Thank you for your interest in Oklahoma City’s Small Business Continuity Program. Applications are currently closed and the City of Oklahoma City, the Alliance for Economic Development of Oklahoma City and the Greater Oklahoma City Chamber are in the process of scoring and reviewing the applications. If it is determined that funds remain after the collected applications are reviewed the application process may reopen.

Gracias por su interés en el Programa de Continuidad de Pequeñas Empresas de Oklahoma City. Las solicitudes están actualmente cerradas y la Ciudad de Oklahoma City, la Alianza para el Desarrollo Económico de Oklahoma City y la Cámara de Greater Oklahoma City están en proceso de calificar y revisar las solicitudes. Si se determina que quedan fondos después de que se revisan las solicitudes recopiladas, el proceso de solicitud puede reabrirse.

Oklahoma City Small Business Continuity Program

When there’s a crisis, the Oklahoma City community jumps into action.

Through the passage of a historic Small Business Continuity Program, the City of Oklahoma City has stepped forward to provide new layers of support for businesses impacted by the adverse effects and required adjustments our City has been asked to make related to COVID-19 and our efforts to protect our residents.

The goal of this new program is to quickly put funding into the hands of small business owners to help retain jobs during this unstable time. The need for the program was identified by a partnership of the Greater Oklahoma City Chamber, the Alliance for Economic Development of Oklahoma City and the City of Oklahoma City and will be implemented in partnership with private businesses that have stepped forward to help in this time of need.

The Small Business Continuity Program is funded with $5.5 million allocated from the City’s Strategic Investment Program (a program funded by Oklahoma City voters in 2017 as a mechanism to support community and economic development). The program provides cash incentives, no-interest loans, low-interest loans and technical assistance for small businesses. Applications open on April 6 and close April 17, 2020 and the target date for disbursement of funds via ACH deposit is May 1, 2020. To the fullest extent possible, 25% of funding will be directed to businesses operating in low-income census tracts.

For all programs, businesses must:

Be a for-profit business (non-profit organizations are not eligible)
Employ up to 50 full-time equivalent employees (under 15 for the incentive program)
Have a physical location in Oklahoma City (online businesses are not eligible)
Have been in operation for at least 1 year as of March 16, 2020
Be able to demonstrate a 50% drop in revenue between March 16-April 15, 2020 compared to the same period in 2019

Additional program details and requirements are described below:

Small Business Incentive Program

Cash incentives are available on a reimbursement basis to help existing small businesses with less than 15 full-time equivalent employees retain their workforce. The incentives will reimburse businesses up to $10,000 for the payroll expenses of retained employees, with no repayment requirements. Businesses that apply for the Small Business Incentive Program are not eligible to apply for either of the Small Business Loan Programs. The Incentive Program CAN be combined with the Technical Assistance Program.

Small Business No-Interest Forgivable Loan Program

This program provides 0% interest, forgivable loans up to $50,000 to help small businesses with up to 50 full-time equivalent employees. Loans can be used for payroll expenses related to the retention of employees. Loans will be provided with a 3-year write-down and a 10 year-amortization schedule. Businesses that apply for the either of the Small Business Loan Programs are not eligible to apply for the Small Business Incentive Program. Either of the Small Business Loan Programs CAN be combined with the Technical Assistance Program.

Small Business Low-Interest Loan Program

This program provides 10-year, 2% interest loans up to $100,000 to help small businesses with up to 50 full-time equivalent employees. Loans can be used for payroll expenses and some operational expenses such as rent and utilities. Businesses that apply for the either of the Small Business Loan Programs are not eligible to apply for the Small Business Incentive Program. Either of the Small Business Loan Programs CAN be combined with the Technical Assistance Program.

Small Business Technical Assistance Program

The partnership pulled together a group of trusted subject matter experts needed by small businesses to provide technical support during this time of disruption. Businesses can apply for the Technical Assistance Program separately or in combination with either the Small Business Incentive Program or one of the Small Business Loan Programs. Expertise could include but is not limited to:

Up-to-date information on application processes for SBA funding
Website assistance, social media and other on-line marketing/sales development channels
Accounting and financial advice to identify priorities related to debt, payroll and overhead
IT support for remote work, file storage and access.
Human resources advice, work from home productivity tips and how to apply the national legislation and benefits to keep employees on the payroll, despite reduced revenue.
Legal best practices to adapt contracts and agreements to a new operating environment.

To apply for the program, gather your documentation and apply between April 6 and April 17, 2020.

Before you start the application process, please gather these documents:

For all programs, you will need:

Basic business information including contact information, date business was established, legal structure, number of full time and part time employees, FEIN, sales tax i.d. number and business license number.
Financial documents for the period March 16, 2020 - April 15, 2020 demonstrating actual or projected loss of revenue due to mandated closures or voluntary business interruptions in compliance with City recommendations. (Financial documents can include but are not limited to: point-of-sales reports, quarterly sales tax filings, tax returns, profit & loss statements or other financial reports.)
Financial documents showing your revenue for the same time period in 2019
Business bank statements for February 2020 and March 2020

For the Small Business Incentive Program, you will also need:

Payroll expenses including wages, benefits and payroll taxes incurred or expected to be incurred to retain employees for the period March 16, 2020 - April 15, 2020.

For the No-Interest Forgivable Loan Program, you will also need:

Payroll expenses including wages, benefits and payroll taxes incurred or expected to be incurred to retain employees for the period March 16, 2020 - April 15, 2020.
Personal Guarantor name, address, contact information, date of birth, social security number, monthly salary, % of ownership
Majority Owner contact information, social security number, ownership percentage
2019 Business Gross Income, Net Profit and Business Depreciation

For the Low-Interest Loan Program, you will also need:

Payroll expenses including wages, benefits and payroll taxes incurred or expected to be incurred to retain employees for the period March 16, 2020 - April 15, 2020.
Operational expenses such as rent or mortgage and utilities for the period March 16, 2020 - April 15, 2020.
Personal Guarantor name, address, contact information, date of birth, social security number, monthly salary, % of ownership
Majority Owner contact information, social security number, ownership percentage
2019 Business Gross Income, Net Profit and Business Depreciation

Application for assistance is not a guarantee of funding. Applications will be scored based on several factors including length of business operation, loss of revenue, and need.