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BACP SSA61 News

Hyde Park 53rd Street TIF District – up to $150,000 SBIF Grant

The Small Business Improvement Fund (SBIF) is now open for applications for the 53rd Street TIF District. Applications will be accepted now through July 30th, 2021!

The SBIF program uses revenue from TIF districts to help owners of commercial and industrial properties to repair or remodel their facilities for their own business or on behalf of tenants. Tenant businesses are also eligible to apply on their own. Please note that residential projects are not eligible for the SBIF program, and residential developers should not apply.

Program participants can receive grants for 30 to 90 percent of project costs, with a maximum grant of $150,000 for commercial properties and $250,000 for industrial properties. The grants are administered by SomerCor on the City’s behalf and do not have to be repaid.

DPD and SomerCor will host an informational webinar to review program requirements and the application process, including an overview of program changes adopted last year by City Council.

SBIF Informational Webinar
Wednesday, July 7 at 1:00 pm | Register Here
For additional information, visit www.chicago.gov/sbif

To schedule a FREE Business Consultation with SSA 61 / Downtown Hyde Park Email Diane Burnham.