OSWEOG – Mayor Billy Barlow today announced that the City of Oswego is forgiving the $ 276,000 in COVID-19 business loan funding issued last March to help businesses weather the COVID-19 pandemic.
In March 2020, due to COVID-19, New York State closed and restricted businesses, causing financial hardship for small businesses, including restaurants. As a result, Barlow quickly announced $ 276,000 in loan financing available to small businesses, interest-free for 20 months, to help with sudden and unexpected closings and restrictions imposed.
Within ten days of the announcement, the city had granted 33 loans to businesses in Oswego.
Now, a year later, Barlow said the city will use the funds received under the US bailout to completely cancel any loans that have been issued, immediately converting the loans into grants.
“Small businesses were among the hardest hit at the start of the pandemic last March, have continued to struggle with economic restrictions throughout the pandemic, and need help as they finally begin to reopen.” said Barlow. “Even as our economy reopens, local small businesses still face restrictions and many other challenges, which is why the immediate conversion of loan funding into grant funding is so useful and important.”
Businesses that received loan funding last March should immediately contact the Oswego City Economic Development Office at 315-343-3795 or [email protected] to convert their loan funding into grant funding.
Businesses that have already paid off their loan funding from last year are still eligible for a grant and should also contact the Office of Economic Development.
Nick Canale, owner of Canale’s restaurant which received an emergency loan of $ 10,000 from the city last March, thanked Mayor Barlow and the town of Oswego.
“In a time of great uncertainty, Mayor Barlow and the economic development team have truly saved lives,” Canale said. “The emergency loan came at the right time and really gave us peace of mind at an incredibly stressful time. Throughout the pandemic, the City has been a valuable partner for local businesses like mine. I am so grateful to live in a city whose leaders understand and support local small businesses.
Evan Coy, owner of The Comic Shop, also said he was grateful for the mayor’s actions.
“Mayor Barlow and the Office of Economic Development have shown a tremendous commitment to small businesses in our community during these difficult times,” said Coy. “The City of Oswego has demonstrated time and time again that it is committed to improving our local economy through actions, not just words. By relieving small businesses of these loans, Oswego management is ensuring better times for all Oswegonians. The Comic Shop is grateful to everyone involved and looks forward to serving our Oswego community for years to come.
The Town of Oswego has received $ 1.89 million in US bailout funding from the federal government and will use the funds to replenish the Town of Oswego’s Small Business Commercial Loan Financing Program once the grants are awarded. COVID-19 issued.