The Chautauqua County Industrial Development Agency is suing Luscombe Aircraft Corporation for failing to repay a loan.
The IDA awarded at $322,000 loan at 2.44% interest to the company located at 3301 Turner Road in early 2021 from a new, low interest Revolving Loan Fund that was created using a grant from the U.S Economic Development Administration. The loan funds were made available to businesses and non-profit organizations as a means to respond to economic injury resulting from the COVID-19 pandemic.
According to the suit filed in Chautauqua County State Supreme Court, the IDA demanded on March 28, 2025 that Luscombe pay in the full the net amount owed of $265,455.98. This payment was not made.
The IDA is requesting that payment be made with interest and attorney fees.
Southern Tier Enterprise Development Corporation (STEDO) also is part of the lawsuit and is demanding payment of $290,222.95 with interest of a $320,000 promissory note that was issued in December 2022.
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