The City of Chicago May Cover 75% of the Cost of Tuckpointing Your Business Property
Would you tuckpoint your Chicago business property if you knew you would be able to cover 75% of the cost? If your business property is located within a Tax Increment Financing (TIF) district in Chicago, money may be available under the Small Business Improvement Fund (SBIF). Tuckpointing expenses are among the many improvements expenses that are eligible for reimbursement. The maximum grant amount is $150,000.
The program is designed to help owners of commercial and industrial properties and/or tenants within specific Chicago TIF districts to repair or remodel their facilities. You’ll have to wait for work to be completed all expenses are paid to qualify, but because grants do not have to be repaid, it’s definitely worth the wait. You can find out if your property is located within an eligible TIF district by calling (312) 360-3300. Applications are selected by lottery and processed by SomerCor 504 Inc., a federally certified Small Business Administration lender.
Residential property, residential components of mixed used buildings and property leased to fast-food chains and certain other businesses are not eligible for the program. There are some other restrictions as well:
Industrial Tenants: A maximum of more than 100 full time equivalent employees.
Commercial Tenants: Maximum sales of $1.5 million annually for the prior three years, or equivalent average.
Landlords: A maximum personal net worth of $4.0 million and a maximum total liquidity of $300,000.
For complete requirements call SomerCor 504. For questions about the cost of tuckpointing your Chicago business building call Shamrock Tuckpointing, located in Alsip, Ill. (708) 388-2871.