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Small Business Improvement Fund

The Small Business Improvement Fund (SBIF) program uses local Tax Increment Financing (TIF) revenues to help owners of commercial and industrial properties and/or tenants within specific TIF districts to repair or remodel their facilities. Program participants can receive reimbursing grants to cover 25%, 50%, or 75% of the cost of remodeling work, with a maximum grant amount of $ 150,000. The grant does not have to be repaid.

SBIF helps make improvements to small business properties in selected Chicago neighborhoods. TIFs in the West Humboldt Park area include the Chicago/Central Park TIF, Kinzie Industrial Corridor TIF, Division/Homan TIF, and the Humboldt Park TIF.

Eligible expenses for a SBIF grant include, but are not limited to:

  • New windows, floors or roof
  • Sign removal and replacement
  • Tuck pointing
  • New heating, ventilation and air conditioning
  • Improvements to accommodate disabled patrons or workers
  • Purchase of adjacent property for building expansion or parking

SBIF grants are provided to property owners after remodeling work is completed and all expenses are paid. Residential property, residential components of a mixed-use building, and property leased to certain businesses are not eligible for the program. If you are not sure, contact us and ask.  Vacant business property is eligible, but grants are not paid until the space is occupied by a business tenant.

Retooling Chicago: SBIF Grants video.

We have assisted numerous business and property owners in Humboldt Park with this program and brought the projects to completion successfully. Read about some of our SBIF Success Stories

For more information on SBIF contact Tom Otto at (773) 342-0036 ext 23 or tom@whpdevelopmentcouncil.net or visit Somercor