For local businesses who have had difficulty finding traditional financing, an EDA Loan may be the solution they need to achieve their goals. Invest Aurora continually sources ways for our business community members to expand, improve, relocate or otherwise advance their business. One of those incredible resources is the EDA Revolving Loan Fund. This financing opportunity has provided much-needed relief to many businesses since first becoming available to Invest Aurora last year, which is detailed below.
EDA Revolving Loan Fund Overview
The U.S. Economic Development Administration (EDA) established the EDA Revolving Loan Fund to provide assistance to businesses who are unable to obtain necessary business loans through traditional bank financing. Through this short-term gap financing, many small businesses have been given an opportunity to find long-term success and remain competitive in the community.
Invest Aurora’s Role
Invest Aurora has been given the authority to administer the EDA Loan Fund to qualifying applicants. In fact, we have the ability to screen, process and underwrite all loan applications in-house! Loan amounts range from $25,000 – $750,000 with terms of up to 5 years. We encourage any of our local businesses to apply and we are available to answer any questions you may have. Full program requirements and a downloadable application are available at https://investaurora.org/eda-revolving-loan/.
EDA Loan Funds Awarded through October 2022
We are proud to report that we have awarded $1,222,000 since the beginning of 2022. That is quite an achievement and has allowed loan recipients to accomplish many business goals. For example, Endiro Coffee, LLC will be able to use the EDA funds they received to expand into a national wholesale coffee bean distributor, as well as enhance their marketing efforts. In a similar purpose, Chazerly Designs (DBA Crystal House) will be able to expand their business offerings at trade shows, as well as the 2022 Christkindlmarket in Aurora, with the award they received from their EDA loan.
The EDA Revolving Loan Fund also creates an opportunity for businesses to relocate, by providing the necessary capital to purchase a building. Such was the case this year for Nide Jardin as well as woodwork Refined. Nide Jardin, once a farmer’s market pop-up vendor, used their EDA loan to purchase a brick-and-mortar location in Downtown Aurora. Likewise, custom furniture and cabinetry designer woodwork Refined was able to successfully relocate from the south suburb of Alsip to an Aurora warehouse location close to their home with their award.
Finally, earlier in 2022, JH Real Estate used their award as a continuation of the Dunham Loan project supporting the rebuilding of the elevators at 105 E. Galena. This EDA loan has been fully paid off, and those funds are now back in the EDA account.
EDA Loan Funds Still Available
The structure of the EDA Revolving Loan Fund makes funds continually available to the community. In other words, as the funds get repaid, those funds are added back into the total loan fund, thereby becoming available for new recipients. Indeed, as of this posting there is currently $1,278,000 in available funding. Please reach out to the Invest Aurora team at 630-256-3160 or firstname.lastname@example.org to learn more about the EDA Revolving Loan Fund or schedule a free consultation with one of our economic development professionals.