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FINANCIAL ASSISTANCE FOR BUSINESS BOOKLET
Businesses located in the Peterson Pulaski Industrial Park can qualify for a number of business incentive programs such as Tax Increment Financing (TIF), Small Business Improvement Fund (SBIF) grants, TIFWorks employee training grants, low interest loans, grants, bond issues, site assistance, property tax assistance and Enterprise Zone benefits.
The City's Department of Community Development published a comprehensive booklet detailing the wide array of financial assistance programs to start, expand and relocate companies in Chicago. Click on Financial Assistance For Business to view the entire booklet including relevant maps.
Parties interested in the City's financial assistance programs are encouraged to meet with representatives of the Department of Community Development Support Services to determine eligibility; 312-744-4389.
TAX INCREMENT FINANCING (TIF)
Tax Increment Financing is one of many tools that the City uses to help businesses grow, compete, create jobs and provide products and services to Chicagoans. Here are some business costs eligible for TIF reimbursement:
- land acquisition
- public improvements
- site preparation (street, sewer, water, viaduct, etc.)
- environmental remediation
- studies and surveys
- building rehabilitation or repair
- relocation costs
- job training / retraining
- certain financing costs
Although new, private construction and purchase of machinery and equipment are not eligible costs under TIF guidelines the CIty of Chicago offers other programs to assist businesses with these types of costs.
Click on Illinois Tax Increment Association for a general explanation of TIF.
Click on Chicago's TIF Webpage for local program information.
SMALL BUSINESS IMPROVEMENT FUND (SBIF)
This program uses Tax Increment Financing (TIF) revenues to help owners of commercial and industrial properties and/or tenants within the Peterson Pulaski TIF district to repair or remodel their facilties. Eligible businesses can receive a reimbursing grant to cover up to 75% of the cost of remodeling work, with a maximum grant amount of $150,000. The grant does not have to be repaid. Industrial companies must have under 100 employees to qualify.
Applications are processed by SomerCor 504, a federally certified Small Business Administration lender. For more details, click on SomerCor or call John Paulun at 312-360-3300.
Some of the exterior, interior and systems work eligible for a SBIF include:
- New windows, floors or roof, lighting systems, interior renovations
- Sign removal and replacement
- Tuck pointing, structural improvements
- Parking lot paving, wrought iron fencing, acquisition of property for parking
- New heating, venilation and air conditioning
- Improvements to accommodate disabled patrons or workers
- Purchase of adjacent property for building expansion or parking
- Sidewalks, permanent landscaping, public beautification efforts
TIFWORKS EMPLOYEE TRAINING ASSISTANCE
Businesses located within the Peterson Pulaski TIF District can use TIFWorks funds to pay for training related to new product lines, equipment upgrades, English as a Second Language instruction, and more. Click TIFWorks Program for more information.
PLANT & OPERATIONS IMPROVEMENT ASSISTANCE
Lean Manufacturing. Chicago Manufacturing Center offers Lean Manufacturing training designed to help businesses identify and eliminate waste through continuous improvement; 312-542-0500.
Plant Optimization Study. William Maurer of Illinois Institute of Technology assists companies with plant optimization studies to implement efficient space usage. Half of his services are paid by the city; 847-254-1162.
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