Small Business Loan Assistance

Small Business Loan Assistance

Overview: The Small Business Loan Assistance program provides financing options designed to promote the expansion and growth of small businesses and increase employment within Oklahoma City.

Award Amount: Loan amounts range from $15,000 to $50,000

Geographic Scope: Businesses located within the city limits of Oklahoma City

Loan Terms: 3 years to 15 years

Interest Rate: Fixed or variable rates, typically below market rates, as low as 5%

Eligible Uses:

Improvements to existing buildings

Land acquisitions of fixed assets (land and buildings)

Construction of new facilities and expansion of facilities

Purchase of machinery, equipment, and inventory

Working capital

Eligibility Requirements:

Business must be located within Oklahoma City city limits

Job creation is required

Existing businesses (in operation 6+ months with profits) given preference

Collateral: Collateral required to secure financing. Acceptable security includes:

Existing unencumbered business assets

Assets purchased with loan proceeds (equipment, real estate, furniture, fixtures, vehicles)

Entity and personal guarantees

Assignment of life insurance policies

Other restrictions and criteria may apply

Staff Assistance: CAA provides technical assistance in:

Business counseling

Site location

Business plan development

Access to referral network

Business establishment

Contact: Financial Services at (405) 232-0199, ext. 3205, or bschwartz@caaofokc.org