The SBIF program uses revenue from TIF districts to help owners of commercial and industrial properties to repair or remodel their facilities for their own business or on behalf of tenants. Tenant businesses are also eligible to apply on their own.Please note that residential projects are not eligible for the SBIF program, and residential developers should not apply.
Program participants can receive grants for 30 to 90 percent of project costs, with a maximum grant of $150,000 for commercial properties and $250,000 for industrial properties. The grants are administered by SomerCor on the City’s behalf and do not have to be repaid.
The Department of Planning and Development (DPD) and SomerCor will host an informational webinar to review program requirements and the application process, including an overview of program changes adopted last month by City Council.SBIF Informational Webinar1 p.m. Thursday, Jan. 7 | Register
For additional information, including program rules and the application, visit www.somercor.com/sbif
Questions can be directed to Silvia Orozco at firstname.lastname@example.org