City of Oswego launches loan forgiveness program to aid small businesses

OSWEGO, N.Y.– The City Of Oswego stepped in to provide $276,000 worth of loans to assist 33 of Oswego’s businesses. Two businesses that benefited from the emergency funding were Canale’s Italian Restaurant and The Comic Shop. 

“It really helped us out in a tough spot having that money come in when there was no other money coming in cause the bills don’t all go away when you close the doors,” said Nick Canale, the owner of Canale’s. 

Now, it is one year later, and the City Of Oswego announced its plan to forgive all of the loans by using funding provided by the American Rescue Plan. This means owners will no longer have to pay the loan back. 

The owner of The Comic Shop says he’s appreciative of the city’s efforts. He purchased the shop just days before the statewide shutdown in March 2020. 

“I just think it is really cool that the mayor and the city are this committed to small businesses and that they’re finding ways to relieve us of loan debt like that’s just tremendous,” Coy said. 

Although these businesses say the pandemic created many struggles, these business owners say it also revealed to them the undying support of the Oswego community.