Economic Development
COVID-19 Programs and Outreach
Apply for a Downstate Stabilization Grant from the State of Illinois
UPDATE: The deadline to apply to this program is NOON on Wednesday, May 27. Interested businesses should contact Economic Development Director Corinna Cole at ccole@oswegoil.org to express interest and get more information.
The State of Illinois' Downstate Small Business Stabilization program has been established to provide working capital funds to businesses economically impacted by the COVID-19 virus.
The program makes funds available for 60 days of verifiable working capital up to a grant ceiling of $25,000 and is available for businesses that employ at least one person besides the business owner(s) up to 50 people. These funds may be used to assist private for-profit small retail and service businesses, or businesses considered non-essential by the Governor’s Executive Order without the ability for employees to work remotely.
Businesses in the Village of Oswego must apply through the Village for access to these grants. Our Economic Development team is here to assist you in determining eligibility and preparing your application.
To learn more and begin your application, click here.
Apply for a COVID Relief Loan from the Village of Oswego
Applications are now available for Oswego's loans to small businesses affected by the COVID-19 crisis. These programs are designed to assist small businesses that have been financially impacted due to the COVID-19 pandemic through a temporary business closure or because of substantially reduced revenue and operations. Businesses may apply for and receive only one type of loan, and both programs include additional requirements and terms and conditions.
Funds are limited, thus businesses should also explore whether they are eligible for Federal or state dollars, which offer more available funding. Our staff can provide technical assistance with applying to Federal and state programs to help you maximize the funding you receive for your business
The Oswego loan program includes:
- The Rent Assistance Loan Program will award small loans to businesses that shut down or reduced operations. Businesses can apply for up to 50% of their monthly lease for two months with a maximum loan of $5,000, or for one month with a maximum loan of $2,500. The total program budget is $50,000.
- The Restart Loan Program will loan businesses up to $5,000 each to help businesses that had to close or substantially reduce their operations ramp up again. The low-interest loans can help fund purchasing inventory, early payroll costs, and other expenses businesses are likely to incur to get started again. The total program budget is $50,000.
Applications are considered first-come, first-served, on a rolling basis. Business can apply for either program using the same application:
Apply now.
Terms and conditions apply. Applicants should review all the qualifications and repayment terms closely. For questions, contact the Economic Development Department by calling 630-551-2334 or emailing ccole@oswegoil.org.
Learn more about Federal and State relief programs for businesses
Economic Development staff can help business owners determine which State and Federal programs may be helpful to their business and connect them to additional information and resources. State and Federal Programs, including the Federal government’s Paycheck Protection Program, or PPP, have higher loan limits and more available funding. Most business owners will want to consider those programs first.
The Village’s Economic Development Department has produced a guide for Oswego’s small businesses to understand the basics of Federal, state, and local programs available to them at this critical time. Click to download our Guide to Federal, State, and Local COVID-19 Disaster Loans and Grants for Oswego's Small Businesses.
Updated May 15, 2020.
About Oswego Economic Development
Leadership in the Village of Oswego is dedicated to making Oswego a business-friendly community, and economic development is one of the Village’s highest priorities. The Village of Oswego offers resources including technical assistance, incentives, existing business outreach, and innovative partnerships that support entrepreneurs and businesses from small, home-based start-ups to large-scale light manufacturing who demonstrate a commitment to the community.
The Economic Development Department promotes a vibrant local economy by removing barriers and offering resources to help businesses open and grow in Oswego to create high-quality economic opportunities and a better quality of life for our residents.
Partnerships
Oswegrow
Just getting started? Join us for an Oswegrow workshop. Topics include marketing, taxes, business planning and more, plus get connected to mentors and research databases at the Oswego Public Library. Find out more at www.oswegrow.org.
Illinois Small Business Development Center at Waubonsee
Find essential management, marketing and financial coaching for prospective and existing small business owners, including free one-on-one coaching and low-cost events and workshops. Find out more at www.waubonsee.edu/community-offerings/illinois-small-business-development-center-waubonsee.
Aurora Area Convention and Visitors Bureau
Does your business offer an attraction or amenity for out-of-town visitors? Ask how our unique marketing partnership can drive customers your way.
Oswego Economic Development Commission
The Economic Development Commission is a sounding board for business concerns and advises on economic development strategy. More information is available on its page.
Technical Assistance
Business Retention and Expansion
Oswego's future is built on its existing businesses. Our business retention and expansion program collects qualitative and quantitative data to learn how we can resource businesses and remove barriers to doing business in Oswego. Call or email us to schedule a face-to-face outreach visit with us to talk about how you make your Oswego business thrive.
Real Estate Searches
Looking to create a brick-and-mortar location in Oswego? Our team can help you assess your needs and has access to detailed available property databases to find the perfect location to launch or expand. Call or email us to learn more.
Individualized Services
Our staff can review your business plan, help you strengthen a loan application, connect you with business mentors in the community and much more. Contact us to start a conversation about your needs.
Contact
Corinna Cole
Economic Development Director
630-551-2334
Email