Program Eligibility
Borrower Eligibility
Eligible borrowers must:
- Be a for-profit business in the City of Aurora
- Be validly existing and in good standing where applicable
- Be licensed to do business in the State of Illinois
- Meet any citizenship or legal resident status requirements
- Possess the licenses, certifications, zoning approvals and permits necessary to operate the proposed business at the time the loan is approved
- Be current, and ensure that all loan guarantors are current, on business and personal income taxes, real and personal property taxes, payroll and business taxes, and court-ordered judgements
- Provide disclosure of any outstanding litigation involving the business, the business owner(s) and any guarantor(s)
Project Eligibility
To qualify for an Invest Aurora EDA Loan, proposed projects must:
- Reflect the City’s articulated goals and priorities for economic development in downtown business districts in the City of Aurora's 2017 Master Plan for Downtown Aurora
- Be consistent with the goals of the City's current Comprehensive Plan and receive all necessary municipal approvals and, or authorizations
- Demonstrate an immediate need for gap funding to reach completion
- Not provide more than a reasonable rate of return on the investment to the owner(s) of the assisted activity
- Demonstrate the economic ability to repay the loan
- Be completed within 60 months of the loan commitment date, defined as the date the Loan Agreement is signed
Ineligible Projects
- Activities not described as eligible projects are generally ineligible
- Housing or residential projects of any kind
- Acquisition of land for which a specific use has not been identified (i.e. land banking)
- Political activities
- Funds used in excess of RLF Income for administrative costs are not allowed Recipients are expected to keep administrative costs to a minimum
Contact us to learn how your project may benefit from an EDA loan | (630) 256-3164
Revolving Loan Awards
The monetary value of each loan is determined by the overall project cost and availability of program loans, though the minimum loan award must be $25,000.
Awarded loan funds may be used for:
- Acquisition, development, or improvement of real property
- Demolition, removal, and site preparation related to acquisition or rehabilitation
- Fixed assets
- Machinery and equipment use
- Working capital for start-up businesses
Fund Disbursement
Disbursement of funds will begin when borrowers have presented Invest Aurora with proof of all qualifying expenditures and lien waivers, if applicable. Disbursement for unpaid invoices will require special approval by Invest Aurora to ensure matching funds are correctly being applied as required by the terms of the Loan Agreement. Evidence of expenditures may include:
- paid invoices for qualifying expenditures
- canceled checks
- and unpaid invoices reflecting imminent purchases to be made with loan funds
No disbursement will be made without written evidence of approved expenditures.
Apply Today for an EDA Loan
Completed applications must be submitted by mail or email to Christopher Faber at:
Christopher@investaurora.org
Invest Aurora
ATTN: Christopher Faber
43 West Galena Boulevard, Aurora, IL. 60506
Application Requirements
The application requirements will differ depending on the type of project proposed. The following items represent the minimum documentation that must be submitted before a loan application will be accepted:
- Completed and signed loan application;
- Business plan including market analysis and hiring plan;
- Map of the business location;
- Resumes of the applicant’s owners and key management staff;
- Applicant’s financial statements, and if available, CPA prepared balance sheets and income statements for the most recent three years with 3-year projections with one (1) year month-to- month projections and detail supporting the assumptions used to support the projections. Also, interim statements not less than 45 days old and federal tax returns covering the most recent 3- year period for the applicant business, for owners of 20% or more of the applicant, and for all proposed guarantors;
- Personal financial statements of owners of 20% or more of applicant