Small Business Improvement Fund (SBIF) Rollout Meeting

If you own industrial, commercial, or mixed-use (but not solely residential) property, or own a business located in the Fullerton Milwaukee TIF District (map below) and are planning, or thinking about, making a capital investment to renovate that property or enhance your business, the Small Business Improvement Fund (SBIF) program may be right for you.

SBIF is a grant program aimed at encouraging physical improvement to private property located along the main business streets of Logan Square:  Armitage, Fullerton and Milwaukee Avenues.  The Chicago City Council has recently allocated $1,000,000 to the SBIF Program, and applications for reimbursement grants will be accepted by the program administrator starting March 11, through April 10, 2014.

The amount of any reimbursement depends on the type of business and improvement, the size (annual revenue, number of employees) of the business, and the income and resources of the owner.  Reimbursement may cover from 25% to 75% of eligible project costs, up to a possible maximum of $150,000 in the case of industrial property, or $100,000 (more in certain cases) for commercial property tenants or owners.  The application process is no more complicated than applying for a bank loan, and processing is prompt, handled through the program administrator.  There is no application fee for the program.  Not all businesses are eligble.  Projects already completed are not eligible.

Please join us at the Rollout Meeting on Tuesday, March 11, where the details of eligibility and program operation will be provided by staff of Somercor504, the private company contracted with the City to administer the program.  If your business or property is located in the TIF (map below) this is an opportunity that you must investigate!