CLARK/MONTROSE SMALL BUSINESS IMPROVEMENT FUND APPLICATIONS OPEN FEBRUARY 1ST | Greater Ravenswood Chamber of Commerce
CLARK/MONTROSE SMALL BUSINESS IMPROVEMENT FUND APPLICATIONS OPEN FEBRUARY 1ST | Greater Ravenswood Chamber of Commerce
The Small Business Improvement Fund (SBIF) is one of the city’s longest-running and most successful programs, helping to retain and expand small businesses in nearly every neighborhood. SBIF grants use Tax Increment Financing (TIF) revenue to help businesses and owners of commercial and industrial properties make permanent building repairs and upgrades. These grants can cover up to 90% percent of the cost of remodeling work, with a maximum of $150,000 for commercial properties. Industrial properties may be eligible for grants of up to $250,000. Businesses are not required to repay SBIF grants.
About the Clark/Montrose SBIF
Businesses located within the Clark/Montrose TIF District may submit SBIF applications beginning Wednesday, February 1, 2023. The deadline for applications is Friday, March 3, 2023. These grants can reimburse costs related to pre-approved repair or rehab of business facilities, or adjacent land acquisition. The Department of Planning and Development (DPD) has contracted SomerCor to administer this program.
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