A new application period for Small Business Improvement Fund (SBIF) grants from the City of Chicago starts Thursday, Dec. 10, for business owners in Bronzeville, followed by other neighborhoods in coming weeks.

The SBIF program provides grants up to $150,000 for upgrades to industrial and commercial properties, including windows, floors, roofs, heating and air conditioning systems, accessibility compliance, and other improvements.

“SBIF grants are an important resource made available by the City to help maintain and improve local business facilities,” said David L. Reifman, commissioner of the Department of Planning and Development (DPD), which manages the program. “SBIF also supports local jobs and fosters economic growth where it matters most, in local neighborhoods.”

SBIF participants receive grants up to 75 percent of total project costs to help pay for repair and remodeling work. Maximum grant amounts are $150,000 for industrial properties and $100,000 for commercial properties. Unlike loans, SBIF grants are provided upon project completion and do not have to be repaid. Property owners and tenants are eligible to participate, though certain restrictions apply.

Businesses and property owners located in Bronzeville’s 47th/King Tax Increment Financing (TIF) district can attend an information session at 12 p.m. Thursday, Dec. 10, at Center for New Horizons, 4150 S. Martin Luther King Dr., Chicago. The application period will be open for 30 days.

“SBIF has helped a variety of companies and organizations in the district in recent years, including Inner City Youth and Adult Foundation, Angels R Us Kidz Academy, and several other commercial properties,” said Ald. Pat Dowell (3rd). “It’s a useful tool for businesses to improve the appearance and effectiveness of their workplaces.”

The 47th/King TIF district is generally bounded by State, 40th, and 51st streets and portions of Martin Luther King Drive and St Lawrence Avenue.

Part of Mayor Rahm Emanuel’s initiatives to support local businesses, future “roll out” sessions are being scheduled through the first quarter of 2016 for TIF districts in the following community areas: Burnside, Uptown, Garfield Ridge, Clearing, Logan Square, South Shore, Avalon Park, Near West Side, Back of the Yards, Greater Ashburn, and other areas.

The program is administered for DPD by Somercor 504, a non-profit development company certified by the U.S. Small Business Administration. Potential applicants interested in more information about the application process or roll out dates may contact Somercor at (312) 360-3300.

The SBIF program operates in 92 of the City’s 147 active TIF districts. Since early 2011, approximately 640 participating companies have leveraged more than $48 million in SBIF grants to complete $94 million in business improvements. Over the period, the program helped retain or create more than 9,300 new and permanent positions and more than 6,900 temporary construction jobs.

Residential property, residential components of mixed-use buildings, and property leased to fast-food chains and certain other businesses are not eligible for the program.

For information about the TIF districts in Chicago, visit: www.cityofchicago.org/TIF.

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