Apply for Small Business Improvement Fund (SBIF)

Written by startup news

February 1, 2022

If you are an owner of a business property or a tenant, you can apply for Small Business Improvement Fund provided by the Department of Planning and Development. Are you interested in applying? If you are, hurry and apply for this business grant, the deadline is almost approaching.

You can also check The Eligibility Criteria and other Details for more information.

Sponsoring Agency: Department of Planning and Development

Type of Fund: Grant

Deadline: February 1, 2022

Details:

The Small Business Improvement Fund (SBIF) provides grant funding for permanent building improvements and repairs across the city.

Offered by the Department of Planning and Development (DPD) to tenants and owners of industrial and commercial properties, SBIF grants are funded by Tax Increment Financing (TIF) revenues in designated TIF districts citywide.

Eligibility Criteria

You are eligible if you have:

  • Business properties located in a TIF district where SBIF funds are available and the SBIF is open for applications
  • Commercial businesses with gross annual sales up to $9 million on average over the previous three years
  • Commercial property owners with a net worth up to $ 9 million and liquid assets up to $500,000
  • Industrial businesses with up to 200 full-time employees
  • Residential projects are not eligible for SBIF grants

Funding Information 

Program participants can receive grants to cover between 30 percent and 90 percent of the cost of remodeling work, with a maximum grant of $150,000 for commercial properties and $250,000 for industrial properties.

For more information, visit here.

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