The Small Business Financing Fund (SBIF) would be introduced to the 35/Wallace Tax Increment Financing (TIF) district in Bridgeport and renewed in six other TIF districts under a financing plan proposed to City Council today by Mayor Rahm Emanuel.

“Tax Increment Financing is the City’s best economic development tool and the SBIF program provides opportunities for local businesses to directly participate and benefit,” Mayor Rahm Emanuel said.

Under the proposal, commercial and industrial properties within the 35/Wallace TIF district would be eligible to receive SBIF grants for upgrades and repairs involving windows; floors and roofs; tuck pointing; building systems; signs; and doors; among other eligible costs.

The grants, up to $150,000, would be provided after the work is complete. Up to $500,000 would be distributed to businesses in the district through the program.

Additionally, $500,000 would be renewed for existing SBIF programs operating within the 35/Halsted, Jefferson Park, and Portage Park districts; $750,000 would be allocated for the Madison/Austin district; and $1 million would be allocated to the Austin and Fullerton/Milwaukee districts.

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