Aurora's $1.4 million Loan Program Helps Small Businesses Impacted By COVID-19
AURORA, IL - The City of Aurora, in partnership with Invest Aurora, the Aurora Regional Chamber of Commerce, the Quad County African American Chamber of Commerce and the Aurora Regional Hispanic Chamber of Commerce, recently provided $1.4 million in forgivable loans to assist small businesses impacted by the COVID-19 crisis. The Standing Together with Aurora Businesses Local Emergency (STABLE) Fund was supported by Community Development Block Grant funding to provide loans to help businesses support working capital (i.e., rent, payroll, and utilities) and other expenses related to maintaining or expanding operations.
Businesses eligible to apply for a loan had be located with the City of Aurora, employed 50 or less employees at the time of application and had to be in business at least 3 months. “We are helping to provide stability to our local businesses during this crisis, hence the name of the fund,” said Aurora Mayor Richard C. Irvin. “Our team used a creative approach of designating federal COVID relief funds and reallocating other funding to offer a much-needed program for the community.”