Featured SBIF Grants:
Best Barbeque- 119th & I-57 TIF SBIF
Best Barbeque owner Michael Jackson used a SBIF grant for his South Side soul food restaurant to rehabilitate the interior and exterior as well as repave the parking lot. Interior before and after Parking lot before and after
Back of the Yards Green Building Project- 47th/Ashland TIF SBIF
John Edel used a SBIF grant to install energy efficient windows in a vacant building he's transforming into a green business incubator that includes an aquaponic urban farm and kombucha production facility, and may house a brewery.
Before and after
The windows are only the first step in sustainability for The Plant, which will eventually operate as a cutting edge "net-zero energy facility". Funded in part by $1.5 million from the Illinois Department of Commerce and Economic Opportunity, it will divert thousands of tons of food energy from landfills and employ over a hundred people in the back-of-the-yards area. To learn more about this cool project, check out this Changing Gears coverage. |
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SBIF Helps Businesses Keep and Create Jobs
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 eevenhouse@somercor.com. |
