July 7, 2010: County of Oswego
IDA Awarded Funding for Intermediary Relending Program
At Operation Oswego County’s (OOC)
annual meeting last month, U.S. Department of Agriculture (USDA)
New York State Director Jill Harvey announced that the County of
Oswego Industrial Development Agency (IDA) was awarded $750,000
in funding through USDA Rural Development's Intermediary Relending
Program (IRP).
The IRP provides funds to organizations such
as the County of Oswego IDA to establish a revolving loan fund used
to finance business and economic development activity to create
or retain jobs in rural communities. The revolving loan fund will
be targeted to working capital, start-up costs, soft costs and equipment.
“Working capital has been identified
as a need within the business community, and this fund will be set
up to meet that need as 50 percent of the fund will be targeted
to working capital loans,” said L. Michael Treadwell, CEcD,
OOC executive director and CEO of the IDA.
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