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 $35,000 can apply for Commercial Revolving Loans

Financing Policies:

  • Loan Terms: 7 years for rehab & equipment. 10 years for real property acquisition
  • Interest Rate: : Fixed at Prime Rate 2% or 4% APR minimum - whichever is higher.
  • Application Fee: One percent (1% of total loan)
  • 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 Program and Credit Application
  • Business Plan with 12 month cash flow projection
  • Current Balance Sheet and Income Statement for existing business
  • Personal Financial Statement
  • Federal Tax Return for individual and company
  • Collateral: Equity in real estate or security interest on new equipment
  • Copy of DBA/County 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.
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