Chicago’s Small Business Improvement Fund (SBIF) will be expanded into two additional Tax Increment Financing (TIF) districts and renewed in seven other TIF districts under a plan approved today by City Council.

The SBIF program uses TIF revenues to help owners and tenants of commercial and industrial properties within specific TIF districts repair or remodel their facilities with grants of up to $150,000. The grants reimburse recipients for eligible building improvements, including roofs, facades, mechanical systems, floors, ADA-related amenities and other upgrades.

Under the plan, $500,000 in SBIF grants will be allocated for the first time in the 79th/Southwest Highway and the Stockyards Southeast Quadrant TIF districts; $300,000 will be reallocated for existing SBIF programs in the Archer/Central, Avalon Park/South Shore and Midway Industrial TIF districts; $500,000 will be reallocated in the Fullerton/Milwaukee, Midwest and Western Avenue South TIF districts; and $1 million will be reallocated in the Kinzie Industrial Corridor.

The SBIF program operates in 90 of the City’s 147 TIF districts, which provide financing for local redevelopment and public improvement projects.

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

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