The City’s Small Business Improvement Fund (SBIF) will be renewed in the Chicago/Central Park Tax Increment Financing (TIF) district under a financial plan approved today by City Council.

Under the plan, owners of commercial and industrial properties within the TIF district will be eligible to receive matching SBIF grants of up to $150,000 to repair or remodel their facilities. Grants cover a range of building improvements including HVAC systems, masonry repairs, façades, storefronts, ADA accessibility, and interior renovations, and other upgrades. The assistance is provided upon project completion and does not have to be repaid.

The Chicago/Central Park TIF district is generally bounded by Grand and Kedzie avenues, Lake Street and Pulaski Road. Up to $600,000 will be distributed to businesses in the district through the program.

The SBIF program operates in 92 of the City's 147 TIF districts, which provide financing for public improvements and local redevelopment projects. For more information about SBIF, visit www.cityofchicago.org/tif.