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Apr 7, 2020 9:22 AM ET

Small Businesses Get $1.1 Million From City of Tulsa

iCrowd Newswire - Apr 7, 2020

The City of Tulsa has teamed up with the Tulsa Economic Development Corporation and is contributing as much as $1.1 million in loans that come with zero-interest for small business owners and people new to the local business scene as everybody reels from the financial effects of the coronavirus. The TDEC is currently receiving loan applications from small, local businesses to see them through this tough time.

There are a few requirements to be eligible for this financial aid. The business must have less than 50 full-time staff and revenue of no more than $5 million in 2019. They must have also experienced a decrease in revenue with a minimum of 25 percent loss between February and March 2020 as a result of the virus.

Mayor G.T. Bynum explained that employees and small business owners are doing everything they can right now to save the lives of people in the local community. A program like this is critical for bridging the gap for small businesses until federal funding kicks in. The City of Tulsa, Bynum says, is currently working out how they can help small, local businesses in any way possible.

Funding Vital for Bridging the Gap

The Resilience and Recovery Fund has up to $50,000 to give to businesses and entrepreneurs that meet the requirements. Kian Kamas, Director of Economic Development in Tulsa, says that small businesses everywhere in the city have suffered as a result of this pandemic, and despite this, they have proven to be selfless, caring, and innovative. He says that they have shown what it really means to be a Tulsan.

The fund is going to be vital for smaller businesses that don’t have as long of a history or credit as bigger corporations. Most importantly, it’s going to help them survive as they wait for help that should arrive within the coming weeks from a Federal level. CEO of TEDC, Rose Washington, explains that they are honored to be able to assist small businesses through uncertain times like this, and the fact that they have such a close relationship with the City allows them to spring into action quickly for the local community.

Considering Your Options: How Do Title Loans Work?

In times of uncertainty and instability like this, it’s difficult to know whether you will be able to keep your small business afloat. If you’re at a point now where you’re wondering ‘how do car title loans work as an option?’, then you may want to assess all of your options.

A title loan or short-term loan is a temporary loan that can be applied for without too much paperwork or time spent. Unlike going to the bank for a loan, a title loan gives you a loan against the value of your car, which means that as long as the vehicle is in your name and you have a valid ID, you should be able to get approval. One of the best parts is that most lenders won’t need to see your credit history. Consider a title loan a viable option in this time of uncertainty to keep you going for a little bit longer until more help arrives.


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