THE LOOP — A program that would give grants to small businesses looking to revitalize the LaSalle Street corridor passed City Council Wednesday.
The program directs $5 million in tax-increment finance dollars to launch a Small Business Improvement Fund for storefronts along the LaSalle Street corridor in the Loop.
Grants of up to $250,000 will be available for building owners or tenants to make permanent renovations on ground-level retail space. An extra $50,000 is available for applicants expanding to LaSalle from low- and medium-income neighborhoods. The maximum grant would be $1 million per property.
A total of $5 million would be up for grabs, according to city documents. The program received initial approval from the council’s finance committee last week.
The addition of the Small Business Improvement Fund to Downtown is part of Mayor Lori Lightfoot’s initiative to turn LaSalle Street into a…