OSWEGO — In response to the hardship faced by businesses during the COVID-19 pandemic, the County of Oswego Industrial Development Agency (COIDA) and Operation Oswego County (OOC) have deferred existing loans at the request of their clients.
Nineteen loans through the COIDA, from four different loan programs, have been deferred. The businesses benefiting from the deferrals are located in the towns of Williamstown, Scriba, Oswego, Hastings and Volney, the village of Mexico, as well as the cities of Fulton and Oswego.
Two loans through OOC have been deferred. The businesses benefitting from these deferrals are in the town of Hastings and the city of Fulton.
These 21 loans have a cumulative outstanding balance just shy of $2 million and represent a deferral of over $31,000 in monthly payments.
OOC is also a Certified Development Corporation for the U.S. Small Business Administration and administers SBA 504 loans for its clients. These clients have been notified that the SBA will be paying their loans payments for them from April through September. The businesses benefitting from having their loan payments covered by the SBA are located in the towns of Sandy Creek, Palermo, Altmar, Schroeppel, Williamstown, Hastings and Granby, the villages of Central Square, Mexico and Pulaski, as well as the cities of Fulton and Oswego.
For these 25 businesses, the SBA is paying over $55,000 monthly to cover their loan payments.
If people have questions about deferring their existing loan through the COIDA or OOC, call OOC at 315-343-1545.