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City of Tulsa dedicates $1.1 million for financial assistance to small businesses


(City of Tulsa)
(City of Tulsa)
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The City of Tulsa has partnered with Tulsa Economic Development Corporation (TEDC) and is dedicating $1.1 million in funds for zero interest loans to provide financial assistance to small business owners and entrepreneurs affected by COVID-19.

TDEC is now accepting loan applications from local businesses. To apply, click here.

The following requirements must be met to qualify:

  • Must have fewer than 50 full-time equivalent (FTE) employees
  • Have 2019 revenues that did not exceed $5,000,000
  • Have experienced a decrease in revenue of at least 25 percent between February and March 2020 due to COVID-19

“Small business owners and employees throughout Tulsa are sacrificing in order to save the lives of our neighbors. This program is a critical stop-gap for those businesses until federal funding that is in the pipeline can reach them,” Mayor G.T. Bynum said. “At the City of Tulsa, we are evaluating any and all ideas to support local businesses throughout this pandemic event.”

The Resilience and Recovery Fund will grant up to $50,000 to qualifying businesses and entrepreneurs.

“Small businesses across the city have suffered one of the biggest economic shocks in our city’s history – and through no fault of their own,” said Kian Kamas, the City’s Director of Economic Development. “In the face of this shock, they have been innovative, caring, and selfless. They have shown the true character of what it means to be a Tulsan. Coupled with federal programs created in the CARES Act, this Fund will provide critical capital that will help these businesses weather the current crisis.”

The fund will be critical for smaller businesses with limited history and credit, as well as serve as a stop gap measure for businesses intending to pursue SBA funding in the coming weeks.

“TEDC is honored to be on the front line giving small businesses in Tulsa a sense of relief through these uncertain times,” TEDC CEO Rose Washington said. “Our ongoing partnership with the City of Tulsa has allowed us to switch gears quickly. We have been able to shift from providing loans to start-ups and growing businesses, to giving existing companies access to creative capital for recovery. Our team is providing expedited loan funding while also learning and sharing guidance on new SBA programs. Small businesses continue to be our #1 Priority!”

As part of the program, the George Kaiser Family Foundation will provide added technical support with TEDC to help non-profits and small businesses navigate federal, state and local stimulus dollars. For more information, click here.





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