$500,000 has been allocated to the North Branch (South) Small Business Improvement Fund (SBIF). SBIF is designed to provide funding assistance for improvements to qualifying small businesses located in designated TIF districts across the city. The fund uses TIF revenues to help owners of commercial and industrial properties repair or remodel their facilities for their own business, or on behalf of tenants. Participants can receive 50% reimbursement for improvement costs, with a maximum of $150,000. Examples of eligible improvements include new windows, floors or roofing, truck pointing, HVAC equipment, and the purchasing of adjacent property for building expansion or parking.
To be eligible:
- Property must be within the North Branch (South) TIF district
- Have a maximum of 100 full-time employees (if industrial)
- Have a maximum of $1.5 million annual sales (if commercial)
- Other conditions apply
There is a public meeting on Thursday, December 8 at 10:00 a.m. to discuss this particular SBIF allocation, in the upstairs conference room of Concept Laboratories, 1400 W. Wabansia Ave. Chicago, IL.
After December 8, a 30-day open application period will begin. If there are more applicants than funding available, a lottery system will be used. Please forward any questions or concerns to firstname.lastname@example.org at the LEED Council.