Areas Served: All Oklahoma Counties with the exception of cities having greater than 25,000 population.
The Revolving Loan Fund brings OSU and Federal resources to bear on small business expansion projects in rural Oklahoma.
Small business projects in communities with populations under 25,000 may be eligible for up to $150,000 in supplementary loan funding and assistance.
The OSU CIED Revolving Loan Fund (RLF) supports economic development in Oklahoma by: Encouraging the creation, addition and retention of permanent, competitive, wellpaid jobs Attracting new private investments in the form of fixed assets and working capital by reducing risk exposure Supporting a positive and proactive business climate that encourages the retention and expansion of existing businesses while helping to attract new businesses Lending funds at interest rates and terms that encourage business development and facilitate reinvestment in Oklahoma while providing for the recapitalization and growth of the RLF While eligibility of applicants will be determined on a case by case basis, eligible projects must be located in Oklahoma communities with populations under 25,000. In general, funds may be used by any business venture, governmental body, or non-profit entity involved in a project which creates or retain jobs and promotes the community and economic development goals of Oklahoma.
Applicants must also show evidence of their inability to secure financing from other sources.
ELIGIBLE USES MAY INCLUDE: – Acquisition of land, buildings, and fixed equipment – Site preparation and construction or reconstruction of buildings or installation of fixed equipment – Working Capital (inventory and direct labor costs only) – Refinancing of existing debt (under special circumstances) LOANS CAN NOT BE MADE FOR: – Historically unsuccessful companies – Expenses incurred prior to loan closing – Residential construction – Routine maintenance – Financial Institutions – Gambling operations – Golf courses and recreational facilities – Non-value-added agricultural production
Contact InformationOSU Center for Innovation and Economic Development, Inc.
Address: 505 South Main Street
City: Stillwater
State: Oklahoma
Website:
http://cied.okstate.edu/RLF
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