Grant Overview

Finish Line Grant Program: Funding for Aurora, IL Businesses

Up to $75,000 in Gap Financing for Your Commercial Property Makeover in Aurora

Donor: Invest Aurora

About: Ever get that feeling when you’re so close to finishing a big project but the last bit of funding is just out of reach? It’s a common headache for business owners undertaking a renovation. That exact problem is what the Finish Line Grant from Invest Aurora aims to solve. It’s not just a handout; it’s a piece of strategic gap financing designed to push crucial property rehabilitation projects for Aurora, Illinois businesses across the finish line. Think of it as a financial teammate helping you complete the vision for your space, a common goal for every small business trying to grow.

This program zeroes in on the commercial and mixed-use properties that give Aurora its character. It’s open to both the people who own the buildings and the tenants who run their businesses out of them, which is a pretty smart approach. The main rule is that the business has to have fewer than 50 employees. It’s a clear signal that the program is all about bolstering the local economy from the ground up. This kind of place-based support is something we see in many successful Illinois grants.

So, What Can You Actually Use the Money For?

The grant is refreshingly practical. The funds are meant for tangible upgrades that add real value to your property and business operations. The list of eligible costs is pretty long, which is great. It covers everything from basic building materials to specific gear like commercial kitchen equipment, store shelving, or seating for your customers. It also helps with the big-ticket items like HVAC, electrical, and plumbing upgrades, not to mention exterior repairs and signage. For restaurant owners, this could be a game-changer, acting as a powerful restaurant funding source for that kitchen overhaul you’ve been dreaming of.

Here’s how the money works: it’s a reimbursement grant. Invest Aurora will cover up to 30% of your qualified expenses. The cap is $50,000 for most projects, but it jumps to $75,000 for restaurants, which is a nice acknowledgment of their higher build-out costs. Your total project has to be at least $10,000 to qualify. One key string attached is the Prevailing Wage rule—all your contractors have to be paid according to state and federal standards. It ensures the grant is also supporting fair labor in the community, a feature that often appears in commercial property improvement programs.

The application process itself seems designed to be less of a race and more about readiness. They accept applications on a rolling basis, so you can apply when your project plan is solid. They say you’ll get a decision within about 60 days of submitting a *complete* application. That emphasis on “complete” is important. You’ll need to gather your quotes, property documents, and project drawings. It’s a lot to juggle. Honestly, making sure your application tells a compelling story is crucial. That’s where expert help can make a real difference. The team here at Grantaura helps folks navigate this all the time, making sure your application is as strong as it can be.

Focus: Commercial Property Rehabilitation, Small Business, Gap Financing, Economic Development, Tenant Improvements, Restaurant Funding

Region: Aurora, Illinois, United States

Eligibility:
– You need to be a commercial or mixed-use property owner or a tenant in a commercial space.
– Your business must be physically located in Aurora, Illinois.
– Your business must employ fewer than 50 people.
– The total project cost has to be over $10,000.
– You must have control of the property. This means you either own it, are under contract to buy it, or have a lease with at least 3 years left on it (and the owner’s permission).
– Your business can’t have any outstanding code violations or debts with the city or state.
– You gotta be registered as a business on the City of Aurora’s website.

Benefits:
– This is a reimbursement grant, meaning you get the money back after you’ve paid for the work.
– Up to $50,000 for most commercial projects.
– A higher cap of $75,000 for restaurant projects.
– Covers 20% of the cost for materials and equipment.
– Covers 30% of the cost for labor, as long as workers are paid the Prevailing Wage.

Deadline: Rolling

Terms:
– Gap Financing: This is just funding to close the ‘gap’ between what your project costs and the money you already have. It’s that last piece of the puzzle.
– Prevailing Wage: A non-negotiable pay rate set by the government for construction-style projects. You have to make sure your contractors pay their crew this rate for any labor you want the grant to cover.
– Reimbursement Grant: You spend the money first, then you submit your receipts and paperwork to get the grant money back. It’s not cash upfront.
– Post-Award Obligations: After you get the money, you have to stick to a few rules for three years, like staying in business at that location and not changing the property’s use without asking first.