Somercor will be accepting applications for the Small Business Improvement Fund (SBIF) program for the Western Avenue South TIF area, which includes parts of Northcenter and Roscoe Village (incl. select parts of Western, Irving Park, Lincoln & Damen) beginning June 1st, 2021.
The SBIF program uses Tax Increment Financing (TIF) revenues to assist owners and tenants of commercial and industrial properties with financing for permanent building improvements. Program participants can receive reimbursement grants covering 25%, 50%, or 75% of approved project costs. Grants are provided after an approved project is complete and all expenses are paid.
DPD and SomerCor will host a webinar on Wednesday, June 2nd at 1 pm to provide an overview of the SBIF program and application process. You can register for the webinar here.
More information about the SBIF program, as well as the application and a link to a map of the Western Avenue South TIF, can be found at the links below.
One page summary