Small Business Assistance

The business community is currently facing an unprecedented shock to the nation's economy. To help address the many challenges being faced, several organizations have stepped forward with resources. Explore some of those opportunities below.

Oklahoma Small Business Development Center (OSBDC)
OSBDC is a state-wide network of business advisors that offers no-cost, business management and technical assistance for small businesses and entrepreneurs throughout the state. Learn more by visiting the OSBDC website.

One-on-One Advising
Local businesses are able to receive free one-on-one business consulting for market research, business planning, financial analysis, operations, marketing, accounting, human resources, and commercial finance. Register online to become a client.

Small Business Administration (SBA)
The Small Business Administration has compiled an extensive list of resources to help businesses navigate COVID-19. Visit their website for a complete listing of services, offerings, and programs. For an overall summary of the CARES ACT, click here.

Paycheck Protection Program

Small business loans up to $10 million designed to keep workers on payroll. If the business keeps all employees on payroll for eight weeks, the SBA can forgive a portion or up to 100% of the loan. More details here.

Economic Injury Disaster Loan Advance
Loan advance up to $10,000, which will be made available within three days of a successful application for an Economic Injury Disaster Loan. The loan advance can be forgiven.

Economic Injury Disaster Loan
Low-interest loans up to $2 million for working capital. Designed to provide economic support to small businesses and nonprofits that are experiencing loss of revenue. Apply online here.

SBA Debt Relief
The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months. For businesses with existing disaster loans, additional debt relief may be available. More details here.

Express Bridge Loan
Short-term loans up to $25,000 for urgent cash flow needs for those businesses with current relationships with an SBA Express Lender. It can be repaid with an Economic Injury Disaster Loan. More details here.

Oklahoma Department of Commerce
Oklahoma manufacturers that are expanding or developing new product lines may be eligible for grants through the Manufacturing Reboot Program. Awards will range between $25,000 and $150,000 and can be used to pay for machinery, CAD/CAM software, payroll, and training. More details here.

Verizon Small Business Recovery Fund
Grants up to $10,000 for small businesses facing "immediate financial pressure" because of COVID-19. Apply online here. Multiple rounds of funding will be distributed. The second round will begin mid April.

Main Street America
Main Street America is compiling recommendations, programs, and resources for members and affiliates. This includes unique crowdfunding opportunities. More details here.

Choctaw Nation of Oklahoma
Choctaw Small Business Development offers one-on-one advising and technical assistance to Choctaw small business owners. Register online to become a client.