OKLAHOMA CITY (KFOR) – Some relief is on the way for businesses after the Oklahoma City Council approved a $5.5 million incentive package.
It’s called the Oklahoma City Small Business Continuity program. The Greater Oklahoma City Chamber of Commerce helped develop the program.
“We looked at what was going on in other metro areas, what other cities are doing and thought well, we should come up with something because we do have resources,” President & CEO of the Greater Oklahoma City Chamber of Commerce Roy Williams said.
There are three components to the program.
The first is a $1.5 million allocation to qualifying businesses with less than 15 full-time employees. Businesses would be reimbursed for up to $10,000 for retaining employees on payroll.
The second is a small business loan at $3 million for businesses with less than 50 employees. It provides 2% or 0% forgivable loan for up to $50,000 for 10 years.
The last is a technical assistance program at $500,000 to help businesses apply for loans, develop e-commerce plans as well as other educational resources.
Contract workers also qualify.
Williams said they expect to have the program running by early next week at the latest.