By: Eileen O’Gorman, 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.
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