Far more aid has arrived for having difficulties small firms in Oklahoma City. There is a new way businesses can utilize for lending that is not by the federal governing administration.
The new support will come from a partnership the Town of Oklahoma Town with Kiva to enable hold smaller enterprises alive.
The Metropolis Council voted in December to concur with the Economic Development Trust’s arrangement with Progress OKC, a neighborhood group enhancement corporation that will provide as Kiva’s regional hub. It kicked off at the beginning of January.
Maurianna Adams, the executive director of Progress OKC, claimed this is a personal loan that is for them.
“They can come with their business enterprise concepts or desires and share them with a worldwide community of around two million loan companies,” claimed Adams. “These are no interest loans and can preserve businesses’ doors open up and goals alive.”
A business enterprise will have to utilize for the personal loan via https://www.progressokc.org/kiva-okc.
As soon as an application is submitted, it will be approved or denied. Adams explained if accepted, a business enterprise can increase up to $15,000.
“Qualified OKC applicants could raise up to $7,500 on the Kiva platform, then be immediately matched up to $7,500 by a nearby fund, as monies are readily available,” claimed Adams.
These are financial loans, not grants, so they do have to be paid out back inside of two to a few several years, but Adams stated there is a six-thirty day period grace period that has been added thanks to COVID-19.
“We are hoping that this truly is a bridge for people having difficulties businesses for them to stay afloat and develop and expanded here in the metro space,” said Adams.
This Kiva Oklahoma Metropolis method is a partnership between the Town of Oklahoma City, Progress OKC and the Higher Oklahoma Metropolis Chamber. Other supporters consist of the Inasmuch Basis, Oklahoma Metropolis Black Justice Fund and National League of Towns.