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:

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:

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:

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

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

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

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.