SBIF, the Small Business Improvement Fund, is one of the few sources of grants available to Logan Square property and business owners considering investing in capital improvements. [pullquote]Learn the rules and how to apply. Join us at 9AM Tuesday, March 11, at Liberty Bank for Savings, for a briefing from the SBIF Program staff on who and what work qualifies, and how to apply![/pullquote]
For the last two years, however, no funds have been available for new projects in the Fullerton/Milwaukee Tax Increment Financing (TIF) district. That is now changing, and $1,000,000 has been set aside by the City for the program here in Logan Square’s TIF.
This means that you may be able to reduce your net cost of capital improvements for handicapped accessibility, new roofs, facade repairs, HVAC systems, parking lot paving, or similar renovation, rehabilitation or remodeling projects, by 25% to 75%, or as much as $250,000, depending on the nature of the work and other qualifying criteria.
Applications for the Fullerton/Milwaukee SBIF Program will be accepted from March 11 through April 10, 2014.
Remember, SBIF is a cost reimbursement program. Reimbursement percentages and amounts will vary depending on the project, and some types of businesses are not eligible.
The rollout meeting will be on Tuesday March 11, 2014 from 9:00 AM to 10:30 a.m. at Liberty Bank for Savings, 2392 N Milwaukee Avenue (corner of Milwaukee and Fullerton)