SBIF Helps Businesses Keep and Create Jobs
December 21, 2011 SBIF
Over 750 jobs with help from the SBIF program
In light of recommendations from the TIF reform panel, The SBIF program began capturing data about jobs created with the help of SBIF grants. To start, we emailed past and pending grant recipients since September 2009 to inquire about job creation. So far, with 12% responding, we found that in the last two years, businesses have created or retained over 750 jobs with help from the SBIF program. Over 350 construction jobs have also been created.
Many respondents shared personal anecdotes. “We were required to have more parking for a business license, and the grant allowed us to buy a parking lot” said Brian Elmiger of the Bottom Lounge. “The lot secured, we’re looking at long term investments and adding 15 employees.” One SBIF grant enabled the Jane Adams Development Corporation to redevelop another vacant building which now houses several start-up companies; when complete, it will enable over 80 jobs. Other business owners noted additional benefits such as remodeling to become leaner in a difficult economic climate or adding energy efficiency improvements. And beyond hiring local contractors, plumbers, electricians, etc, these business owners support other businesses: beyond doubling the employees for his fish market, Bill “The Fish Guy” Dugan noted that he will purchase at least 90% of his building components in Chicago, contributing further to the local economy.
As we now gather jobs metrics for all SBIF applicants, we look forward to getting more in-depth information about job retention and creation through SBIF. But jobs are only one way to measure economic impact. If you have a success story with your SBIF grant, email firstname.lastname@example.org.