AURORA, Ill. (WLS) -- Tuesday evening, the city of Aurora announced a $1.4 million loan program to help small businesses in the western suburb.
The program, called the Standing Together with Aurora Businesses Local Emergency, or STABLE, Fund, is in partnership with Invest Aurora and the Aurora Regional Chamber of Commerce.
STABLE will offer $1.4 million in forgivable loans to small businesses in Aurora impacted by the coronavirus crisis. It is supported by Community Development Block Grant funding, and the loans are intended to help businesses with paying rent, payroll and utilities, as well as other expenses related to maintaining or expanding operations.
To be eligible to apply for a loan, a business must be located in the city of Aurora, have 50 or less employees at the time of the application, and had to have been in business for at least three months.
Businesses with five or fewer employees, including owners, are eligible for up to $15,000. Businesses with five to 50 employees are eligible for up to $25,000.
Applications will be available online starting the morning of Friday, May 1. All applications must be submitted by 5 p.m. on Friday, May 15.
Webinars in English and Spanish to explain the program and application process will be hosted by the Aurora Chamber of Commerce. The English webinar will be held at 1 p.m. and the Spanish webinar will be held 5 p.m., both on May 1.
For more information and to register for a webinar, click here.
"We are helping to provide stability to our local businesses during this crisis, hence the name of the fund," said Aurora Mayor Richard C. Irvin. "Our team used a creative approach of designating federal COVID relief funds and reallocating other funding to offer a much-needed program for the community."
For more information and to apply, visit www.investaurora.org/StableFund