Small businesses have undoubtedly been hit hard throughout the COVID-19 pandemic. With temporary closings, lost sales, lower revenues, employee shortages and more, small business owners may wonder how much longer they will be able to continue operating. For those small businesses located in Aurora, help is on the way in the form of an EDA grant.
Who is the Economic Development Administration (EDA)?
The U.S. Economic Development Administration (EDA) is an agency of the U.S. Department of Commerce. The EDA is focused exclusively on economic development, and it works directly with local communities and regions to help local businesses grow and succeed. They offer a variety of flexible grant tools to help communities experiencing economic distress reposition themselves on a path to success.
CARES Act Recovery Assistance for Aurora Small Businesses
On August 5, 2021, the EDA announced an award of a $2 million CARES Act Recovery Assistance grant to Invest Aurora to capitalize and administer a Revolving Loan Fund, providing gap financing to small local businesses. This EDA grant, to be matched with $500,000 in local funds, is expected to create 50 jobs, retain 120 jobs and generate $3 million in private investment. The Revolving Loan Fund will provide direct relief to Aurora small businesses with the opportunity to receive financial assistance to rebuild, expand and thrive. Read the full press release here
The city of Aurora is committed to fully supporting our established and potential businesses. We have resources available to help you identify and apply for the most beneficial financial assistance for your business. In addition to the Revolving Loan Fund, business owners can explore the Finish Line Grant, which provides assistance for property improvement projects, as well as numerous other financial incentives which business owners can learn about here: https://investaurora.org/financial-assistance/.
Our team is dedicated to attracting, retaining and promoting businesses in the city of Aurora and we are happy to answer your questions and provide you with the resources you need to support and expand your businesses. Contact us at 630-256-3160 or firstname.lastname@example.org and we will respond quickly.