Coronavirus: $1.4 Million In Small Business Loans Up For Grabs

AURORA, IL — Aurora city officials have teamed up with Invest Aurora and the Aurora Regional Chamber of Commerce to launch a $1.4 million loan program to bolster small businesses facing unprecedented challenges amid the coronavirus pandemic. The Aurora City Council approved a resolution Tuesday freeing up some of the city's federal funding to establish the Standing Together with Aurora Businesses Local Emergency Fund.

To be eligible, businesses must be located within the City of Aurora and employ no more than 50 people. Businesses must also have been operating for at least three months to receive consideration for grants from the STABLE Fund, according to a news release.

35 Businesses Pocket Coronavirus Relief From Aurora Downtown

Businesses with five or less employees, including business owners, are eligible for grants of up to $15,000, while businesses that employ more than five employees are eligible for up to $25,000, the release states. Grants from the STABLE Fund are intended to help businesses cover operating expenses like payroll, rent and utilities.

Nursing Home Workers To Strike For Better Pay Amid Coronavirus

“We are helping to provide stability to our local businesses during this crisis, hence the name of the fund,” Aurora Mayor Richard Irvin said in a news release. “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.”

Businesses can apply online for funding through Invest Aurora, the city’s not-for-profit development arm. The fund’s application period will be open for two weeks, starting Friday morning. Applications must be submitted by 5 p.m. May 15.

Deputy Police Chief Retires After Quarter-Century Of Service

“We’re anticipating that the need is going to be more than the availability” of the funds, so officials are planning to sort applications using a random-number generator instead of awarding funds on a first come, first served basis to “make this fair and equitable for everybody,” said Chris Ragona, the city’s neighborhood redevelopment manager.

“We’re going to start reviewing the applications from the top all the way to the bottom until the money runs out,” Ragona said.

Coronavirus: Holy Angels School Seeking Donations For Food Pantry

The Aurora Regional Chamber of Commerce will host webinars in English and Spanish on Friday to explain the program in detail and assist businesses with their applications. The English-language webinar starts at 1 p.m. and the Spanish-language webinar starts at 5 p.m. Businesses that need help to complete the application in Spanish should call (331) 442-1617, the release states.

“The STABLE Fund is all about business and community coming together,” said Jessica Linder Gallo, president and CEO of the Aurora Regional Chamber of Commerce. “Local businesses of all sizes are the backbone of our economy, so we knew we needed to find a way to support them.”

Illinois Coronavirus Update April 29— Don't miss updates about precautions in the Aurora area as they are announced — Sign up for Patch news alerts and newsletters.