Politics & Government
Aurora Gets $2 Million In Federal Relief Funds For Small Business
The U.S. Economic Development Administration awarded Invest Aurora the funds through the CARES Act for coronavirus relief.
AURORA, IL — The City of Aurora is set to receive $2 million in funding for small local businesses, the U.S. Secretary of Commerce Gina Raimondo announced Thursday.
As part of the CARES Act, Invest Aurora will receive the money to set up a revolving loan fund, which will help close the gap between small businesses and large corporations.
The grant will be matched with $500,000 in funds from the City of Aurora and is expected to create 50 jobs, maintain 120 and generate $3 million in private investments.
Find out what's happening in Aurorafor free with the latest updates from Patch.
The Coronavirus Aid, Relief and Economic Security Act (CARES) is a fund of $1.5 billion for economic assistance programs to help communities respond to coronavirus.
Aurora received $76.6 million in coronavirus relief funding in April.
Find out what's happening in Aurorafor free with the latest updates from Patch.
"I am thrilled that Invest Aurora will receive a $2 million CARES Act Recovery Assistance grant," said Congressman Bill Foster (IL-11) in a statement. "These funds will provide direct relief to businesses in Aurora."
Mayor Richard C. Irvin did not immediately respond to a request for comment.
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