Small Business Improvement Fund
Small Business Improvement Fund (SBIF)
Register for the LaSalle SBIF Walking Tour and Reception on Wednesday, June 7
Small business owners are invited to attend a walking tour of available LaSalle Street storefronts from 2-4 p.m. on Wednesday, June 7, 2023. Part of the LaSalle Street Reimagined initiative that's providing grants up to $250,000 for buildout costs, the tour will be followed by a 4 p.m. reception where refreshments, grant information and networking will be available.
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.
Program participants can receive grants to cover between 30 percent and 90 percent 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.
- 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
SBIF applications are submitted during monthly rollout periods for individual TIF districts. Upcoming dates are listed below.
OPENS: 9 a.m. Monday, May 1
CLOSES: 5 p.m. Wednesday, May 31
1 p.m. Wednesday, May 3 | Register
OPENS: 9 a.m. Thursday, June 1
CLOSES: 5 p.m. Friday, June 30
- Englewood Neighborhood
- Ewing Avenue
- Greater Southwest Industrial West
- Washington Park
1 p.m. Wednesday, June 7 | Register
OPENS: 9 a.m. Monday, July 3
CLOSES: 5 p.m. Tuesday, Aug. 1
1 p.m. Wednesday, July 5 | Register
The application must be submitted to DPD’s program administrator, SomerCor. For additional program information or application assistance, visit the SomerCor website at www.somercor.com/sbif.