Aurora’s Finish Line Grant program offers gap financing solutions to help commercial businesses and property owners complete essential property rehabilitation and improvement projects, ensuring that the local commercial spaces continue to thrive.
Donor Name: Invest Aurora
State: Illinois
City: Aurora
Type of Grant: Grant
Deadline: All Time
Size of the Grant: $10,000 to $100,000
Grant Duration: Grant Duration Not Mentioned
Details:
The Finish Line Grant Program is designed to support local businesses throughout the City of Aurora by providing property owners and tenants with financial assistance for labor, materials and equipment for new or existing commercial or mixed-use properties. The goal of the FLG Program is to foster economic growth, boost the local economy, and improve the community.
- The maximum grant amount is $50,000; however, for restaurant projects, the maximum grant amount is $75,000.
- Reimbursement for Eligible Expenses shall be based upon the following percentages:
- 20% of Eligible Expenses for materials and equipment costs.
- 30% of Eligible Expenses for labor costs (Prevailing Wage must be paid for all labor).
Eligible Expenses
Eligible costs for build-out or rehabilitation include, but are not limited to:
- building materials,
- the purchase of equipment such as shelving, racks, commercial seating,
- commercial kitchen equipment specified in the application,
- interior and exterior lighting fixtures,
- utility service upgrades, HVAC, electrical and plumbing upgrades,
- labor costs paid at prevailing wage rates,
- repair or rehabilitation of the building exterior,
- building code improvements,
- external signage,
- and tenant improvements to meet various code requirements (i.e., ICC, NFPA, Illinois Accessibility Code).
Eligibility Criteria
- Program eligibility for the Finish Line Grant is limited to commercial and, or mixed-use property owners and tenants. Businesses applying for the grant must have fewer than 50 employees
- Qualifications for Applicants
- Applicants must meet the following conditions:
- Applicant must control the property via:
- Ownership of the property
- A contract to purchase the property with the written approval of the property owner
- A lease with a minimum of 3-years remaining, with the written approval of the property owner
- Applicant must be a “small business”, defined as a business with fewer than 50 employees
- Applicant must not be in violation of any codes, laws or regulations of the City, county, state or other governmental entity
- Applicant must not owe any outstanding fees, fines, or payments of any kind to the City, county, state or other governmental entity
- Qualifications for Project
- To be eligible under the FLG Program, the applicant’s Project must meet the following criteria:
- Projects must be a build-out or rehabilitation of a commercial or mixed-use property
- Reimbursement for Project must be for Eligible Expenses as defined herein.
- Applications for the grant should be submitted before the Project begins
- However, Projects started prior to the submission of a grant application will be considered on a case-by-case basis
- The total Project costs must exceed $10,000
- All labor for the Project must be performed paying Prevailing Wage for said labor as defined by the Illinois/Federal Department of Labor.
- To be eligible under the FLG Program, the applicant’s Project must meet the following criteria:
For more information, visit Alliance Foundation.