SBIF Director
Derek Walvoord
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Please call or email Derek if you have any questions about SBIF 312-360-3319 dwalvoord@somercor.com email SBIF Director
John Paulun 312-360-3305 jpaulun@somercor.com emailSBIF Assistant Director Silvia Sanchez  312-360-3334 ssanchez@somercor.com emailSBIF Assistant Director Kelly Collings  312-360-3329 kcolling@somercor.com email
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Greetings!
New Rules for 2010! The income and asset amounts have been increased, and the percentage amounts have been expanded!
What is SBIF? The SBIF, Small Business Improvement Fund, is a City of Chicago TIF-based grant program designed to assist with building renovation. Applicants may receive grants of up to $150,000, with up to 75% of their rehab costs rebated. SBIF can fund interior and exterior permanent renovation projects for buildings located in certain City of Chicago TIF districts. These are grants, not loans, and do not have to be repaid. The applicant can own the building or be a tenant.
In addition, the City continues to refund and add new SBIF Districts!
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New Rules!
Effective December 28th, 2009:
Net
Worth Cap Increased for Property Owners from $4 million to $6 million
and Liquidity cap increased for Property Owners from $300,000 to $500,000
· 75% rebate: less than or equal to
$2.5m · 50% rebate: greater than $2.5m, but
less than or equal to $4.5m · 25% rebate: greater than $4.5m, but
less than or equal to $6m
Annual
Sales Threshold Cap Increased for Business Owners from $1.5 million to
$3 million
· 75% rebate: less than or equal to
$1m
· 50% rebate: greater than $1m, but less
than or equal to $2m
· 25% rebate: greater than $2m, but less
than or equal to $3m
And, as of Oct, 2009:
· We net out any City Assistance (grants, etc) from an applicant's total SBIF
award----for example, if an applicant received a $10,000 Cultural Affairs
grant, we reduce the amount from the total SBIF award (e.g. $150,000 - $10,000 =
$140,000)
City Liaison Dionne Baux, Right, and Dr. Stinson, Left
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New Rollouts and Areas! Two being scheduled, more to come.
New Funding and Informational Meetings:
Midway Industrial Cooridor SBIF, Feb 18th at 10am
Location: Skolnik Industries , 4900 S. Kilbourne
Stay Tuned: We will stay in touch with a SBIF Alert. There will be meetings and new funding for the Northwest Industrial SBIF and the 35th/Halsted SBIF. Dates are forthcoming.
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South Side Green Renovation
Stinson Dental, at 1600 E. 93rd Street, in the Stony
Island Burnside SBIF district, has completed a beautiful green renovation. Dr. Danita Stinson is the dentist and proprietor of the
business. Green Tech Group Inc. served as the General Contractor. They work to
provide green contracting services and green projects. Robin Baltierra is
the owner of this MWBE business. Green features in this project included:
a white cool roof, spray foam insulation, energy star light
fixtures, green mold resistant drywall & non-mold inhabitant
concrete flooring as well as bamboo flooring. Green Tech also used Solar Tube lights for natural day lighting of the interior. Danielle Kizaire-Sutton &
Charles Sutton of Black Bamboo Design, served as Interior Designers for the project. They added
nice design touches, such as the selections of fabric material, stains
and paint colors, bathroom fixtures, sliding door & cabinets as
well fabricated & installed Bamboo lockers.
Stinson Old Office
Stinson New Office, day lighting solar tubes on ceiling and polished concrete floors
Stinson Group, with SBIF, contractors, and Dr. Stinson on the far right
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New Staff at SBIF!
We are happy to announce that Kelly Collings has joined us at SomerCor as a SBIF Assistant Director of the program. She has been here for about a month, and if you have called us in that time, I am sure that you have enjoyed working with her. We feel fortunate to have found such a qualified person to help us get our business done.
Silvia Sanchez will be out of the office for a few months on maternity leave. We expect here back with us at the end of April, and are happy to say she delivered a healthy girl last week.
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Thanks for looking at our E-Newsletter. Please tell your friends, coworkers, acquaintances, or anyone that might be interested in our exciting grant program. We rely on you to let others know about the program. And, as always, please feel free to contact Derek at 312-360-3319 or email at dwalvoord@somercor.com. John may be reached at 312-360-3305 or jpaulun@somercor.com. Kelly 312-360-3329, or email at kcollings@somercor.com. Or Silvia at 312-360-3334, or ssanchez@somercor.com. Call to find out if your business is in a SBIF District or to see if you would qualify.
Sincerely,
Derek Walvoord, John Paulun, Kelly Collings, and Silvia Sanchez, the SBIF Team
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