a SBIF grant include:
SBIF grants are provided to property owners after remodeling work is completed and all expenses are paid. Residential property, residential components of mixed-use buildings, and property leased to fast-food chains and certain other businesses are not eligible for the program. Vacant business property is eligible, but grants are not paid until the space is occupied by a business tenant.
Applications will be accepted in the following TIF districts from 9 a.m. on Monday, Nov. 2 to 5 p.m. on Tuesday, Dec. 1:
Click the above links to view the boundaries of each TIF district.
DPD and SomerCor will host a series of webinars throughout 2020 to review program requirements and the application process. The video replays, presentations and registration pages are available below. A live stream can also be viewed at the day and time of each event on DPD's YouTube page.
For additional information, including program rules and the application, visit www.somercor.com/sbif.