Solar & Battery Regulation & Incentive Programs

City of Chicago - Small Business Improvement Fund

Program Overview


Category:
Financial Incentive
Program Type:
Grant Program
Implementing Sector:
Local
State:
Illinois
Eligible Storage Technologies:
Solar Water Heat, Solar Photovoltaics, Equipment Insulation, Lighting, Chillers, Furnaces, Boilers, Heat pumps, Air conditioners, Programmable Thermostats, Energy Mgmt. Systems/Building Controls, Windows, Roofs, Reflective Roofs, LED Lighting
Website:
http://www.somercor.com/sbif/
Incentive Amount:
25%, 50%, or 75% of the costs, depending on size of the applicant. The typical average grant amount is $40,000.
Maximum Incentive:
Industrial property: $150,000
Single owner/tenant commercial property or landlord: $100,000
Multi-tenant building: $250,000 per property, $50,000 per tenant/landlord
Equipment Requirements:
See program website for eligible equipment
Installation Requirements:
Must be located in a Tax Increment Financing District (TIF)
Administrator:
SomerCor 504 Inc.
Applicable Sectors:
Commercial, Industrial, Multifamily Residential
Last Updated:
12/17/2015

Eligibility Criteria

EligibilitySectorsTechnologies
max $150000.0000
Industrial
Solar Water Heat
Solar Photovoltaics
Equipment Insulation
Lighting
Chillers
Furnaces
Boilers
Heat pumps
Air conditioners
Programmable Thermostats
Energy Mgmt. Systems/Building Controls
Windows
Roofs
Other EE
Renewable Energy
Reflective Roofs
max $100000.0000
Commercial
Multifamily Residential
Solar Water Heat
Solar Photovoltaics
Equipment Insulation
Lighting
Chillers
Furnaces
Boilers
Heat pumps
Air conditioners
Programmable Thermostats
Energy Mgmt. Systems/Building Controls
Windows
Roofs
Other EE
Renewable Energy
Reflective Roofs
LED Lighting

Summary

SomerCor 504 Inc. administers the Small Business Improvement Fund for the City of Chicago. The fund utilizes revenue from Tax Increment Financing (TIF) and supports commercial and industrial properties, as well as tenants, within specific TIF districts to upgrade their facilities. Certain energy efficient upgrades, such as energy efficient windows, HVAC systems, and roofs may qualify for funding under this program and are encouraged.

The grants can cover up to 75% of the costs of the upgrades and are paid after the work is completed and expenses paid-up.

Commercial applicants are eligible if they have a maximum of $5 million in gross sales for each of the past three years. New commercial businesses must use projected sales. Industrial applicants may not employ more than 100 full-time equivalent employees. Landlord applicants may not have more than a net worth of $6 million, with total liquidity of no more than $500,000. Tenant applicants may not have more than $5 million in gross sales, and must have a leasehold interest in the property with at least 3 years remaining on the lease term. Additional eligibility requirements applicable, interested parties should contact SomerCor 504 Inc for additional details.