Small Business Improvement Funds
Learn about the Small business Improvement Fund (SBIF) and how your business can use SBIF to rehab your business. SBIF is a City of Chicago grant adminstered by SomerCor 504 Inc. and designed to help cover the cost of up to 75% of eligible rehab costs up to $150,000.
WHEN: Wednesday, June 20, at 10:00 a.m.
WHERE: Bohica Bar & Grill at 5518 S. Archer Ave. (parking on the side)
REGISTER: With Miguel Moreno at firstname.lastname@example.org or call 773-523-4416 ext. 121.
The City of Chicago’s Local Industrial Retention Intiative (LIRI) funds local non-profit industrial councils to provide planning and stewardship to the city’s 24 industrial corridors and business retention services to the companies that operate within them. LIRIs provide varied services including facilitating city services, marketing and assisting with public incentives, providing educational and networking opportunities, promoting the area and local business and planning and advocating for the long-term vitality of the industrial corridors.
The Back of the Yards Neighborhood Council and Aldermen James Balcer (11th), George Cardenas (12th), Willie B. Cochran (20th), Pat Dowell (3rd), and JoAnn Thompson (16th) have successfully brought the Small Business Improvement Fund to the 47th/Ashland TIF District.
The 47th/Ashland TIF District has become eligible for Small Business Improvement Fund (SBIF) grants. This program uses TIF revenues to help the owners of commercial and industrial properties to repair or remodel their facilities for their own business or on behalf of their tenants. Program Participants can receive up to 75% of the cost of remodeling work, with a maximum grant amount of $150,000. The grant does not have to be repaid. Small businesses with less than $1.5 million in sales and industrial companies that have less than 100 employees may be eligible for this program.
Expense eligible for a SBIF Grant include:
• New windows, floors or roof
• Sign Removal and replacement
• Tuck Pointing
• New heating, ventilation, and air conditioning
• Improvements to accommodate disabled patrons or workers
• Purchase of adjacent property for building expansion or parking
• Paving of parking facilities
Please call Fabiola Flores for more information, (773) 523-4416, or visit the SomerCor website.