Small Business Improvement Fund (SBIF) Grant

Small Business Improvement Fund (SBIF) Grant is sponsored by City of Chicago (Administered by SomerCor and Allies for Community Business). Offers reimbursement grants for permanent building improvements to commercial and industrial properties in Chicago.

SBIF City of Chicago Small Business Improvement Fund | Grant - SomerCor SBIF Client Feature Story: Platt Luggage, Inc Small Business Improvement Fund (SBIF) Launched in 1999, the City of Chicago’s Small Business Improvement Fund (SBIF) promotes economic development by providing small businesses and property owners with reimbursement grants for permanent building improvement costs. Residential projects are not eligible.

The SBIF grant is funded by local Tax Increment Financing (TIF) revenue and is made available to business and property owners located in the SBIF-eligible TIF districts citywide. Grant funds may be used to reimburse up to 90% of pre-approved construction costs, with a maximum reimbursement of $75,000 for multi-tenant properties, $150,000 for commercial properties, and $250,000 for industrial properties.

SomerCor is proud to administer the SBIF Grant on behalf of the Chicago Department of Planning and Development . Already applied? Find more resources on the Current Applicants page.

The maximum grant amount and reimbursement percentage is determined by the property and business type. Commercial business and property owners may receive a maximum of $150,000 in reimbursement. The percentage of reimbursement is determined by the business's gross sales and/or the property owner's net worth: Industrial businesses and properties may receive a maximum of $250,000 in reimbursement.

All industrial projects are eligible for 50% reimbursement of costs. Property owners that lease more than 50% of the property to one or more entities in which they do not have an ownership interest are to be evaluated for eligibility under the Net Worth and Liquidity Requirements. The project property must be located within a SBIF-eligible TIF district.

Verify if your property is in a TIF with the SBIF Locator Tool . Commercial businesses with an average of less than $9 million in annual gross sales. Industrial businesses with no more than 200 full-time employees.

Property owners with a cumulative net worth of less than $9 million and less than $500,000 in liquid assets. Must have site control of property in the form of a deed or executed lease agreement with the title-holder. smoke shops/cigar lounges These lists are not comprehensive.

Please contact SomerCor with any questions about eligibility. All expenses must be approved by the City of Chicago before construction starts and prior to any payments to contractors. Permanent building improvements that enhance the appearance or viability of a property are generally eligible for reimbursement.

Eligible improvements may include, but are not limited to : roof and façade improvements alterations or structures needed for ADA compliance (e.g., railings or ramps) HVAC and other mechanical systems plumbing and electrical work permanent interior renovations, including fixtures The following items are not eligible for reimbursement. This list is not comprehensive.

work on the interior of residential units new construction (additions/expansions, “ground up”) stand-alone minor repairs or cosmetic improvements equipment-related expenses (e.g. kitchen appliances, computers, office furniture) planters surrounding or affixed to buildings outdoor dining or drinking areas fencing including pergolas, trellises, arbors, privacy screens, and similar structures parking lot construction or repair For full eligibility and requirements, please see the SBIF Program Rules .

SBIF applications must be submitted during monthly rollout periods for individual TIF districts. Upcoming dates are listed below. Applications received for a TIF district outside of its open acceptance period will be rejected.

Check your TIF district with the SBIF Locator Tool. Ready to apply? OPENS: June 1 at 9:00 A.

M. CLOSES: June 30 at 5:00 P. M.

Kinzie Industrial Corridor June 3 (Wed) at 1:00 P. M. | Register OPENS: July 1 at 9:00 A.

M. CLOSES: July 30 at 5:00 P. M.

Little Village Industrial July 1 (Wed) at 1:00 P. M. | Register OPENS: August 1 at 9:00 A.

M. CLOSES: August 30 at 5:00 P. M.

Northwest Industrial Corridor August 5 (Wed) at 1:00 P. M. | Register OPENS: September 1 at 9:00 A.

M. CLOSES: September 30 at 5:00 P. M.

September 2 (Wed) at 1:00 P. M. | Register OPENS: October 1 at 9:00 A.

M. CLOSES: October 30 at 5:00 P. M.

Pilsen Industrial Corridor October 7 (Wed) at 1:00 P. M. | Register OPENS: November 1 at 9:00 A.

M. CLOSES: November 30 at 5:00 P. M.

Stockyards Southeast Quadrant November 4 (Wed) at 1:00 P. M. | Register OPENS: December 1 at 9:00 A.

M. CLOSES: December 30 at 5:00 P. M.

December 2 (Wed) at 1:00 P. M. | Register After submitting an application, you will receive an email within two business days to confirm it was received and notes of any preliminary concerns.

If you do not receive an email confirmation within this time, please reach out via sbif@somercor. com to verify your application status. Applicants are responsible for making sure submissions are received within the open acceptance period.

Applications received after 5 P. M. on the last day of the acceptance period will not be eligible.

If a lottery is not needed, a SBIF Project Coordinator will reach out to begin Stage 1 a few weeks after the application period has closed. Applicants who do not complete each stage in the required time limit will be disqualified and removed from the program. The initial SBIF application must be submitted to SomerCor within the acceptance period for the TIF district where the project is located.

Download and fill out the application and submit to SBIF@somercor. com . After submitting your application, you will receive a confirmation email within two business days to confirm the application was received and advise of any preliminary concerns.

Once the TIF district has closed to new applications at the end of the month, the SomerCor team will calculate the total of grant funds requested. If grant demand exceeds available funds, SomerCor will conduct a lottery to determine the random order in which the projects will be processed. The applications will be processed in the order they were drawn until funds are depleted.

The remaining applications will be placed on the waitlist and will remain active for 24 months. When funding is available for that TIF, the applications will be processed in the order they were drawn. A few weeks after the TIF district has closed to new applications, a SBIF Project Coordinator from SomerCor will reach out to discuss the project and request application materials for the project.

The deadline to submit this information will be 20 days from the request date. Stage 1 information has been received and deemed eligible, SomerCor will request two competing contractor bids for the prospective work. All contractors must be licensed in the City of Chicago.

During this time, any outstanding city debt must also be resolved and property taxes must be current. The deadline will be 120 days from the date of request. IT IS IMPORTANT NOT TO BEGIN CONSTRUCTION OR PAY CONSTRUCTION COSTS UNTIL THE PROJECT IS APPROVED.

At this stage, the Department of Planning and Development will review the specifics of the project. Once it is approved, they will mail the Conditional Commitment Letter to the address on file and construction may begin. The letter will give the final construction deadline of 300 days from the date of the letter.

The letter also assigns a deadline of 120 days from the date of approval to submit proof of financing and permits for the project. Once construction is complete, SomerCor will review the closing documents and perform a site visit. After the final documentation has been received by SomerCor, it will take approximately 4-6 weeks to prepare the reimbursement check.

This interactive tool can provide an estimated SBIF grant amount based on the information entered. IMPORTANT: This is for informational purposes only. Several factors can affect eligibility and final grant amount.

All costs must be approved prior to Select the TIF district of your project address: SBIF Locator Tool to identify your TIF Elston/Armstrong Industrial Corridor Kinzie Industrial Corridor Little Village Industrial Northwest Industrial Corridor Pilsen Industrial Corridor Stockyards Southeast Quadrant Do you have ownership interest in the property? Including ownership through another entity, such as an LLC Is this a multi-tenant property?

What is the primary use of the property? Total estimated SBIF-eligible project costs (dollars): Percent of Costs Reimbursed: District Acceptance Month: *This is only an estimation. Actual reimbursement percentage may be altered or reduced based on additional information.

All costs must be approved by the City of Chicago prior to construction. These numbers are for informational purposes only and not a guarantee of funds. Each application will be reviewed for eligibility and grant amounts may be adjusted as necessary.

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