City Council today approved the expansion of Chicago’s Small Business Improvement Fund (SBIF) into four additional Tax Increment Financing (TIF) districts.

The SBIF program helps to improve commercial and industrial properties in select TIF districts by making funds available for building improvements involving windows, floors, roofs, heating and air conditioning systems, and other upgrades.

The assistance is provided as a grant up to $150,000 upon project completion. The grant does not have to be repaid.

One million dollars will be allocated for projects within the Bronzeville TIF and $500,000 will be allocated for projects within the Kennedy/Kimball, South Chicago and West Woodlawn TIFs.

It will be the first time the SBIF program is available in each of the districts. The program now operates in 88 of the City’s 163 TIF districts, which provide financing for local redevelopment and public improvement projects.

For more information about SBIF, visit www.cityofchicago.org/tif.

# # #