Tax Increment Financing (TIF) is a special funding tool used by the City of Chicago to promote public and private investment across the city. Funds are used to build and repair roads and infrastructure, clean polluted land and put vacant properties back to productive use, usually in conjunction with private development projects. Funds are generated by growth in the Equalized Assessed Valuation (EAV) of properties within a designated district over a period of 23 years.
The boundaries of Andersonville overlap 2 different TIF districts: the Clark/Ridge TIF to the north and the Clark/Montrose TIF to the south. Businesses within these areas have access to several programs using TIF funds.
SBIF is the Small Business Improvement Fund, a portion of funds set aside from an area TIF (Tax Increment Financing) district to specifically provide financing for business and building improvements for small businesses. SBIF funds up to 25%, 50%, or 75% of the total project cost are available for business or property owners (max. $150,000).
What can I use SBIF funds for?
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
How do I apply?
Applications for SBIF funding are only accepted during specific 30 day application periods. Applications are accepted online at www.somercor.com. You can request more information on the SBIF program, rules, and upcoming application periods by using the form on our Business Assistance page.
TIFWorks stimulates business success by funding workforce-training costs for companies located in tax increment financing (TIF) districts. With TIFWorks support, businesses can become better equipped to improve performance and productivity, expand product lines and gain new customers. You can request more information on the TIFWorks programs using the form on our Business Assistance page.