The Economic Development Division is committed to providing services leading to community economic enhancement and individual self-sufficiency. This is accomplished through a small business loan programs, small business courses, technical assistance, matched savings program (IDAs) and money management courses within Oklahoma and Canadian counties.

PROGRAMS:

Oklahoma City Empowerment Zone
Small Business Loan Program
Section 108 Revolving Loan Program
Oklahoma City Brownfields Cleanup Loan Fund
Technical Assistance
Small Business Training
Individual Development Accounts-Matched Savings Program

LET US HELP YOU CREATE OR EXPAND YOUR SMALL BUSINESS!

Empowerment Zone
Oklahoma City's Empowerment Zone is a 21 square mile area in the center of Oklahoma City created to promote public-private collaboration and stimulate job growth through tax breaks and incentives for businesses and employees in the zone.  Go to www.empowerokc.com for more information on tax credits and incentives available to the area. 

Small Business Loan Assistance Program
A unique financing program designed to promote the expansion and growth of small businesses, thus increasing employment within the City of Oklahoma City area. This Fund enhances access to capital by participating with local financial resources. This loan enables entrepreneurs to receive low interest loans for the start up and expansion of small businesses. The program targets businesses with 20 or fewer employees.

• Use of Loan: Acquisition of land and buildings, construction and renovations of facilities, purchase of machinery, equipment, inventory and working capital.
• Loan Amount: Loan amount ranges from $5,000 up to $500,000.
• Loan Terms: The loan term will range from 3 years to 15 years, as determined by the loan review committee.
• Interest Rate: The rate may be fixed or variable and typically below market rates, as low as 4%.
• Collateral: Collateral will be sought to secure all financing. Acceptable security includes but not limited to: mortgages (business or personal); liens on business assets; other corporate and/or personal guarantees; and assignment of life insurance policies.
• Geographic Guidelines: Applicants must meet the geographic guidelines to initially qualify. The business must be located within the city limits of Oklahoma City.

Section 108 Revolving Loan Program

• Purpose: To assist in the expansion or creation of small businesses within the areas of the Empowerment Zone Neighborhood Revitalization Strategy Area and the City of Oklahoma City as a whole. The financing assists in resource gaps and is to be used in participation with financial institutions.
• Uses of Loan: Acquisition of land and buildings, construction and renovations of facilities, purchase of machinery, equipment, inventory and working capital. Loan Amount: Loan amount may range from $5,000 to $1,000,000.
• Loan Terms: The loan term will range from 3 years to 15 years as determined by the loan review committee. Interest Rate: The rate may be fixed or variable typically below market rates as low as 6% or less.
• Collateral: Collateral will be sought to secure all financing. Acceptable security includes but not limited to: real estate mortgages (business or personal); liens on business assets; other corporate and/or personal guarantees; and assignment of life insurance policies.
• Guidelines: The business must be creating jobs for employees from low to moderate-income households. The business must be located in the City of Oklahoma City with preference given to the Empowerment Zone Neighborhood Revitalization Strategy Area.
• Fees: Loans up to $45,000, application fee of $100. Loans over $45,000, application fee of $200. There is also an origination fee.

Oklahoma City Brownfields Cleanup Loan Fund

• Purpose and Uses of Loan: To assist businesses in the cleanup of vacant, abandoned or under-utilized properties impacted by environmental contamination. This program enables for-profit/non-profit businesses and individuals to receive low interest loans for the cleanup of contaminated properties located within Oklahoma City and Oklahoma County during redevelopment.
• Loan Amount: $50,000 to $1,000,000.Loan Terms: Maturities of up to 10 years depending upon life of assets financed.
• Interest Rate: Fixed or variable, typically as low as 2%.
• Collateral: Collateral will be sought to secure all financing. Acceptable security includes but not limited to real estate mortgages (business or personal); liens on business assets; other corporate and/or personal guarantees; assignment of life insurance policies.

Individual Development Accounts
Matched Savings Program
Individual Development Accounts (IDAs) are savings accounts established at participating banks by working parents or working high school students. Participants can deposit up to $2,000 of their own money into their IDA and receive up to a $4,000 match for a total of $6,000. These funds come from federal and non-federal sources.

• IDA PURCHASES: The money accumulated in the IDA savings accounts can only be used toward the following purposes.
• HOME PURCHASE: Down payment and/or closing cost on first home BUSINESS: Starting or expanding a small business
• HIGHER EDUCATION: Accredited Vo-Tech, College, or University
• PROGRAM DETAILS:
  • Length of Program - Participants must save monthly for at least six months but have up to five years to reach their saving goal (up to $2,000). Upon enrollment, each participant creates a Savings Plan and determines how much they want to save and how long they will take to save that amount.
  • Saving - The IDA is opened with at least $50 at one of the participating banks. Participants must make a minimum deposit of $10 each month into their IDA savings account. Each year, a larger deposit from an earned income tax credit refund can also be used in order to help participants boost their account balance.
  • Training - Before accounts are opened, participants will attend initial money management classes. While participants are saving, they will attend additional money management classes covering the topics of Goal Setting, Budgeting, and Saving, Credit Issues, and Credit Repair. Once the participant has chosen what they will save toward, they will also attend Small Business Training, Home Ownership Training, or Higher Education Preparation Workshops.

STEPS TO PARTICIPATION

STEP 1 - Contact the IDA Coordinator at 232-0199 to schedule an individual orientation.

STEP 2 - Attend Initial Money Management Classes.

STEP 3 - Open your account at a participating bank with at least $50.

STEP 4 - Save monthly and attend required training.

STEP 5 - Use your funds toward one of the three qualified expenses (Home, Education, or Business)

QUALIFICATIONS 

• Must Live in Oklahoma or Canadian County 
• Must be currently employed 
• Must have a least 1 child under 18-years old living in the home on a full time basis
• Combined income for each adult working and living in home must be at or below income guidelines (income guidelines change on a annual basis. Please call for current income guidelines)

Note: Other qualifications apply and will be discussed upon setting an appointment with the IDA Coordinator.

PROGRAM CONTACT INFORMATION

Community Action Agency of Oklahoma City
and Oklahoma/Canadian Counties, Inc.
319 S.W. 25th Street, Oklahoma City, OK 73109
Phone (405) 232-0199
Fax (405) 232-9074

Division Director This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
IDA Program This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
Small Business This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
Administrative Assistant This e-mail address is being protected from spam bots, you need JavaScript enabled to view it