Oklahoma Small Business Owners Now Eligible To Receive Loans Through the Small Business Credit Initiative

Some Oklahoma small business owners and startups will benefit from new funding of up to $81.6 million dollars made available after the state received the Small Business Credit Initiative from the U.S. Treasury.

According to the Oklahoma Center for the Advancement of Science & Technology, with the funding, two programs will be created that businesses can benefit from state-wide. The two programs are called the Oklahoma Venture Capital Investment and the Oklahoma Business Lending partnership.

Work is now underway to start the programs and money will be given out through qualified providers.

As a part of program requirements, not all lending institutions are eligible. Only a limited amount of money will be distributed to small business owners that typically operate with less than 10 employees and a portion of it will be given to those operating with social and economic disadvantages. Randy Fulbright, owner of American Tees in Glenpool, specializes in making embroidered apparel. He says his company used PPP loans twice and it helped keep them in business during the pandemic.

Fulbright has about 15 employees and says he welcomes any extra assistance made available with these newly announced funds.

Fulbright says steady business is most challenging for him during December and January and he says he can't just raise prices as the economy changes.

“Number one because we have to be competitive in this market. So that would allow us a little time to increase our prices slowly as we take on the new product so it's definitely needed,” Fulbright said.

Leaders with the Oklahoma Center for the Advancement of Science & Technology say this initiative is a great opportunity to invest in Oklahoma business owners by giving them additional funds needed to help them thrive.