Strong Economic Activity in Q2 Aurora, IL.
Check out our Economic Development Snapshot for the second quarter of 2022.
- 205 Jobs created or retained
- 375,000 Sq. Ft. of Industrial space currently under construction
- 4.5% Unemployment rate, down 1.6% from June 2021
|
|
|
Are you on the verge of making your next best move but are unsure of how to access the capital you need to take the next step? Regardless of whether you are contemplating opening or expanding a business, entering into a micro project, or contemplating a major commercial development, there are financial tools and resources here to assist you.
Invest Aurora can demystify the myriad of financial resources that are available to help you move forward. We do our best from the start, throughout, to help you identify incentive programs and financial resources that will maximize your return on investment.

From federal assistance and local tax incentives to in-house grant programs, our staff will work with you and all respective agencies to ensure your project receives the necessary financial support it needs to thrive in Aurora.
|
|
Invest Aurora’s John C. Dunham Revolving Loan Fund helps finance Downtown Aurora property improvement projects that are not commercially bankable. The loan pool is revolving in nature, with repayment amounts leveraging additional future loans. Eligible loans are reviewed and approved by an independent Loan Review Committee, made up of bank partners who have contributed to the loan fund.
|
|
On August 5, 2021, the EDA announced an award of a $2 million CARES Act Recovery Assistance grant to Invest Aurora to capitalize and administer an interest friendly Revolving Loan Fund, providing gap financing to small local businesses. Those funds are now available to loan out into the community and can be used for a variety of business needs or projects where commercial funding might not be available. Certain businesses, such as restaurants, retail or IT businesses, which may find traditional financing difficult to obtain at times, may see a particular benefit to this program. However, any qualified member of our local business community that is in need of funding is encouraged to apply.
|
|
WARD 3 Façade and Site Improvement Grants |
The City of Aurora’s Ward 3 Façade and Site Improvement Grant Program is intended to encourage business property owners and tenants in Ward 3 to re-invest in and renovate their buildings and properties.
The Ward 3 Grant Program supports renovation/rehabilitation projects of at least $10,000 reimbursing up to $25,000 (not to exceed 50%) of the total project cost. minimum project that will be funded is $10,000. The grant reimburses 50 percent of the total rehabilitation costs, but not to exceed $25,000.00 in grant funds.
Contact us for more information.
|
|
|
|
Our Accessing Capital guide is a collection of best practice tips for accessing capital for businesses of any size.
Download the guide to learn where to find financial resource programs, prepare supporting documentation and submit a complete application.
|
|
For more information on Invest Aurora's financial resource programs, email us today. |
|
|
The City of Aurora Mayor's Office of Economic Development utilizes many strategies and funding sources to support economic development programs and initiatives throughout the City. They are experienced in using a variety of innovative tools and financing mechanisms.
The following are examples of one of the many available funding strategies in the City of Aurora.
|
|
Finish Line Grant Program

The City of Aurora's Finish Line Grant program assists property owners and tenants in the completion of rehabilitation projects that will enhance the economic viability of downtown Aurora. It is intended for rehabilitation projects.
|
|
River Edge Redevelopment Zone (RERZ) |
|
The River Edge Redevelopment Zone Program (RERZ) helps revive and redevelop environmentally challenged properties adjacent to rivers in Illinois.
The RERZ has three main functions: to create new jobs, stimulate the local economy, and to revitalize significant buildings, sites and neighborhoods.
RERZ provides several incentives authorized by State law:

- Building Materials Sales Tax Exemption
- Investment Tax Credit
- Remediation Tax Credit
- Illinois Historic Preservation Tax Credit Program
- Corporate Contribution Deduction
- Dividend Deduction
- Income Tax Deduction for Financial Institutions
For more information on the River Edge Redevelopment Program, click here.
|
|
Investment opportunities exist throughout Aurora for those looking to make an impact in our community. The Federal Opportunity Zone program is a community and economic development tool that aims to drive long-term private investment into economically challenged areas of communities nationwide. The Opportunity Zones program provides a tax incentive for investors to reinvest their unrealized capital gains into Opportunity Funds dedicated to investing into Opportunity Zones.
Investment Eligibility Requirements:
Investments must be made via a Qualified Opportunity Fund. An Opportunity Fund is a privately managed investment vehicle organized as a corporation or a partnership to invest in qualified Opportunity Zone Businesses.
- The fund must hold at least 90 percent of its assets in such property.
- The investment must be derived from a gain in another investment and transferred into an Opportunity Fund within 180 days of realizing the gain.
Tax Benefits for Eligible Investment:
- If the investment is held for a minimum of five years, the taxable amount of the capital gains reinvested is reduced by 10%.
- If the investment is held for seven years, the taxable amount of capital gains reinvested is reduced by an additional 5%, bringing the total reduction to 15%.
- After holding for ten years, there is a permanent exclusion from taxable income on the capital gains from the investment in the Opportunity Fund.
|
|
Tax Increment Financing (TIF) |
|
Tax Increment Financing (TIF) is a means by which municipalities may achieve a level of community and economic development far beyond current expectations. A TIF District's revenues ("tax increment") come from the increased assessed value of property and improvements that occur within the District. Once a TIF District is established, the "base" assessed value is determined. As vacant land and underutilized properties develop with TIF assistance, the equalized assessed valuation (EAV) of those properties increases. New property taxes resulting from the increased assessed valuation above the base value create an incremental increase in tax revenues generated within the TIF District. The maximum life of a TIF District is 23 years. After the life of the TIF, all taxing bodies then share the expanded tax base. |
|
|
As of August 2022, the City has 16 (sixteen) active TIF districts, two additional TIFs have been proposed in the Downtown, and TIF #1 – which covers most of the Downtown – will expire in December 2022. |
|
at Waubonsee Community College
|
|
The SBDC (Illinois Small Business Development Center) located in Waubonsee Community College's Downtown Aurora campus is an incredible resource for local businesses of all sizes. Below are just a few of the many programs and services that the SBDC offers.
Be sure to take advantage of these essential tools, today!
|
|
Small Business Workshops
On-Line, On-Demand, No-Cost
|
|
Improve your small business skills on your schedule with our on-demand workshops. When you register, you will receive the link – then watch the workshop at your convenience. You can replay each workshop as often as need.
Contact the SBDC if you have questions or need additional assistance.
|
|
Designed for businesses that are open and generating revenue, the Business Growth Academy is an 7-session program that charts where you are, where you want to be and how to get there.
This program is based upon the Kauffman Foundation’s award-winning FastTrac© curriculum and is presented by a team of experienced business-owners & consultants. Get practical solutions that can be implemented immediately while networking with industry experts and other like-minded entrepreneurs. During the program, our experts will help you build a strategic growth plan specifically for your company.
There is no charge for this program. Your only commitment is time.
|
|
Celebrating 127 Years in Aurora
|
Finding New Flavors
Everyone knows that Baskin Robbins has 31 original flavors, and that Heinz has 57 varieties, but did you know that over 80 different types of authentic bratwurst and sausage are made by hand here in Aurora? Every flavor combination you can think of has been crafted into a variety of home-made bratwurst that line the coolers at Wurst Kitchen. Whether you're searching for a unique taste like Tequila Chicken and Smoked Ukrainian, or prefer the original recipe, you're sure to find your favorite flavor at the long standing butcher shop.
Locally owned and operated by Aurora native Ed Schleining, Wurst Kitchen has been hand crafting bratwurst, sausage and smoked meat delicacies out of the same location at 638 Second Avenue in Aurora since 1895. Having overcome a number of obstacles, from a falling out of the original partners in the late 1800’s, to a changing market and competition from major meat counters in the 1960’s, the business stands as a resilient, full-service meat market. With a rich history, a proprietary spice blend, and an army of loyal patrons, Wurst Kitchen personifies the best of doing business in Aurora.
Explore the many flavor options, meat selections and meat preparation services offered by the kitchen on their website, https://wurstkitchen.com/.
|
|
Interested in sharing the story behind the services and, or products your organization offers?
Email Loretta Daly at loretta@investaurora.org for more information on how your business can be featured in our 2022 Did You Know series.
|
|
All businesses located within Aurora City Boundaries are now required to register with the City of Aurora. This is a free service that can be easily completed online.
Whether you are just entering the community or are a fully established business, your registration allows city staff and Invest Aurora to develop and execute programs and services that will directly benefit your business.
|
|
|
|
|
|
|
|
‌
‌
‌