Small Business Improvement Fund (SBIF)

Updated Jan. 12, 2021

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.

Staring Jan. 1, 2021, SBIF staff will begin to roll out a series of enhancements to the program. Most notably, the maximum grant amount will increase to $150,000 for commercial properties and $250,000 for industrial properties. Additionally, commercial applicants may be eligible to receive reimbursement up to 90% of eligible project costs.

For more information on these improvements, see the DPD news section or attend one of the upcoming webinars, listed below.

 

SBIF Information and Application  

 

SBIF Grants/Completed Projects Database

Qualifications and Restrictions

Expenses eligible for a SBIF grant include:

  • Facade repair and replacement
  • Permanent interior renovations and build out
  • New windows, floors or roof
  • New heating, ventilation and air conditioning
  • Plumbing
  • Electrical
  • Improvements to accommodate disabled patrons or workers
  • Purchase of adjacent property for building expansion or parking
  • Project-related design and construction fees

SBIF grants are provided as reimbursement to property owners after remodeling work is completed and expenses are paid. Residential property, residential components of mixed-use buildings, and property leased to 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 SBIF-eligible business tenant.

Upcoming Application Rounds

January 2021
Applications open: 9 a.m. Monday, Jan. 4
Applications close: 5 p.m. Monday, Feb. 8

February 2021
Applications open: 9 a.m. Monday, Feb. 1
Applications close: 5 p.m. Wednesday, March 3

March 2021
Applications open: 9 a.m. Monday, March 1
Applications close: 5 p.m. Wednesday, March 31

Click the above links to view the exact boundaries of each TIF district.

Informational Webinars

DPD and SomerCor will host a series of webinars throughout 2021 to review program requirements, the application process, and the new changes to the program that roll out beginning in February. The webinar registration links 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.

Additional Information

2020 Informational Webinars

I Want To