Businesses looking to complete property improvements that do not qualify for a commercial bank loan may be able to take advantage of the John C. Dunham Revolving Loan Fund. This loan pool of over $1.2 million helps to finance Downtown Aurora property improvement projects and is revolving in nature, with repayment amounts leveraging future loans. This program is made possible thanks to a generous contribution from the Dunham Foundation.
Eligible borrowers must:
- Be a for-profit business
- 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)
To qualify for a JCD 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 24 months of the loan commitment date, defined as the date the Loan Agreement is signed
The monetary value of each grant is determined by the overall project cost and availability of program loans, though the minimum loan award must be $25,000.
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.
Invest In Your Business, Invest In Your Future
Apply for a Dunham Revolving Loan today
Complete applications, including all supporting documentation, must be submitted via email to Christopher Faber as PDF file attachments. Documents requiring signatures may be signed digitally if available.
All applications submissions are reviewed in their entirety by Invest Aurora staff and subsequent status recommendations are voted on by the organization’s board of directors.
- Activities not described as eligible projects are generally ineligible
- Acquisition of land for which a specific use has not been identified (i.e. land banking)
- Political activities