At Invest Aurora, we strive to provide our local business community with essential tools to grow and thrive in the City of Aurora. Our valuable business resources include site selection assistance, opening strategies, identifying financing opportunities, hiring and workforce development tools and so much more. Needless to say, it is extremely gratifying when our efforts and support contribute to the success of a business in need.
We recently had the opportunity to provide financial assistance to local company woodwork Refined, through the EDA Revolving Loan Fund. We would like to share some insight into the effects this assistance had on their business, as well as their thoughts on the benefits of doing business in Aurora.
woodwork Refined Company Overview
woodwork Refined was established in February 2006 by William Cavanagh and Amy Doan, and they specialize in manufacturing custom furniture and cabinetry for commercial and residential clients. As Cavanagh and Doan explain, “Our expansive portfolio includes custom kitchens, closets, built-in cabinetry, dining tables, buffets, nightstands, vanities, fish tank stands, mirror frames and more.” Indeed, that is an impressive catalog of products!
They have over thirty years of woodworking experience and work with solid domestic and exotic hardwoods daily. Additionally, they have extensive knowledge of the veneering process and support sustainable forestry. However, they don’t just build furniture and cabinetry. In addition to building, finishing and installing all of their own projects, they also offer design services to their clients.
It is clear that they take pride in their work and produce exceptional results. According to Doan, “A fine finish is the crown of any custom woodworking project. woodwork Refined specializes in stain matching, high gloss lacquer, painted finishes, glazing, and gilding. We often integrate textiles like goatskin and leather, as well as metals into our pieces. Our clients produce amazing designs and there is nothing more gratifying than being able to bring our client’s vision to reality.”
Assistance Received through Invest Aurora
Sometimes, a little help from an unexpected source can make all the difference to a business looking to relocate. In this case, Invest Aurora was able to help woodwork Refined obtain the important financing they needed to move forward with their relocation plans.
As Cavanagh and Doan recount, “When we started searching for small industrial properties to lease near our home in Aurora, we found there were very few options, and many were price prohibitive. Our only other option was to purchase a building. But despite being in business for over sixteen years, banks were very reluctant to help a small business.”
This is where Invest Aurora stepped in to help. They go on to say, “We contacted Invest Aurora to see if there was any way they could help. With very little effort on our part, Invest Aurora was able to secure a loan for us through the Revolving Loan Fund II to purchase an industrial building in Aurora. The entire team at Invest Aurora was extremely professional and managed all the details – they were with us every step of the way and it was truly a life changing experience for our business.”
EDA Revolving Loan Fund
On August 5, 2021, the U.S. Economic Development Administration (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. Through this loan, businesses can obtain short-term financing of up to 60 months, with loan amounts up to $750,000. As existing loans get paid off, those funds become available to lend out again to new businesses. Invest Aurora is able to process and underwrite these EDA loan applications in-house. You can find details of this loan process at https://investaurora.org/eda-revolving-loan/.
The Benefit of an Aurora Location
woodwork Refined moved to Aurora in 2022. One reason for this was to be closer to home, having lived in Aurora for 28 years. The shorter commute is certainly more convenient! But more importantly, Aurora is where they want to be, and where they feel they will be the most successful. According to Doan, “Aurora, as a city, is very well managed and in line with our values.” Plus, “Everyone we have encountered, from Invest Aurora to city municipalities, have been so willing to help and such a pleasure to work with. We love the sense of community we have in Aurora, which is something you just do not find in other cities we have been in. We are extremely excited to have less commute time and more time to be actively involved in our community.”
Look to Invest Aurora to Achieve Business Goals
According to woodwork Refined, their main goal for 2023 is to grow the company in both size and revenue by building strong networking relationships with other trades in the area. Additionally, another long-term goal is to produce their own line of custom furniture, and they hope to get that process started in 2023. The Invest Aurora team looks forward to helping them to achieve their goals! Along with financing opportunities, we can also provide organizational and growth strategies, advice on building their team, and other strategies to run a more efficient business as they continue to grow.
Reach out to Invest Aurora at 630-256-3160 or firstname.lastname@example.org to get your questions answered or to schedule a meeting with an economic development professional.