SomerCor administers the Small Business Improvement Fund for the City of Chicago. The fund utilizes revenue from Tax Increment Financing (TIF) and supports commercial and industrial properties.
SBIF provides grants to commercial businesses for 30%, 60%, or 90% of the costs of permanent building improvements such as storefront renovation building systems, interior remodeling, and roof replacement. Industrial businesses with 200 or fewer employees are eligible for grants covering 50 of the project cost.
Steps to apply
|Incentive Type:||Grant Program|
|Eligible Renewable/Other Technologies:||
|Incentive Amount:||30%, 60%, or 90% of the costs, depending on size of the applicant.|
Less than $250,000 per industrial Property occupied by single owner.
Less than $250,000 per industrial Property occupied by multiple owners or tenants, max $100,000 per individual applicant.
Less than $150,000 per commercial Property occupied by a single owner.
less than $250,000 per commercial Property occupied by multiple owners or tenants, max $75,000 per individual applicant.
|Equipment Requirements:||See program website for eligible equipment|
|Installation Requirements:||Must be located in a Tax Increment Financing District (TIF)|
|Organization:||SomerCor 504 Inc.|
This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.
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