24th Ward Alderman Michael D. Chandler was pleased to be informed by City of Chicago Department of Housing and Economic Development (HED) staff that the 24th Ward had a large number of local businesses apply for business improvement and start-up funding under the Midwest TIF Small Business Improvement Fund (SBIF) program for this funding cycle.
The SBIF is a grant program that helps start-up and existing businesses access Tax Increment Financing (TIF) revenues within specific districts to help owners/tenants of commercial and industrial properties repair and remodel their facilities. Program participants receive reimbursing grants to cover up to 75% of the cost of remodeling work, with a maximum grant amount of $150,000. The grant funds do not have to be repaid.
The program allows for a wide variety of businesses to be eligible for funding. Information on the application process and submission procedures was available on Alderman Chandler’s website: www.aldermanchandler.com, via email blast, local community newspapers, 24th ward community forums, as well as outreach to community stakeholder groups and organizations.
“I was pleased to hear about the strong turnout of 24th ward local businesses within the Midwest TIF district that have applied for funding under this important program,” stated Alderman Chandler. I look forward to having as many businesses within the 24th ward as possible benefit from the resources of this program to create, improve and expand their businesses within the 24th ward.”
Stop in at our Constituent Service Office, 1158 South Keeler Avenue, or call 773/533-2400.
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