The Greater Oshkosh Economic Development Corp. has announced a COVID-19 Emergency Response Loan program. This fund will look to alleviate the financial strain that has been put on businesses in the greater Oshkosh area due to the COVID-19 pandemic.
Working with the City of Oshkosh and utilizing the existing platform of the successful Greater Oshkosh Revolving Loan Fund, the team at Greater Oshkosh EDC is looking to move quickly to get much-needed funds to local businesses.
The programming is being launched with seed funds of $300,000 while the organizers continue to work with private and public partners to increase that amount over the coming weeks. The program is meant to ensure Oshkosh area businesses have the funding they need for this emergency in conjunction with programs offered by the U.S. Small Business Administration and Wisconsin Economic Development Corp.
“We are offering assistance to Greater Oshkosh businesses to keep them financially solvent, maintain their workforce and enable them to get right back to business when this crisis abates,” says Jason White, CEO of Greater Oshkosh EDC. “It is our goal to mitigate the economic impact and maintain the presence of local businesses that make Oshkosh special.”
Loans will be offered in the amounts of $1,000, $2,500, $5,000 or $10,000 with a three-year amortization, 2 percent interest and deferment of principal and interest for six months. Funds can be used for basic business needs including rent/mortgage payments, utilities payments, payroll expenses and pre-existing purchase orders.