Mayor Barlow announces $250,000 in low interest loans available for Oswego Businesses
Oswego Mayor Billy Barlow has announced that the City of Oswego Economic Development Office has an established Commercial Revolving Loan Program. The CRL Program was established to stimulate economic activity by collaboratively working with the business community in partnership with local lending institutions to provide financial assistance for business start-up and expansion in the City of Oswego. The City of Oswego Commercial Loan Program currently has $250,000 available to lend to businesses in the City of Oswego. This funding can be used for business equipment, a business expansion, establishing a new location or a financing option for a new, start-up business.
“I want to ensure that local, small business owners in the City of Oswego have the resources to start or expand their business because when small, locally-owned businesses strive, our local economy strives,” said Mayor Billy Barlow. “My priority is to focus on funding opportunities and programs that provide resources to our business owners, and I believe the City of Oswego needs to act as a partner to these business owners and be as helpful to them as possible. Far too often, we hear of the obstacles government puts in front of our small business community. I want local government in Oswego to be accommodating and encouraging to these business owners, and making this funding opportunity available can go a long way to helping local businesses and further stimulating the local economy,” Mayor Barlow said.
Projects needing $7,500 to $50,000 can apply for Commercial Revolving Loans, and if a potential project has a potential high economic impact as a special project, then it can exceed $50,000 maximum threshold. The City of Oswego Commercial Revolving Loan Program provides low-interest financing with interest rates currently between 3% and 4% with a loan term of 7 years to 10 years.
The Economic Development Office has loan application packets available for pick up at the new location at 44 East Bridge Street. Some of the items needed as part of the loan application process are: Program Application, Business Plan with 12-month cash flow projection, Copy of DBA (Doing Business As) / County Business Certificate, etc. One of the requirements of the program is the ratio of new jobs per $20,000 borrowed (for each $20,000 of City assistance at least one (1) new permanent full-time equivalent job must be created).
“My previous experience as a developer combined with my role as the Economic Development Director for the City of Oswego allows me to work collaboratively with the prospective businesses seeking financial assistance to maximize funding opportunities through grants and/or loans for their interest, while serving the larger community. Mayor Barlow is a huge advocate for assisting local small businesses, and we are focused on utilizing this money in the most productive way possible, “ said Economic Development Director Justin Rudgick.