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News items related to SBIF

SBIF Funds Available for Companies in Division-Homan TIF


Attention companies in the Division-Homan TIF District:

Building Improvement Grants are Here!

 

JUST IN TIME FOR SPRING IMPROVEMENTS


For the first time, the Division-Homan TIF District has become eligible for Small Business Improvement Funds, a program that provides reimbursment grants of 25%, 50% or 75% of the cost of remodeling work with a maximum grant of $150,000.  The grant does not have to be repaid. 

First Eagle Bank Makes Renovating Your Business Even Easier

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 reimbursement 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 Success!

Chicago Avenue HVAC/Electical business uses SBIF grant to expand

There is one less vacant lot along Chicago Avenue in West Humboldt Park.  The formally vacant City-owned lot at 3836 W Chicago Avenue has undergone a transformation.

Thermal Electric, Inc, a ten-year old HVAC and electrical company at 3838 W Chicago Ave, acquired the lot and expanded their operations.  This stretch of Chicago Avenue has not seen much in the way of new construction recently.  A new Chicago Avenue streetscape was completed in 2011 but few commercial property owners have invested in their properties. That is, until now…

How one grant program is helping old-line manufacturers stay in the city

Three years ago, Bob Laystrom was prepared to move his 50-year-old company out of its outdated facility in Logan Square for new, spacious digs in suburban Palatine.

West Humboldt Park grows small businesses

Plenty of empty lots line the streets of West Humboldt Park. But the one at 3836 W. Chicago Ave. is special.

It sits next to the cinder-block home of Thermal Electric, Inc., an eight-year-old electrical, heating and cooling company that employs nine technicians and handles commercial and residential jobs in the city and suburbs.  Read more...

Businesses take Advantage of Small Business Improvement Fund (SBIF) Grants

Did you know that business and commercial property owners are eligible for free grant money of up to $150,000?