Port of Oswego wins $4 million grant: What it will be allocated to
The Port of Oswego in New York has won a $4 million federal grant. The funds will be used to modernize infrastructure and equipment.
Oswego will thus create 19 jobs and bring in $50,000 in private investment. The economic development grant was announced by Commerce Secretary Gina Raimondo, according to Transport Topics.
The company will use the money to purchase new material-handling equipment and improve rail infrastructure to increase U.S. exports.
Specifically, the grant will help offset the cost of purchasing a radial telescopic shiploader. It is often used to transport barges.
The Port of Oswego handles about 120 ships and more than 1 million tons of cargo annually. Located in southeastern Lake Ontario, it is ice-free and receives ships year-round from Great Lakes ports and other countries. The port is also connected to New York's canal system through the Oswego Canal.
"The Port of Oswego is a vital trade hub that connects Central New York businesses with the rest of the world. The project will allow for the storage of more than 500,000 bushels of grain and direct loading on rail, marine and truck transportation," the Secretary added.