Commercial Loan Program

Does your business space need a facelift?
Do you need equipment or need to expand your store or office?
Do you require a new location?

Oswego's Commercial Revolving Loan Application Form can make it possible!

Projects that require financing from $7,500 to $50,000 can apply for Commercial Revolving Loans

Financing Policies:

• Loan Terms: 5-7 years for rehab & equipment. 10 years for real property acquisition
• Interest Rate: : Fixed at WSJ prime lending rate less 2% or 4%, whichever is higher.
• Application Fee: One percent (1% of total loan amount)
• Closing Costs: Attorney's fee, mortgage tax and recording fees variable depending on project.

Eligibility Requirements:

• Projects must create new or retain existing jobs for low/moderate income family members.
• Projects must be located within the City limits.
• Federal wage requirements may apply to commercial rehabilitation projects

What Do I Need To Apply?

• Loan Application
• Business Plan with 12 month cash flow projection
• Current Balance Sheet and Income Statement for existing business
• Personal Financial Statement
• Authorization of personal credit report
• Federal Tax Return for individual and company
• Collateral: Equity in real estate or security interest on new equipment
• Copy of Business Certificate
• Cost estimates from contractor or equipment supplier
• Purchase offer for real property acquisition if applicable
• Lease with option for renewal of business location for at least the proposed loan term.

Begin by completing a loan application, prepare your business plan and gather all supporting documents, then contact Mary Vanouse at the Community Development Office. Business Plan preparation assistance is available at the Small Business Development Center at SUNY Oswego. (315)342-3492.

For more information contact:
Linda Goodness
The City of Oswego Community Development Office Department
20 West Oneida Street, 3rd Floor
Oswego, NY 13126
lgoodness@oswegony.org