Small Business Improvement Fund

The Small Business Improvement Fund (SBIF) offers grant funding to support permanent building improvements and repairs for commercial and industrial properties within select districts of Chicago. This program aims to help businesses enhance their physical spaces, contributing to neighborhood revitalization and economic growth. Grants range from $100,000 up to $500,000, with specific limits of $150,000 for commercial properties and $250,000 for industrial properties. Eligible expenses include a wide variety of building improvements such as exterior renovations like new windows, doors, and roofs; interior remodeling including framing, drywall, flooring, and ceilings; masonry repairs; upgrades to HVAC, electrical, and plumbing systems; structural components of signage; ADA compliance improvements; as well as architectural and construction management fees related to the project. Applicants must be commercial businesses with average gross annual sales up to $9 million over the past three years or commercial property owners with a net worth up to $9 million and liquid assets not exceeding $500,000. Industrial businesses with up to 200 full-time employees are also eligible. Residential projects do not qualify for this funding opportunity. Certain types of businesses are excluded from eligibility. These include chain or franchise businesses, branch banks, day labor agencies, currency exchanges, pawn shops, liquor stores and nightclubs, adult entertainment venues, K-12 schools, gas stations, firearms dealers, places of worship, smoke shops or cigar lounges, tobacco dealers including those selling nicotine products or accessories, residential storage warehouses, junk yards or trailer-storage yards. The SBIF grant provides an opportunity for eligible small business owners and property owners in Chicago to access significant financial support toward improving their facilities. This can lead to enhanced customer experience and increased business viability while contributing positively to the surrounding community’s appearance. Interested applicants should review detailed program guidelines on the City of Chicago website before applying. The deadline for submission is September 30th, 2024. This grant can be a valuable resource if you meet eligibility requirements and have plans for permanent building improvements that align with SBIF criteria.