TULSA — Mayor G.T. Bynum announced launch of the Resilience and Recovery Fund in Tulsa, which is to assist small business to stay in gear and growing in Tulsa.
The City of Tulsa has partnered with the Tulsa Economic Development Corporation (TEDC) to offer loans to small businesses affected by the coronavirus.
Officials say to qualify, a business applicant must have less than "50 full-time equivalent employees, have 2019 revenues that did not exceed $5,000,000 and have experienced a decrease in revenue of at least 25 percent between February and March 2020 due to COVID-19."
“Small business owners and employees throughout Tulsa are sacrificing in order to save the lives of our neighbors. This program is a critical stop-gap for those businesses until federal funding that is in the pipeline can reach them,” Mayor G.T. Bynum said. “At the City of Tulsa, we are evaluating any and all ideas to support local businesses throughout this pandemic event.”
Officials say the Resilience and Recovery Fund will lend up to $50,000 to the businesses and entrepreneurs that qualify. Loans can be used for a variety of things, such as: payroll, bridge loans, insurance premiums, etc.
“TEDC is honored to be on the front line giving small businesses in Tulsa a sense of relief through these uncertain times,” TEDC CEO Rose Washington said. “Our ongoing partnership with the City of Tulsa has allowed us to switch gears quickly. We have been able to shift from providing loans to start-ups and growing businesses, to giving existing companies access to creative capital for recovery. Our team is providing expedited loan funding while also learning and sharing guidance on new SBA programs. Small businesses continue to be our #1 Priority!”
Developed on research on best practices deployed nationally in response to COVID-19, the fund builds on the City’s existing partnership with TEDC, which utilizes Community Development Block Grant (CDBG) funds to increase access to capital for underserved businesses.
Loan applications will be accepted immediately, at no interest, to provide immediate funding to those businesses in need.
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