Salvatore Arenella is a happy man. He can finally renovate his three-story downtown Aurora, Illinois (a suburb of Chicago) building into two apartments and a first-floor retail space.
This is thanks to a new revolving loan fund put together by a partnership of Invest Aurora, the city’s nonprofit redevelopment corporation; the Dunham Fund, a private foundation; and three local banks.
“Basically, I don’t have to pay until the renovation is done, until I have a tenant,” Arenella said.
Invest Aurora’s John C. Dunham Revolving Loan Fund is a new program aimed at assisting property owners in the downtown. Loans will be issued from a pool of over $1.2 million to finance eligible property rehabilitation for projects that are not commercially bankable.
The loan pool is revolving in nature, with repayment amounts leveraging additional future loans. Loan amounts are reviewed and approved by an independent Loan Review Committee, made up of bank partners who have contributed to the loan fund. The new program is made possible thanks to a generous contribution from the Dunham Fund.
“By providing access to economic opportunity, the (fund) allows building owners to create lease-ready spaces in the downtown that will increase business activity, bring additional jobs and revitalize our community,” said Stewart Beach, a Dunham Fund board member.
Invest Aurora is a public/private economic development partnership dedicated to expanding economic opportunities in Aurora, and developing a sustainable community for Aurora residents. They work to increase Aurora’s economic vitality by attracting, retaining and promoting commercial, industrial, retail, and mixed-use development that brings value to our residents and reflects the dynamic and diverse nature of the City.
Invest Aurora works to make the city stronger by leveraging partnerships between public and private sectors to attract and expand business ventures that stimulate the economy, create jobs, and strengthen the community. Invest Aurora assists businesses by providing community data, land and building availability, financing resources, and other incentives.
Photo credit: Cbradshaw via Wikipedia.