BY EILEEN O’GORMAN AND PATCH STAFF |
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.
“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.
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.
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.
“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.”
Read the full story here: https://patch.com/illinois/aurora/aurora-gets-2-million-federal-relief-funds-small-business