$20M sought from OKC relief fund
Applications for Oklahoma City's smallbusiness relief fund show there is "obviously … a need out there," an economic development leader told the city council Tuesday.
Cathy O' Connor, president and CEO of the Alliance for Economic Development of Oklahoma City, said businesses have applied for more than $20 million from the Oklahoma City Council' s $5.5 million Small Business Continuity Fund.
The council acted March 31 to fund COVID19 business assistance from voter-approved 2017 economic development bonds.
Applications were due April 17. Awards approved by an eightmember disbursement committee could begin going out by the end of next week, O' Connor said.
"We hope we can make a big difference for some of these small companies ," she said.
The program includes cash incentives and forgivable loans. Qualifying businesses were required to demonstrate a loss of at least half their business, year-over-year, since March 16, and show they receive most of their revenue from in-store sales.
Goals include prior i ti zing businesses in operation at least a year, with at least 25% of funding directed to low-to moderate-income census tracts.
O'Connor said the initial review found about 200 of 603 applications came from low-income census tracts.
Ear marked funds include:
•$1.5 million for cash incentives of up to $ 10,000 for retained payroll at businesses with fewer than 15 full-time equivalent employees.
• $3 million for 10-year, zero-interest loans up to $50,000, with longterm employee retention factoring into loan forgiveness considerations, and for 10- year ,2% interest loans of $50,000 to $100,000. Businesses with fewer than 50 full-time equivalent employees qualified.
O' Connor said about 60 applications that came from outside the city limits were disqualified.
Also Tuesday, the Oklahoma City Economic Development Trust approved an economic development agreement worth up to $2.3 million in taxpayer incentives f or Heartland Payment Systems LLC and a developer for Heartland's new 100,000-square-foot headquarters building under construction at NW 5 Street and Broadway Avenue.