Table of Contents
- Small Business Grants in Oklahoma
- Do You Have to Pay Back a Small Business Grant?
- How to Apply for Small Business Grants in Oklahoma
- Who Is Eligible for Oklahoma Small Business Grants?
- Oklahoma Resources for SMB Owners Looking for Funding
- Alternative Funding Sources for Small Businesses in Oklahoma
- FAQ
Top small business grants in Oklahoma can help entrepreneurs launch and scale their enterprises. Grants, like those offered by the Oklahoma Industry Innovation Program and the Oklahoma Center for the Advancement of Science and Technology (OCAST) Technology Development, provide funds that usually don’t need to be repaid and can be a tremendous boost to a business. If you want to join the ranks of the more than 380,000 small businesses thriving in Oklahoma, learning more about grant opportunities can be valuable.
Key Points
• The Oklahoma Industry Innovation Program offers awards of up to $500,000 for innovation projects that positively impact the state’s economy but require a dollar-for-dollar match.
• The Agricultural Enhancement and Diversification Program provides grants and loans supporting diversified farming and value-added production, with awards typically capped at $10,000.
• OCAST Technology Development grants offer multiple options, including the STEM Intern Partnership Program, which provides up to $30,000 annually in matching funds for companies hiring college student interns.
• Eligibility for Oklahoma small business grants generally requires operating and registering your business in the state, with additional qualifications potentially including business age, revenue, employee count, sector, and communities served.
• Successful grant applications require gathering documentation early, researching appropriate opportunities, tracking deadlines, including all necessary paperwork, maintaining consistent contact information, and tailoring submissions to each grant’s specific mission.
Small Business Grants in Oklahoma
Small business grants in Oklahoma can help fund startup and growth expenses for entrepreneurs in the state. When you’re comparing grants and small business loans, a key distinction is that grants usually don’t need to be repaid. Rather, the funds disbursed are a free infusion of cash, which can help fuel your enterprise’s success. Some possibilities to consider:
Oklahoma Industry Innovation Program Grants
The Oklahoma Industry Innovation Program provides awards of up to $500,000 for innovation projects that can positively impact the state’s economy. Oklahoma-based businesses in such sectors as aerospace, biotechnology, and energy diversification, among others, are eligible to receive these funds. This kind of financing is intended to help a company obtain technical expertise and supplies, build partnerships, and test new technologies before launching them.
However, applicants must commit to a dollar-for-dollar match if they’re awarded one of these grants funded by OCAST (Oklahoma Center for the Advancement of Science and Technology). The application deadline is typically July 31st.
Oklahoma Agriculture Enhancement and Diversification Program (AEDP)
The AEDP, or Agricultural Enhancement and Diversification Program in Oklahoma, offers both grants and loans designed to support diversified farming and the production of value-added items. Five options are available:
• Agriculture Event Grant
• Farm Diversification Grant
• Product Development and Research Grant or Loan
• Value-Added Agriculture Grant or Loan
• Veteran or Young Farmer Grant or Loan
Application packages must communicate that the small business owner will develop new revenue streams that will benefit farmers and ranchers in the state. Awards are usually capped at $10,000 each. The application deadline is often in late fall or winter.
OCAST Technology Development Grants
Oklahoma small business owners can receive an array of support via the OCAST Technology Development grants (which also provides the Industry Innovation program highlighted above). Among the options an Oklahoma entrepreneur can access are the STEM Intern Partnership Program, which provides matching funds up to $30,000 annually to support companies hiring college students as interns for technology and research projects. Check the website for announcements regarding application deadlines.
Oklahoma Minority & Women Business Enterprise Grants
Oklahoma’s Department of Commerce provides a variety of assistance for women- and minority-owned businesses in the state, supporting them through aid in accessing state and other contracts, programs, and funding. While direct grants may not be available, certifications issued may enable Oklahoma small business owners to compete for contracts and other sources of income.
Recommended: 30 Small Business Grants for Women
Do You Have to Pay Back a Small Business Grant?
One of the key benefits of small business grants in Oklahoma (or anywhere else) is that they typically don’t have to be paid back. This means they can be a windfall for a business. Also, in terms of a small business grant vs. loan, while a grant is money that usually won’t have to be repaid, a loan typically requires repayment of the loan principal plus interest and fees.
How to Apply for Small Business Grants in Oklahoma
Small business owners in Oklahoma can apply for grants and may be awarded financing that does not need to be repaid. When you’re pursuing grants for small businesses in Oklahoma, following application tips may make the process smoother and possibly more successful.
Documents and Requirements
There are many documents that can be required when you’re applying for grants for small businesses in Oklahoma. You may need to share business registration documents, payroll details, financial statements, and other paperwork. It can take time and effort to secure and organize these documents, so it may be wise to gather them early and have them at hand to complete applications.
Another critical part of the process is searching for appropriate grants. Some grants will only be available in specified geographic areas, to certain kinds of organizations or in specific industry sectors, or to businesses of a defined size or age, or those that serve certain populations. In addition, some opportunities may be exclusively to underrepresented entrepreneurs, such as people of color and women.
Beyond doing your own research to find grants you qualify for, you might get free or low-cost assistance from reputable business counseling organizations in your area.
Submission Deadlines and Application Tips
As you might expect, it’s important to be aware of application deadlines when you’re seeking an Oklahoma small business loan. As you do your research, note deadlines and add them to your calendar. However, not all grants will have specific deadlines. Some will have rolling deadlines, meaning that application packages will be evaluated as they’re received.
In terms of how to get a small business grant, consider these strategies for success:
• Proofread your application carefully, making sure no information has been omitted and that no errors are present.
• Make sure all necessary documentation is included.
• Be consistent when providing contact information. Avoid mixing your personal and professional email addresses and phone numbers when working on a grant application.
• Understand what the grant application reviewers are seeking. For instance, you may want to highlight job creation potential on one application and supporting underserved communities on another, depending on the grant’s mission.
• Work through the potential financial impact of the grant, and share in your package how you would allocate the funds if you receive them. This can provide the grant reviewers with important information and also show that your small business is ready to use any funds that you’re awarded.
Who Is Eligible for Oklahoma Small Business Grants?
In most cases, a business must operate and be registered in Oklahoma in order to be eligible for a small business grant in the state. However, there may be exceptions, and there may also be additional qualifications, such as age and size of the business, revenue, number of employees and salary ranges, business sectors, and communities serviced, among others.
It’s wise to comb through each grant’s requirements as you navigate this process to be sure that you don’t waste time and energy applying for awards you’re not eligible for.
Recommended: Small Business Grants for Minorities
Oklahoma Resources for SMB Owners Looking for Funding
If you’re hoping to secure a small business (SMB) grant in Oklahoma, there are resources that can help you. From the Small Business Administration (SBA) to the Small Business Development Center (SBDC), here are some options to support your search for an award.
Oklahoma Small Business Development Center (OKSBDC)
The Oklahoma Small Business Development Center, of OKSBDC, can provide a wealth of free, confidential consulting services for small business owners. Among the kinds of support you may be able to access: advising at all stages of launch and growth, business development workshops, international trade facilitation, and a tech launch center that can help entrepreneurs learn how to secure government contracts.
SBA District Office in Oklahoma
The Small Business Administration (SBA) district office in Oklahoma can provide prospective and current small business owners with assistance, including funding options, business counseling, certifications for federal contracting, networking connections, and more. One office in Oklahoma City serves the whole state. To make an appointment, call 405-609-8000.
SCORE Mentorship Programs in Oklahoma
With two offices in Oklahoma, SCORE Mentorship programs offer small business owners a variety of services to support their enterprises. No-cost, confidential business advising, one-on-one mentoring, and educational workshops are cornerstones of what the organization offers.
Recent topics of seminars and workshops include “Prepare Financial Projections for Your Business Plan” and “The Art of Grant Writing With AI.”
Oklahoma’s Women’s Business Center
From its offices in Durant and Oklahoma City, the REI Oklahoma’s Women’s Business Center (WBC) serves female entrepreneurs across the state. It has assisted almost 30,000 small business owners to date with workshops, consulting, and networking. Training programs cover topics ranging from social media skills to tax planning.
Alternative Funding Sources for Small Businesses in Oklahoma
Grants may not be available to or appropriate for every small business owner in Oklahoma. That’s when alternative funding sources, such as SBA loans, working capital loans, and microloans, can become especially valuable.
Oklahoma State Small Business Credit Initiative (SSBCI)
The Oklahoma State Small Business Credit Initiative, or SSBCI, offers several forms of assistance for small business owners in the state. Among the programs are OVCI (Oklahoma Venture Capital Investment), which incentivizes investment in innovation-focused Oklahoma businesses, and OBLP (Oklahoma Business Lending Partnership), which aims to provide financing, mentorship, and other forms of support to entrepreneurs, cultural organizations, and artists.
Oklahoma Microloan Lenders
Microloans, which are often limited to $50,000 or less, are available through various lenders in Oklahoma. A few to note:
• REI Oklahoma, which provides microloans, as well as direct loans and specialized programs, to veterans and manufacturers
• Tulsa Economic Development Center (TEDC) Creative Capital which offers startups in Tulsa and across the state microloans up to $50,000
• Kiva Oklahoma City is the source of crowdfunded microloans up to $15,000 for entrepreneurs in the city
SBA Loans for Oklahoma Businesses
There are a number of SBA loans, most of which are partly guaranteed by the Small Business Administration, available for Oklahoma small businesses. Among them are:
• SBA 7(a) loans: These provide as much as $5 million for operational needs, real estate acquisitions, or equipment purchases.
• SBA 504 loans: These fixed-rate financing options are geared toward financing significant assets, including major machinery and commercial real estate.
• SBA microloans: This smaller-scale funding generally provides up to $50,000 to support various business requirements.
Oklahoma SMB Loans from Private Lenders
Small business loans in Oklahoma to help finance startup and growth expenses may also be available from private lenders. These commercial financial products can be issued by banks, credit unions, and alternative lenders. Many are backed or co-funded by government programs.
When you’re seeking small business loans in Oklahoma, the SBA 7(a) and 504 loans, as noted above, can be accessible options. They’re partially federally guaranteed and often issued by private banks and credit unions.
Business Lines of Credit & Equipment Financing
When you’re looking for funding as an Oklahoma entrepreneur, you might want to consider two other possibilities.
• Business lines of credit: These function much like revolving credit cards. A business is given a maximum limit against which it can borrow funds, repay them, and borrow again. This can be a flexible source of financing for small business owners.
• Equipment financing allows an entrepreneur to take out a loan to purchase business tools (from machinery to tech equipment). The equipment being purchased acts as collateral for the loan.
The Takeaway
Top small business grants in Oklahoma can provide funding to entrepreneurs that doesn’t need to be repaid. This can be a helpful way to finance startup and scaling costs and may be tailored to the needs of those working in various sectors, such as innovation or manufacturing. These awards, however, may not suit every business owner’s needs. That’s when small business loans can be an important option.
Ready to grow your business? SoFi Small Business Loans can give you fast access to the capital you need. Check your eligibility in minutes.
FAQ
How do you get a small business grant in Oklahoma?
To secure an Oklahoma small business grant, it’s important to research the options available to find out what you qualify for. Online research is one avenue. You might also work with nonprofit and community organizations to identify options. Prepare your applications carefully, and be sure to submit each one before its deadline, if there is one.
How hard is it to get a business loan in Oklahoma?
It’s considered moderately difficult to get a business loan in Oklahoma, with a business owner’s credit rating and years in business being key factors. Some lenders, however, may cater to those who don’t meet traditional bank loan requirements.
What is the easiest SBA loan to get approved for?
Of the SBA loans, the SBA microloan can be the easiest to be approved for. The requirements for these loans tend to be lower since they were designed for new business owners, who can have difficulty getting approved by traditional lenders. They’re typically offered by nonprofit lenders and are for lower amounts: The average SBA microloan is currently about $13,000.
What types of businesses are most likely to receive grants in Oklahoma?
The types of businesses that are most likely to receive grants In Oklahoma include those in the high-tech innovation, specialized manufacturing, and targeted job-creation sectors.
Are there specific grants for women or minority business owners in Oklahoma?
The state of Oklahoma provides counseling and networking services for women and minority business owners. Women entrepreneurs may want to consider Amber Grants, which are awarded nationally by WomensNet, which provides up to $50,000 grants for female-owned businesses.
Photo credit: iStock/Dee Liu
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