As Chairman of the Economic Development Commission I have exciting news to share. The Mayor announced the creation of a Business Resilience and Recovery Fund yesterday. The program will be administered by Tulsa Economic Development Corporation (TEDC), and will provide much-needed cash flow to small businesses over the coming weeks.
The Resilience and Recovery Fund will serve as a critical source of funds for smaller businesses with limited history and credit, and also serve as a stop gap measure for businesses intending to pursue SBA funding that will become available in the coming weeks. Individuals and businesses interested in applying for the Fund are encouraged to visit tulsaresponds.com and complete the intake form. Loans typically take between 1-2 weeks to process and are dependent upon the timely provision of borrower information needed for the underwriting process. Receiving aid from the Business Resilience and Recovery Fund does not preclude small businesses from receiving state or federal aid which is available through the Coronavirus Aid, Relief and Economic Security Act (CARES Act).
As we roll out this fund, we anticipate that we will need your help in reaching out to local small businesses who have been affected by COVID-19.
Please don’t hesitate to let me know if you have any questions regarding the fund, and I welcome any feedback you have.
- Funding Level: $1,100,000
- Funding Source: Vision Tulsa Commercial Revitalization Strategy
- Loan Terms:
- Repayment Period – three- to five-year repayment period, based upon business need (an initial three month moratorium on payment will also be offered)
- Interest Rate – 0% interest
- Loan Amount – based upon business revenue prior to the onset of COVID-19, and not to exceed $50,000
- Loan Uses – required to be used for working capital.
- Business must demonstrate a decrease in revenue of at least 25% due to COVID-19.
- Businesses must have fewer than 50 full-time equivalent (FTE) employees and have revenues less than $5,000,000 in 2019.
- Businesses should have a business address within the City of Tulsa municipal boundaries.
- Priority should be given to businesses that have a recovery plan in place.
In addition to announcing this program, the City is in the process of evaluating additional immediate and long-term economic response efforts and program needs. This program will be but one piece of a comprehensive strategy we are committed to undertaking to ensure Tulsa businesses are successful and our economy recovers as quickly as possible. Based upon demand, the City will consider whether additional funds and other forms of aid are needed for the Resilience and Recovery Fund.
Please reach out if you have any questions.