The city of Chicago announced last week that its accepting applications from West Side small businesses for its Small Business Improvement Fund grant program, which is facilitated by the Department of Planning and Development and Somercor, a small business lender.
Applications from businesses and organizations located in TIF districts in Austin, the Near West Side, Humboldt Park and South Lawndale will be accepted now until 5 p.m. on Friday, Oct. 30.
The grant program utilizes revenue from the city’s TIF districts to help owners of commercial and industrial properties repair or remodel those facilities either for their own businesses or for tenants, city officials explained in a statement released Sept. 23.
Applicants can potentially receive grants that offset between 25 percent and 75 percent of project costs, with up to $100,000 for commercial properties and up to $150,0000 for industrial properties. The grants don’t have to be repaid. Residential projects are not eligible for the program, city officials explained.
The Department of Planning and Development and Somercor have been hosting webinars this year to allow applicants opportunities to review the program requirements and get familiar with the application process.
The next webinars are scheduled for Oct. 7, Nov. 4 and Dec. 2. All at 1 p.m. For more information on the Small Business Improvement Fund grant program, click here.