Last week, the City of Aurora announced a $1 million Aurora Economic Relief Loan & Grant Program (AER) designed to support retail, restaurant, service, or entertainment small businesses and arts-related non-profits during these uncertain times. Applications are open now!
The loans and grants offered by the City of Aurora will be distributed to qualified candidates only. Also, grants of up to $5,000 and loans ranging from $5,000 – $50,000 will be distributed at the digression of the City of Aurora. To qualify your business must:
Thanks to an online application process, you can apply for the AER program from your home! Visit this page to get started. The application asks for specific details about your business, including location, business services, and information on how you were affected by COVID-19. Ensure all information available is filled out on the survey to better the chances for approval. The City of Aurora will then send you an email with instructions on how to send your business’ financial documents.
After submitting your application, it is crucial to understand the not all businesses who submit will receive funding. According to the City of Aurora, “due to funding limitations, qualified applicants who submit complete financial information as requested also will be evaluated based on these additional factors: number of jobs retained for low- and moderate-income people; urgency of need for resources; provides goods or services needed by—and are affordable to—low- and moderate-income residents; located in or near urban renewal area; is a minority, woman and/or immigrant-owned business; and percent of income loss.”
Applications for the AER close on April 22. The first round of recipients will be notified with further instructions on April 23. However, if your business does not receive notification during this period, a second funding cycle will begin on May 6. Businesses who have previously applied will not need to apply again. And businesses who did not apply during the first round (April 22) will have a chance to apply.
The City of Aurora anticipates $600,000 will be distributed in the form of small business loans (ranging from $5,000 to $50,000 per business). And $400,000 has been allocated in the form of grants, with the highest available offering $5,000 per business. There will likely be 80-160 grants awarded during two rounds of funding and applications.
If you are searching for more information on AER, explore the City of Aurora’s website for detailed Q&As, Area Median Income information, flow-charts explaining funding and more or send an email to AER@auroragov.org.
Follow the links below for additional aid and relief packages offered by nonprofits, associations, and the local, state, and the federal government.