WASHINGTON â€“ Congressman Bill Owens announced today funding in the form of a $750,000 loan to the County of Oswego Industrial Development Agency. The funds are being provided through the U.S. Department of Agricultureâ€™s Intermediary Relending Program. It is anticipated by the USDA that 80 jobs will be created and 324 jobs saved as a result of this assistance.
â€œThis funding comes at a critical moment as Northern New York continues down the path of economic recovery,â€ Owens said. â€œThis will create jobs and help our small businesses to maintain their operations.â€
â€œThis will help tremendously towards addressing access to capital needs of small to medium size businesses here in Oswego,â€ said Michael Treadwell, Executive Director of Operation Oswego County. â€œThis could not have come at a better time, and will greatly enhance efforts to recharge the local economy and it complements other financing programs offered by the IDA and Operation Oswego County. We want to thank the USDA for this opportunity and appreciate Congressman Owensâ€™ support of this initiative.â€
The Rural Economic Development Loan and Grant program provides zero-interest loans to utility cooperatives which are passed through to local businesses for projects to create and retain employment in rural areas.