Small and medium sized businesses in Aurora that have been struggling to maintain their operations throughout the pandemic can now find some financial relief. Applications are now being accepted for Invest Aurora’s Revolving Loan Fund, which will provide businesses with an opportunity to receive financial assistance to rebuild, expand and thrive.
Economic Development Administration (EDA) Overview
The U.S. Economic Development Administration is a federal government agency focused solely on economic development. They play an important role in encouraging and facilitating regional economic growth in communities across the nation. To accomplish their goal, EDA provides grant investments to support local businesses in communities that are experiencing economic distress. Through their flexible grant tools, they hope to see these struggling businesses take control of their future and position themselves for economic growth.
EDA Financial Assistance Available Through Invest Aurora
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. Those funds are now available to loan out into the community and can be used for a variety of business needs or projects where commercial funding might not be available. Certain businesses, such as restaurants, retail or IT businesses, which may find traditional financing difficult to obtain at times, may see a particular benefit to this program. However, any qualified member of our local business community that is in need of funding is encouraged to apply.
Applying for a Loan
Loan sizes range from $25,000 – $750,000 with a maximum term of 60 months. Interest rates will vary based on the terms of the loan, but certain minority, veteran or women-owned businesses may be eligible for a reduced rate. Loan applications will soon be available on the Invest Aurora website at www.investaurora.org and may be submitted at any time.
Invest Aurora will screen, process and underwrite all loan applications in-house, in order of receipt. We want to process as many applications as possible, so completed and signed applications including all supporting documentation is required to determine eligibility. Please visit https://investaurora.org/eda-revolving-loan/ for complete requirements.
Contact Invest Aurora for Assistance
Invest Aurora specialists are available to help answer any questions about this financial assistance opportunity and to help your business apply for funding. Whether you are in need of funds to expand or modernize your facility, or funding to remain operational while you recover from the impact of the COVID-19 pandemic, we hope this financing will help ease your burden while you stabilize. Find more details about the program here: https://investaurora.org/eda-revolving-loan/ or contact us at 630-256-3160 for additional information.