AURORA | Small businesses in Aurora may be eligible for a grant and loan program designed to alleviate the economic burden amid the COVID-19 outbreak.
The city of Aurora announced the program Wednesday. $1 million is available to qualifying businesses. Small businesses should have fewer than 50 employees, be in good standing with regulatory agencies, have operated at a physical location in the city for at least 12 months and retain at least one job that meets low-to-moderate income requirements as a result of the assistance, according to the program.
The city calculates there are 916 businesses with fewer than 50 employees in Aurora.
“A combination of Community Development Block Grant and urban renewal funds will be dispersed in the form of grants up to $5,000 or loans ranging from $5,000 to $50,000 to qualified applicants who are selected. Recipients will receive either a grant or a loan depending on the financial need,” according to a city news release.
The city is working with CEDS Finance to assist Aurora small businesses, which may also qualify for state and federal assistance.
Applications for the first funding cycle are due by April 22. Another application cycle will open May 6.
“The city will manage the loans, and a city loan committee will review the applications and select the recipients. CEDS will underwrite the loans, and the Aurora-South Metro Small Business Development Center will provide free pre-loan technical assistance,” according to the city.