The US Treasury will officially announce Oklahoma as a recipient of the State Small Business Credit Initiate (SSBCI) funds for investment into the Oklahoma economy tomorrow morning. This program will give small businesses in our state the opportunity to receive equity investments or low interest loans to help grow their business by way of matching funds made available through ARPA funding and will be matched dollar for dollar by Oklahoma based venture capital firms and local lending institutions.
This is a great opportunity for qualifying businesses to access capital and address investment gaps that exist within our state and give entrepreneurs the chance to commercialize products. OCAST will use longstanding practices to award the funds to Oklahoma institutions. A portion of the capital will be used to help very small businesses, those with ten or fewer employees, and business owned by socially and economically disadvantaged individuals including those in rural areas. Attached to this email is the plan for disbursement.