To support small businesses affected by COVID-19 and the ongoing economic crisis, the Oklahoma City Council launched the Small Business Continuity Program. The new program will provide $5.5 million in emergency relief through cash grants and loan financing through general obligation bonds.
Under the Small Business Continuity Program, eligible local small businesses may seek funding through the following:
On a reimbursement basis, qualifying businesses with less than 15 full-time employees may capture a cash grant for up to $10,000 for retained employee payroll.
Qualifying businesses with 50 or less full-time employees may secure a zero-interest forgivable loan up to $50,000 or a low-interest loan at 2% from $50,000 to $100,000. Both loan options would be for 10-year terms.
Support from local subject matter experts will be available for businesses in Oklahoma City for assistance with SBA loans, accounting advice, IT support, and human resources management, among other core areas of technical needs.
For more information on the program, visit the official Oklahoma City Small Business Continuity Program website.