Financing and Incentives
The ESDC will work with businesses to empower them to grow. It will also work to attract fast growing businesses by leveraging the community’s assets: an ideal central location, rich in culture and arts, delicious food/restaurants, a close proximity to world class universities and medical district, in a Hubzone, with resources like TIF, SBIF, and Federal Empowerment Zone programs.
Small Business Improvement Fund (SBIF)
The SBIF program uses Tax Increment Financing (TIF) revenues to help owners of commercial and industrial properties within specific TIF districts to repair or remodel their facilities for their own business or on behalf of tenants. More information at CityofChicago.org
Tax Increment Financing (TIF)
TIF is a special funding tool used by the City of Chicago to promote public and private investment across the city. Funds are used to build and repair roads and infrastructure, clean polluted land and put vacant properties back to productive use, usually in conjunction with private development projects. More information at CityofChicago.org
The Historically Underutilized Business Zone (HUBZone)
The Historically Underutilized Business Zones (HUBZone) program helps small businesses in urban and rural communities gain preferential access to federal procurement opportunities. The federal government has a goal of awarding 3% of all dollars for federal prime contracts to HUBZone-certified small business concerns. More information at SBA.gov
Empowerment Zone (EZ)
Qualifying businesses in EZs are eligible for employment credits (up to $3,000 yearly per EZ resident employed). Qualifying EZ businesses are also eligible for low-cost loans through EZ facility bonds, increased Section 179 tax deductions, partial-exclusion of tax on capital gains upon the sale of certain assets, and other incentives. Businesses in EZs that build or substantially rehabilitate commercial property may also be eligible for up to $10 million in Commercial Revitalization Deductions to rapidly increase their depreciation. More information at CityofChicago.org
Neighborhood Business Development Center
ESDC assists area businesses to resolve zoning, licensing, and other issues which require interface with local or city government offices. ESDC works with a variety of public and private officials to plan the location and scope of City of Chicago and Cook County improvement projects to ensure that neighborhood needs are addressed.
ESDC seeks to promote area businesses by publishing an annual business directory and also producing a variety of events during the year. These include Mole De Mayo in the month of May and Buen Provecho! Pilsen in September.
The TIF District Business Database is an interactive map that depicts all the businesses located within the TIF District. All of these businesses have access to SBIF and TIF funds to initiate renovation and rehabilitation projects on their built infrastructure. If you would like to see if you qualify for TIF/SBIF funding, click the interactive map to see if your business lies wihin the boundaries.
Search for available commercial listings here:
Local Industrial Retention Initiatives (LIRI)
By working with over 200 hundred small, medium and large scale businesses in Pilsen’s Industrial Corridor, the Industrial Development Division of ESDC assists in the growth and development of industrial businesses to expand employment opportunities in the community. The Pilsen Industrial Corridor (PMD 11) covers 907 acres along the Chicago River on the southern border of Pilsen.
The Industrial Development Division focuses on empowering the manufacturing district by assisting and attracting individual businesses through City of Chicago, Cook County, State, and Federal incentive opportunities that promote manufacturing growth. Serving as a liaison to other municipal agencies, ESDC identifies opportunities for expansion and suitable locations for new industry; fulfilling its commitment to increase the quality and quantity of jobs available to residents of Pilsen.
Click image to link to City of Chicago's Pilsen Industrial Corridor TIF website.
Housing Resource Center
ESDC is designated a Housing Resource Center (HRC) and provides housing-related information, problem solving, community events and workshops to assist low-moderate income homeowners and residents. This initiative is funded by the Chicago Department of Housing. ESDC has outreach programs to disseminate information on both public and private programs offered throughout the city.
For more information, please contact: