City of Chicago Small Business Improvement Fund (SBIF)

Business Size: small, medium

Industries: commercial, industrial

Region: City of Chicago, designated TIF districts

Revenue Range: 9000000

Other Criteria: Tenants and owners of industrial and commercial properties, Property located in an eligible TIF district where SBIF funds are available and applications are open, Commercial businesses must have gross annual sales up to $9 million on average over the previous three years, Commercial property owners must have net worth up to $9 million and liquid assets up to $500,000, Industrial businesses must have up to 200 full-time employees, Projects must involve permanent building improvements and repairs (e.g., exterior/interior renovations, HVAC/electrical/plumbing upgrades, ADA improvements, architectural/construction management fees), Grant funding is provided on a reimbursement basis, requiring proof of financing and permits within 120 days of approval, Applicants must pass a 'scofflaw check' (no debts owed to City of Chicago, no back property taxes to Cook County, current on child support payments if applicable), Projects must conform to City's Ground Floor Commercial Design Guidelines and other applicable design guidelines, Commercial projects approved for a grant of $25,000 or more are required to make at least one exterior improvement using at least 10% of the approved grant funds, Start-up businesses (open less than three years) must provide detailed business plans and 36-month financial projections, Bars and taverns must have been open and operated by current owners for at least two years, Business owners living outside of Chicago are eligible if the business or property is located in an SBIF-eligible area, Mixed-use buildings are eligible, but costs associated with interior residential work are ineligible for reimbursement, while exterior work supporting commercial space can be eligible, Grantees must maintain an active, licensed business within the property and not relocate, sell the property, or sell the business/property ownership entity for at least three years after receiving funding.