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.
Small business owners are invited to read more about available LaSalle Street properties as part of the LaSalle Street Reimagined initiative, which is providing SBIF grants up to $250,000 for buildout costs within the priority area. Those interested in learning more about the program can also register for an Aug. 29 rollout webinar ahead of the window for submitting grant applications, which opens Sept. 1.