What is TIF?
The City of Chicago uses Tax Increment Financing (TIF) as a special funding tool to promote public and private investment across the city. With these funds, roads and infrastructures are repaired, polluted land is cleaned, and vacant properties are put back to use. Funds are generated by growth in the Equalized Assessed Valuation (EAV) of properties within a specific district over 23 years.
What is SBIF?
Funds set aside from an area TIF district are Small Business Improvement Funds (SBIF). These funds provide financing for business and building improvements for small businesses. SBIF funds up to 25%, 50%, or 75% of total project costs, and are available for business or property owners.
What can I use SBIF funds for?
Uses for a SBIF grant include, but are not limited to:
New windows, floors or roof
Sign removal and replacement
New heating, ventilation, and air conditioning
Improvements to accommodate disabled patrons or workers
Purchase of adjacent property for building expansion or parking
How do I apply for SBIF funds?
Applications for SBIF funding are only accepted during specific 30-day application periods. You may apply online at www.somercor.com.