Agency / Department: Oklahoma City Council
Resource: OKC Small Business Continuity Fund
Details: Small businesses in Oklahoma City may receive financial assistance by the last week of April from the $5.5 million OKC Small Business Continuity Fund program approved by the Oklahoma City Council on Tuesday. An online application portal will be made available for businesses to apply beginning April 6. The program designates $3 million for loans for businesses with fewer than 50 employees. The loan program offers 10-year, no-interest loans of up to $50,000, which could be forgiven in three years if the business meets certain long-term employee retention goals and other criteria. Ten-year, low-interest loans of between $50,000 and $100,000 are also available. Another $1.5 million would be offered as cash incentives, reimbursing businesses with fewer than 15 full-time equivalent employees for up to $10,000 in retained employee payroll. Independent contractors and sole proprietors are also eligible to apply for assistance, as are businesses that hire independent contractors.