County IDA Settles Loan with Luscombe Aircraft Corp. After CARES Act Funding

The Chautauqua County Industrial Development Agency agreed to settle a loan with Luscombe Aircraft Corp., a company that builds and refurbishes airplanes in Chino, California. The company had received a $322,000 low-interest loan from the county IDA in 2021, which was financed using funds from the CARES Act. The IDA ultimately agreed to a settlement of $45,000, absorbing a loss of around $286,000.

The loan was intended for Luscombe Aircraft Corp.'s working capital, machinery, and equipment. The company made some payments but eventually stopped, leading the county to pursue recovery through collateral and auctioning of its hangar. The settlement concludes the county's involvement in the matter.