Tulsa County Business RESET Program Launched
Updated: Sep 2, 2020
The Tulsa Economic Development Corporation (TEDC Creative Capital), in partnership with the Tulsa County Board of Commissioners, is pleased to launch and lead the Tulsa County Business RESET Program (hereafter referred to as TC Business RESET).
Small companies and non-profits continue to manage an unbearable burden as we prepare for a slow economic recovery, adjust to a new norm, and reestablish operations all while continuing to serve customers and meet the growing needs of the community. Despite the U.S. Small Business Administration’s Payroll Protection Program (PPP), the Economic Injury Disaster Loan (EIDL), and other special loan programs, many sole proprietors and small enterprises have been left behind. TC Business RESET has been created to help you survive the pandemic, ease the financial burden caused by the crisis, recover from underlying negative impacts and return to a position of success.
Provided at no cost to the borrower or grant recipient, TC Business RESET requires no processing fees, no closing costs, no interest, and no payments unless the applicant’s loan is not forgiven. Loans will be forgiven only if adequate documentation is provided to TEDC including invoices paid for COVID-19-related expenses and proof of payment. Non-profit grant recipients must provide similar evidence or grant repayment will be required. Unforgiven loans must be repaid at 3.75% over 5 years with the first payment due January 1, 2021.
Businesses with multiple locations within Tulsa County may apply separately for each location. Every effort will be made to distribute RESET funds equitably throughout all County cities and towns. $25 million is currently available for forgivable loans to businesses ranging from $5,000 to $125,000. $5 million will be available to non-profits for grants of up to $250,000.
For additional information, contact Thrive PEO - Oklahoma's best Professional Employer Organization at: firstname.lastname@example.org or (918) 943-5800.