OSWEGO - Oswego Mayor Billy Barlow announced today, March 20, the creation and launch of the COVID-19 Emergency Business Loan Relief Program for small businesses in Oswego. The COVID-19 Emergency Business Loan Relief Program immediately makes available $250,000 in emergency loan funding to Oswego small businesses of 25 employees or less to assist with business operations during the current pandemic. There will be 25 loans available of $10,000 per loan, assisting 25 Oswego small businesses.
“Our small businesses, and their employees, are the backbone of our community and need our support now more than ever. The mandated closures due to COVID19 have placed an immediate and heavy burden on our small business community and government at every level needs to step up to offer immediate, accessible assistance,” said Mayor Barlow. “We’ve designed this program quickly to get the funding out to our business owners to use during this difficult period. Moving forward, I will continue to aid and assist our business owners, employees of small businesses and our residents through the very challenging time. By sticking together and using every resource available, we will get through this challenge and become a tighter, stronger community because of it,” Barlow said.
Eligible businesses must be in the city of Oswego and employ 25 employees or less. The loan application will be made available on the city of Oswego website, www.oswegony.org, starting Monday March, 23 at 3 p.m. The following are the highlights of the program:
• Loans are interest free with simple terms
• No payments due until September 2020
• Zero closing costs or fees
• Simple application process with accelerated review
• Funds available to businesses within 10 business days of application submission
Nate Emmons, Director of the City of Oswego Economic Development Office stated “I am very pleased to work with Mayor Barlow to provide this emergency lending to our business community during this crisis. The Economic Development Office is prepared to assist small businesses in any way we can and will administer this program as quickly as possible.”
Additional loan information will be provided to interested businesses at the time of application. Any questions about the loan program can be directed to Nate Emmons, Director of Economic Development via email at firstname.lastname@example.org.