The Commercial Loan Program was established to stimulate economic activity to provide financial assistance for businesses to start a new business or expand an existing business. The program seeks to play a catalyst role in the business community by working cooperatively and collaboratively with lending institutions, SUNY Oswego Small Business Development Center, Operation Oswego County and Oswego County IDA by providing low interest loans as part of a comprehensive financial package for business start-up and expansion projects in the City of Oswego.
The Commercial Loan Program provides a maximum amount of financial assistance to not exceed $50,000, but a waiver of this limit can be made if the economic impact of the project is certain and significant. For each $20,000 of City assistance at least one (1) new permanent full-time equivalent job must be created and/or retained. The commercial loan may be used for construction of new buildings or renovation or expansion of existing buildings, acquisition, land improvements and fixed machinery and equipment.