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Resource Story

Applications now open for Small Business Improvement Fund (SBIF) in 5 TIF districts

By on

January 5, 2021

- Resource Story

Greetings,

Applications for the Small Business Improvement Fund (SBIF) grant program are now open in the following TIF districts.
Applications open: 9 a.m. Monday, Jan. 4
Applications close: 5 p.m. Monday, Feb. 8

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 Webinar
1 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 sorozco@somercor.com.
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Company, MSBARC News, Resource Story

February 2017 NBDC Resource Story

By on

February 17, 2019

- Company, MSBARC News, Resource Story

37 Oaks LLC 

February Business of the Month

MSBARC started working with 37 Oaks and its owner Terrand Smith in August of 2016. Terrand has a strong background in the retail industry working with Fortune 500 companies to improve the visibility in its large stores. Terrand left corporate and started her own company to bring her talents to small black owned retail stores and strengthen the bottom lines of her new smaller clients.

MSBARC worked with her by referring our retail clients to 37 Oaks, and improve their show room visibility and ultimately the bottom line. Terrand recognized early on that she needed assistance reaching these businesses that are routinely given bad advice from people that do not have the expertise that she has, so with the referrals that MSBARC sent her these relationships have strengthened.

37 Oaks has had some success changing a stores clientele to a younger buyer with a slight change in product and display, her company also moved another company to more of a web presence than they previously had. Both these retail businesses have seen a bump up in their revenues.

MSBARC is proud to have Terrand Smith and her company 37 Oaks as the Business of the Month.

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