SBIF (Small Business Improvement Fund)
Additional Resources for Current Applicants
This page contains resources for current SBIF applicants. To submit a new application, please visit the main SBIF page.
Below you will find additional details, templates, blank forms, and other resources for each stage of the process. Please reach out to your project coordinator directly with any questions or updates.
Stage 1
Your SomerCor project coordinator will request documents and affidavits specific to your project. The deadline to submit these additional documents is 20 days from the date of the request. Below are blank forms and completed examples of the affidavits requested. You will not need submit every form, documents requested will vary dependent on applicant type. Your Stage 1 letter from the project coordinator will specify which documents to submit.
Stage 2
You must submit at least two “apples-to-apples” contractor bids for the SBIF project. Each contractor is required to submit their City of Chicago license and proof of insurance. Please note that SBIF applicants cannot act as their own contractor. You have 120 days from the date of the Stage 2 letter to submit the bids.
Applicants are strongly advised to consult with SomerCor and design professionals on design requirements and guidelines before drawing up plans for work.
Do not begin construction or make payments during this stage. The work must be approved by the City of Chicago DPD before construction begins in order to receive reimbursement.
Stage 3 / 3.4
Once your project has been approved by the City of Chicago you will receive the Conditional Commitment Letter in the mail. This signifies that you may begin construction and making payments to the contractors. You will have 10 months to complete construction. Additionally, within 120 days of the date of the Conditional Commitment Letter, you must provide proof of sufficient funds and the required permit(s) to complete the approved project. We recommend applying for permits and reaching out to lenders as soon as possible.
Stage 4
Congratulations! You have finished construction and submitted all the necessary payment documents to your project coordinator. During this stage, SomerCor and the City of Chicago will process the documents and prepare the reimbursement check. It generally takes 4-6 weeks to receive the SBIF reimbursement. Your project coordinator will reach out to sign the closing documents and deliver the check (Stage 5).
Stage 5
The reimbursement check is ready! SomerCor will send the closing documents to sign and notarize, and make arrangements to securely deliver the check.
SBIF Lenders
Because of our agency relationship with the City of Chicago, SomerCor does not endorse any of these lenders, but has provided this list as a courtesy for applicants seeking financing to fund their SBIF project prior to the disbursement of grant funds. Please consult several lenders when you are looking for financing.