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Economic Development Resource Guide 2010 OKcommerce.gov Table of Contents Business Funding Overview 2 Small Business Administration 3 Rural Enterprises Insitute 5 U.S. Department of Agriculture Programs 4 Research & Development/Venture Capital 6 Import/Export Resources 9 Unsecured Financing 10 Secured Financing 12 Development Bonds 16 Business Incentives Overview 17 Quality Jobs 18 Opportunity & Enterprise Zones 20 New Market Tax Credits 21 Training for Industry Program 22 Foreign Trade Zones 23 American Indian Land Tax Credits 24 Rural Economic Development Overview 25 Rural Action Partnership Program 26 Rural Development Specialists 27 Regional Partnerships 28 Business Recruiting 29 Communities Overview 30 Oklahoma’s Site Certification Program 31 Grants & Funding 32 Oklahoma Century Communities 33 Oklahoma Main Street 34 Workforce Overview 35 Workforce for Businesses 36 Industry Training 37 Workforce Investment Boards (WIBs) 38 New and Small Business Support Overview 39 Entrepreneurs 40 Minority & Women-Owned Businesses 40 Small Business Advocacy 41 Small Business Health Insurance 41 Export Assistance 42 Business Incubators 42 OKcommerce.gov 43 1 Change is constant, and Oklahoma is all about positive change. In today’s competitive environment, Oklahoma continues adapting to shifts in the economic climate. The Oklahoma Department of Commerce is here to keep you ahead of the curve. Inside, you’ll find anything and everything you need as an economic developer or community leader in Oklahoma. • Business Funding and Incentives • New and Small Business Support • Rural Economic Development • Workforce and Community Development Included here are important names and contact information for each area of interest. As you go through this resource guide, you’ll see our website (OKcommerce.gov) posted on almost every page. OKcommerce.gov will give you access to detailed items that can only be delivered on an interactive platform… things like our Service Provider Database and our Site Certification Program. We believe the Oklahoma Department of Commerce can help your community attract, develop and retain businesses that improve the quality of life in Oklahoma. Overview 2 www.OKcommerce.gov/bizfunds Business Funding Business Funding Overview Every day, hundreds of Oklahoma small businesses are paying salaries, providing services, creating products, buying and selling — across the street and around the globe. Small businesses survive based on access to appropriate financing. And, while there are many resources for financing available to small businesses in Oklahoma, the process can be complex and resources can be potentially difficult to access. The references represented here provide an introduction and an overview for a wide variety of financial resources. Despite the popularity of late-night infomercials promoting grant money for start-up businesses, the Oklahoma Department of Commerce is not aware of such funding for businesses. Typically, grant money is only available to assist non-profit organizations. Non-profit, organizations should start with www.grants.gov. 3 www.OKcommerce.gov/bizfunds Business Funding Small Business Administration SBA 7(A) Guaranty Loan Program The Small Business Administration 7(a) loan is the most basic and most used type of loan in SBA busi-ness loan programs. Its name comes from section 7(a) of the Small Business Act, which authorizes the agency to provide business loans to American small businesses. These loans are only available on a guaranty basis. This means they are provided by lenders who choose to structure their own loans by SBA requirements and who apply and receive a guaranty from SBA on a por-tion of this loan. SBA Microloan Program The SBA Microloan Program combines the resources and experience of the U.S. Small Business Administration with those of locally based nonprofit organizations to provide small loans and technical assistance to small businesses. Under the Microloan Program, the SBA makes funds available to qualified nonprofit organizations, which act as intermediary lenders. Lenders use these funds to make loans of up to $35,000 to new and existing small businesses. Intermediaries also pro-vide management and technical assistance to help ensure success. SBA Export Working Capital Guarantee Program Under the program, the SBA backs up a business loan request with its repayment guaranty. The SBA guarantees up to $1 million or 90 percent of the loan amount, whichever is less; offers exporters prelimi-nary commitments that encourage lenders to provide credit; and offers a simplified application. U.S. Small Business Administration Community Express Loan Program This program is offered to pre-designated geographic areas serving mostly low and moderate income areas and new market small businesses. The program also includes technical and management assistance, which is designed to help increase the loan appli-cant’s chances of success. Eligibility and application information: U.S. Small Business Administration Oklahoma City District Office Federal Building 301 NW 6th St, Ste. 116 Oklahoma City, OK 73102 405-609-8000 www.sba.gov/ok Oklahoma Small Business Development Centers With a network of 15 centers located across the state, the Oklahoma Small Business Development centers (OSBDCs) provide high-quality, one-to-one busi-ness counseling, economic development assistance, and training to small business and entrepreneurs. Potential benefits from working with the OSBDC’s: • Business plan development and implementation assistance • Increased profitabilitly • Management support • Innovation advancement • Government contract procurement assistance Contact your local OSBDC: www.osbdc.org 4 www.OKcommerce.gov/bizfunds Business Funding U.S. Department of Agriculture Programs Intermediary Relending Program The Intermediary Re-lending Program (IRP) finances business facilities and community develop-ment projects in rural areas. To do this, the Rural Business-Cooperative Service (RBS) loans money to intermediaries. Intermediaries then re-lend funds for business and community development. Intermediaries establish revolving loan funds, with repayment creat-ing more opportunity for more loans. Rural Economic Development Loans and Grants The Rural Economic Development Loans and Grants (REDLG) program makes direct zero-interest loans and grants to Rural Utilities Service (RUS) electric and telecommunication utilities that use the funds to provide financing for business and community devel-opment projects. Zero-interest loans are provided to finance a broad array of projects, including for-profit businesses. Grants are provided to the RUS utility to establish a revolving loan fund to finance such purposes as community development assistance, education and training for economic development, medical care, telecommunications for education, job training or medical services, business incubators and technical assistance. Program funds can be used for value-added projects. Contact Business and Community Programs 100 USDA, Suite 108 Stillwater, OK 74074 Phone 405-742-1000 Fax 405-742-1005 www.rurdev.usa.gov/ok For a list of Intermediary Re-lending Program Lenders go to www.OKcommerce.gov/bizfunds and then click on U.S. Department of Agriculture Programs. 5 www.OKcommerce.gov/bizfunds Business Funding Rural Enterprises of Oklahoma, Inc. Small Business Lending Rural Enterprises of Oklahoma, Inc. (REI) has evolved from the small business lending arena into a multi-fac-eted economic development organization. REI has become the model of study for effective economic development services. • REI has offices in Alva, Durant, Oklahoma City and Tulsa. • REI manages business incubators in 10 Oklahoma communities. • Offers affordable housing opportunities for Oklahoma working families • Provides international trade assistance to Oklahoma businesses • Offers a variety of business lending programs • Targets Oklahoma’s women-owned businesses with services of the Women’s Business Center from two locations, Durant and Oklahoma City. • Offers an equipment lease/purchase program designed to assist small, rural manufacturers • REI New Markets Investment, LLC administers the New Markets Tax Credit and Oklahoma State Tax Credit Programs to bring new investments into low-income communities REI has a team of 36 economic development pro-fessionals who have been expanding Oklahoma’s economy since 1982 through effective economic development services. REI has a statewide network of partners to help deliver its programs. Contact REI Corporate Headquarters 2912 Enterprise Blvd. Durant, OK 74701 Phone 800-658-2823 www.ruralenterprises.com 6 www.OKcommerce.gov/bizfunds Business Funding Research & Development/ Venture Capital Oklahoma Center for the Advancement of Science and Technology Oklahoma Center for the Advancement of Science and Technology (OCAST) works to grow Oklahoma’s knowledge-based economy by building the infra-structure of expertise and equipment needed to conduct nationally competitive research and devel-opment in Oklahoma and stimulate Oklahoma firms applying and producing technology. OCAST imple-ments programs and initiatives to impact the entire technology development pipeline from basic research through commercialization and application. Contact Oklahoma Center for the Advancement of Science & Technology 755 Research Parkway, Suite 110 Oklahoma City, OK 73104 (866) 265-2215 or (405) 524-1357 www.ocast.state.ok.us 7 www.OKcommerce.gov/bizfunds Business Funding Innovation to Enterprise Innovation to Enterprise, Inc. (i2E) is a private, not-for- profit Oklahoma corporation focused on wealth creation in Oklahoma by growing the technology-based entrepreneurial economy in Oklahoma. i2E was founded in 1997 and operates the following pro-grams for OCAST. • Oklahoma Technology Commercialization Center • Seed Capital Fund • Oklahoma Investment Forum • Enterprise Oklahoma Venture Fund Contact i2E 840 Research Parkway, Suite 250 Oklahoma City, OK 73104 800-337-6822 www.i2E.org Oklahoma Venture Forum The Oklahoma Venture Forum is a non-profit group organized in Oklahoma City to encourage and pro-mote economic and small business development through private enterprise. For membership details, use contact information below. Contact Oklahoma Venture Forum P.O. Box 20209 Oklahoma City, OK 73156 405-341-6545 www.ovf.org The Southwest Capital Conference This conference has been one of the leading capital conferences in the nation. The SWCC offers a robust educational program for the entrepreneurial, private equity and service provider communities focused on the development of high growth companies. Additionally, companies are showcased to investors and business professionals from across the nation. Contact Oklahoma Investment Forum 415 S Boston, Ste 800 Tulsa, OK 74103 918-584-8884 www.i2E.org 8 www.OKcommerce.gov/bizfunds Business Funding Oklahoma Capital Investment Board The Oklahoma Capital Investment Board (OCIB) sup-ports investments in venture capital firms who will, in turn, make venture capital investments in Oklahoma businesses. OCIB supports investment in funds ranging from early stage venture capital to subordinated debt. The Oklahoma Capital Investment Board is an instrumen-tality of the State of Oklahoma. The Board manages a $100 million resource. Contact Oklahoma Capital Investment Board 301 NW 63rd, Suite 520 Oklahoma City, OK 73116 405-848-9456 www.ocib.org Small Corporate Offering Registration The Small Corporate Offering Registration (SCOR) is a securities offering program available to small corpo-rations and limited liability companies. The program contemplates offerings that are exempt from federal registration under (1) Rule 504 of Regulation D, (2) Regulation A, or (3) Rule 147 of the Securities Act of 1933. Oklahoma is one of 42 states that allow SCOR offerings and the Pacific Stock Exchange lists SCOR securities under certain conditions. Contact Oklahoma Department of Securities First National Center, Suite 860 120 North Robinson Oklahoma City, OK 73102 405-280-7700 www.securities.state.ok.us U.S. Small Business Administration – Small Business Investment Companies The Small Business Investment Company (SBIC) program is designed to fill the gap between the avail-ability of venture capital and the needs of small businesses that are either starting or growing. Contact Chisholm Private Capital Partners 211 North Robinson, Suite 1910 Oklahoma City, OK 73102 405-605-1111 www.ChisolmVC.com Council Oak Investment Corporation 101 North Broadway, Suite 400 Oklahoma City, OK 73102 405-218-4696 First United Venture Capital Corporation 1400 West Main Street Durant, OK 74701 580-920-4907 U.S. Small Business Administration - Oklahoma City District Office Federal Building 301 NW 6th St, Ste. 116 Oklahoma City, OK 73102 405-609-8000 www.sba.gov/ok 9 www.OKcommerce.gov/bizfunds Business Funding Import/Export Resources Overseas Private Investment Corporation Overseas Private Investment Corporation (OPIC) helps U.S. businesses invest overseas, fosters eco-nomic development in new and emerging markets, complements the private sector in managing the risks associated with foreign direct investment, and sup-ports U.S. foreign policy. OPIC provides financing to ventures involving significant equity and/or man-agement participation by U.S. businesses. Loans to qualifying businesses can be tailored to meet the specific needs of overseas operations. Overseas Private Investment Corporation Political Risk Insurance OPIC Political Risk Insurance provides the peace of mind necessary to pursue opportunities in emerging markets. Contact Overseas Private Investment Corporation Attn: Small Business Center 1100 New York Avenue, NW Washington, D.C. 20527 800-225-5722 www.opic.gov Export-Import Bank of the United States Export Credit Insurance The insurance covers commercial losses due to insol-vency, bankruptcy and default at 95 percent; and political losses due to war, revolution, cancellation of an import or export license, currency inconvertibility at 100 percent. There is no first-loss deductible. Fixed-Rate Term Financing for International Buyers Export-Import (Ex-Im) Bank assists exporters by guaranteeing term financing to creditworthy inter-national buyers, both private and public sector, for purchases of U.S. goods and services. With Ex-Im Bank’s loan guarantee, international buyers are able to obtain competitive term financing from lenders when financing is not available or there are no eco-nomically viable interest rates on terms over one to two years. Working Capital Guarantees Ex-Im Bank’s working capital financing enables U.S. exporters to obtain loans to produce or buy goods or services for export. These working capital loans, made by commercial lenders and backed by the Ex-Im guarantee, provide exporters with the liquid-ity to accept new business, grow international sales and compete more effectively in the international marketplace. Contact Houston Regional Office Export-Import Bank 1880 South Dairy Ashford II, Suite 585 Houston, TX 77077 281-721-0470 www.exim.gov 10 www.OKcommerce.gov/bizfunds Business Funding SBA Export Working Capital Guarantee Program Under the program, the SBA backs up a business loan request with its repayment guaranty. The SBA guarantees up to $1 million or 90 percent of the loan amount, whichever is less; offers exporters prelimi-nary commitments that encourage lenders to provide credit; and offers a simplified application. Contact U.S. Small Business Administration Oklahoma City District Office Federal Building 301 NW 6th St. Ste. 116 Oklahoma City, OK 73102 405-609-8000 www.sba.gov/ok Unsecured Financing Community Development Block Grant – Economic Development Infrastructure Financing The Community Development Block Grant (CDBG) federal program administered by the Oklahoma Department of Commerce uses publicly owned and maintained infrastructure. Eligible projects to be financed by this program are publicly owned and maintained improvements that will provide basic infrastructure services to a new or expanding business. At least 51 percent of the new jobs must be made available to low and moderate income individuals. Such improvements may include, but are not limited to, water, wastewater, transportation improvements, and rehabilitation and new construction of publicly owned industrial buildings. Communities fall under one of two financing options. Infrastructure that supports an existing busi-ness can qualify up to a $500,000 grant maximum. Infrastructure that supports a new business to the State of Oklahoma can qualify up to a $1 million grant maximum. Contact Scott Myers Oklahoma Department of Commerce 800-879-6552 scott_myers@OKcommerce.gov 11 www.OKcommerce.gov/bizfunds Business Funding U.S. Small Business Administration 504 Loan Program The federal government, through the Small Business Administration (SBA), provides permanent financing for companies with its 504 loan program. Certified Development Companies (CDCs), authorized by the SBA, administer the program. The 504 loan program is a long-term financing tool for economic devel-opment within a community. The program provides growing businesses with long-term, fixed-rate financ-ing for major fixed assets, such as land and buildings. A CDC works with the SBA and private sector lend-ers to provide financing to small businesses within its specific geographic area. Proceeds from 504 loans must be used for fixed asset projects such as purchasing land and improve-ments, including existing buildings; grading; street improvements; utilities; parking lots and landscaping; construction of new facilities; or modernizing, reno-vating or converting existing facilities; or purchasing machinery and equipment. The 504 program cannot be used for working capital or inventory, consolidat-ing or repaying debt, or refinancing. Contact U.S. Small Business Administration (or your local Certified Development Company) Oklahoma City District Office Federal Building, Ste. 116 301 NW 6th St Oklahoma City, OK 73102 405-609-8000 www.sba.gov/ok/financing SBA’s 504 Certified Development Companies Metro Area Development Corporation 6412 N Santa Fe, Suite C Oklahoma City, OK 73116 405-424-5181 Rural Enterprises of Oklahoma, Inc. P.O. Box 1335 Durant, OK 74702 580-924-5094 SWODA Development Corporation P. O. Box 569 Burns Flat, OK 73624 580-562-4882 Small Business Capital Corporation 15 W Sixth St., Suite 1300 Tulsa, OK 74119-5406 918-584-7888 Tulsa Economic Development Corporation 907 South Detroit Avenue, Suite 1001 Tulsa, OK 74120 918-585-8332 Verd-Ark-Ca Development Corporation 1700 W Broadway Muskogee, OK 74401 918-683-4634 12 www.OKcommerce.gov/bizfunds Business Funding Secured Financing Bureau of Indian Affairs Loan Guaranty Fund The Bureau of Indian Affairs (BIA) provides guaran-teed/ insured loans to Federally Recognized Indian Tribal Governments, Native American Organizations, and individual American Indians in obtaining financing from private sources to promote business devel-opment initiatives on or near Federally Recognized Indian Reservations. Loans may be used to finance commercial, indus-trial, agricultural, or business activities organized for profit. Loan guarantees to private lenders will only be provided if funds otherwise would be unavailable to the borrower. Funds may not be used for speculation. The financial assistance must be used on or near an Indian Reservation. Contact Bureau of Indian Affairs Area Credit Office P.O. Box 8002 Muskogee, OK 74402-8002 Phone 918-781-4622 Oklahoma Agriculture Enhancement & Diversification Program Oklahoma Agriculture Enhancement & Diversification Program (OAEDP) is a program designed to develop or improve uses for agricultural products, expand the state’s production of value-added products and to encourage diversified farming. Interest free loans and grants are available through four program areas: Marketing Utilization Loan, Cooperative Marketing Loan, Basic and Applied Research Loan/Grant and Farm Diversification Grant. Marketing Utilization Loan Can be used to assist in the development or imple-mentation of sound domestic or foreign marketing plans for Oklahoma agricultural products, by-prod-ucts, or new or better uses for existing agricultural products by the financing of marketing feasibility studies, business plans and test marketing. Cooperative Marketing Loan Are available to entities or individuals wishing to work together to develop or establish production, process-ing or marketing of agricultural products. The purpose of this category is to provide funding for promot-ing productivity, providing added value to agricultural products stimulating and fostering agricultural diversi-fication and encouraging processing innovations. Basic & Applied Research Loan/Grant For business creation, expansion or research which shall likely lead to a marketable product. Proposals should focus research efforts on use and processing of agricultural products and by-products in Oklahoma. Farm Diversification Grant Can be used for projects dealing with the diver-sification of existing family farms or ranches to nontraditional crops, livestock, or on-farm value-added processing of agricultural commodities. Contact Oklahoma Department of Agriculture, Food & Forestry Market Development Services P.O. Box 528804 Oklahoma City, OK 73152 405-522-5563 www.oda.state.ok.us 13 www.OKcommerce.gov/bizfunds Business Funding Economic Development Administration The Economic Development Administration (EDA) oversees multiple programs offering develop-ment assistance to targeted communities that meet specific criteria for economic distress. These pro-grams include the Planning and Assistance Program, the Economic Adjustment Assistance Title IX Revolving Loan Fund, and grants for Public Works and Development Facilities, Planning Assistance, Technology Assistance, and Trade Adjustment Assistance. Contact Association of Central Oklahoma Governments (ACOG) 21 E. Main Street, Suite 100 Oklahoma City, OK 73104-2405 John G. Johnson, Executive Director (405) 234-2264 Counties: Canadian, Cleveland, Logan, Oklahoma Association of South Central Oklahoma Governments (ASCOG) 802 Main Street Duncan, OK Blaine Smith, Executive Director (580) 252-0595 Counties: Caddo, Comanche, Cotton, Grady, Jefferson, McClain, Stephens, Tillman Central Oklahoma Economic Development District (COEDD) 400 N Bell Shawnee, OK 74801 Gregory Clifton, Executive Director (405) 273-6410 Counties: Hughes, Lincoln, Okfuskee, Pawnee, Payne, Pottawatomie, Seminole Eastern Oklahoma Development District (EODD) 1012 North 38th Street Muskogee, OK 74402 (918) 682-7891 Counties: Adair, Cherokee, McIntosh, Muskogee, Okmulgee, Sequoyah, Wagoner Grand Gateway Economic Development Association (GGEDA) P.O. Drawer B Big Cabin, OK 74332-0502 Ed Crone, Executive Director (918) 783-5793 Counties: Craig, Delaware, Mayes, Nowata, Ottawa, Rogers, Washington Indian Nations Council of Governments (INCOG) 200 West Fifth Street, Suite 800 Tulsa, OK 74103-4236 Rich Brierre, Executive Director (918) 584-7526 Counties: Creek, Osage, Tulsa, Wagoner Kiamichi Economic Development Organization (KEDDO) P.O. Box 638 Wilburton, OK 74578-0638 (918) 465-2367 Chester Dennis, Executive Director Counties: Choctaw, Haskell, Latimer, Leflore, McCurtain, Pittsburg, Pushmataha Northern Oklahoma Development Association (NODA) 2901 North Van Buren Enid, OK 73701 (580) 237-4810 Larry Tipps, Executive Director Counties: Alfalfa, Blaine, Garfield, Grant, Kay, Kingfisher, Major, Noble, Oklahoma Economic Development Association (OEDA) P.O. Box 668 Beaver, OK 73932-0668 (580) 625-4531 Mike Bostic, Executive Director Counties: Beaver, Cimarron, Dewey, Ellis, Harper, Texas, Woods, Woodward Southern Oklahoma Development Association (SODA) 224 West Evergreen, Suite 202 Durant, OK 74702 (580) 920-1388 Wes Bowman, Executive Director Counties: Atoka, Bryan, Carter, Coal, Garvin, Johnston, Love, Marshall, Murray, Pontotoc South West Oklahoma Development Association (SWODA) Sooner Drive, Building 420 Burns Flat, OK 73624 (580) 562-4882 Gary Gorshing, Executive Director Counties: Beckham, Custer, Greer, Harmon, Jackson, Kiowa, Roger Mills, Washita 14 www.OKcommerce.gov/bizfunds Business Funding Oklahoma Capital Access Program The Oklahoma Capital Investment Board supports investments that catalyze new sources of equity and near-equity capital for Oklahoma business. The board manages a $100 million resource. Through its venture capital program, the board supports investments in private, professionally managed venture capital firms that will commit to building an enduring presence within the state. Through its Oklahoma Capital Access Program (CAP), the board provides credit insurance to banks to help them stretch to make loans to Oklahoma businesses that might not otherwise be made. Contact Oklahoma Capital Investment Board 301 NW 63rd St., Ste. 520 Oklahoma City, OK 73116 405-848-9456 www.ocib.org Oklahoma Industrial Finance Authority The Oklahoma Industrial Finance Authority (OIFA) pro-vides financing for real estate and equipment. Its primary purpose is to assist industrial development in the state by increasing employment. Businesses may contact the Oklahoma Industrial Finance Authority to explore financing available to them under these guidelines: • $5 million limit • Fixed asset collateral (land, buildings and equipment) • Up to 15-year term • Fixed rate terms • Loan recipient can be private or public entity • Expansions or relocations • Bank participation encouraged • Below market rates for tax-exempt qualified projects Contact Oklahoma Finance Authorities 5900 N Classen Ct. Oklahoma City, OK 73118 405-842-1145 15 www.OKcommerce.gov/bizfunds Business Funding Oklahoma Linked Deposit Loan Programs The Oklahoma Treasurer administers the Linked Deposit Loan Programs, created in 1987 to provide special, low-interest loans to eligible family farmers and small businesses. This is an economic development tool that reduces debt service costs to Oklahoma small businesses. The program helps preserve existing jobs as well as helping create jobs and business expansion. It can be used for a broad range of business and types of industry. Oklahoma Agriculture Linked Deposit Loan Programs This economic development program is aimed at reducing debt service costs to Oklahoma farmers and ranchers. The linked deposit loans are available to at-risk farm or ranch operations or to alternative agricultural product operations who are residents of Oklahoma and whose business operation is located in this state. Contact State Treasurer’s Office 2300 N Lincoln Blvd, Room 217 Oklahoma City, OK 73105 405-522-4235 www.ok.gov/treasurer 16 www.OKcommerce.gov/bizfunds Business Funding Development Bonds General Obligation Limited Tax Bonds Many Oklahoma counties and cities have voted approval of General Obligation Limited Tax Bonds (GOLTBs) for industrial development. These units of government are limited to the amount that could be retired by a special tax levy of not more than five mills on the assessed dollar valuation of all taxable real and personal property in that county or city. The proceeds for GOLTBs are generally used to acquire or build a facility for manufacturing and industrial projects. Lease income from the facility is used to amortize the bonds. Contact Local Industrial Development Authority, or Oklahoma Department of Commerce Business Division 900 N. Stiles Oklahoma City, OK 73104 800-879-6552 Conduit Program The Oklahoma Development Finance Authority’s Conduit Program was established to provide any entity (public or private) an avenue to issue revenue bonds, rates, certificates of participation or other evi-dence of indebtedness. Funds generated by such sale are then available for loans to qualified borrow-ers. In most instances the Conduit Program provides an entity with more favorable rates than they nor-mally could obtain on their own. The program utilizes ODFA’s market presence to provide access to Wall Street, has no limits on dollar amount and can be for tax-exempt or taxable obligations. Contact Oklahoma Finance Authorities 5900 N Classen Court Oklahoma City, OK 73118 405-842-1145 Private Activity Bond Allocation Program Private activity bonds are available to state and local finance authorities for allocation to manufacturers and farmers in addition to housing authorities, stu-dent loan programs and other programs. These types of bonds are defined in two ways: Private activity bonds are any bonds of which more than 10 percent of the proceeds is to be used in a trade or business of anyone other than a governmental unit, and which is to be directly or indirectly repaid, or secured by revenues from, a private trade or business. Also, pri-vate activity bonds are any bonds in which an amount exceeding 5 percent or $5 million – whichever is less – of the proceeds is to be used for loans to any person or persons other than a governmental unit. Contact State Bond Advisor 5900 N Classen Court Oklahoma City, OK 73118 405-602-3100 www.ok-bonds.state.ok.us 17 www.OKcommerce.gov/incentives Business Incentives Business Incentives Overview The State of Oklahoma has been recognized nationally for its outstanding business location and job growth incentives. Qualifying businesses can choose between two primary business incentive options for newly locating or expanding companies — outlined as Option 1 or Option 2. Additionally, a wide range of tax credits, refunds, and workforce training benefits are available to help a company succeed. A comprehensive overview of Oklahoma’s business incentives can be found in the Oklahoma Business Incentives and Tax Guide www.OKcommerce.gov/incentives. For a customized incentive analysis, call 800-879-6552 and ask for Martin Roberts. 18 www.OKcommerce.gov/incentives Business Incentives Quality Jobs Option 1: Oklahoma’s Quality Jobs incentive targets manufac-turers and certain service industries that have a new payroll investment of $2.5 million or more to receive a quarterly cash payment of up to 5 percent of new taxable payroll for up to 10 years. A lower payroll threshold is available for certain food processing and research and development projects or as a result of locating in targeted areas. Qualifying average wage requirements will vary among counties. Effective with new legislation on July 1, 2009, a Prime Contractor with a Federal Contract is eligible to partici-pate in the Quality Jobs Program receiving benefits not only from jobs and wages created at the Prime, but also in locations where work is passed from the Prime to a subcontractor. The Prime is paid at the fully reimbursable labor rate specified in the Federal Contract, up to 2% of the new wages created. Other Quality Jobs Program performance requirements apply. Small Employer Quality Jobs Seven-Year - Cash Incentive The Small Employer Quality Jobs incentive allows quali-fying small businesses (90 or fewer employees) that are creating new direct jobs within one year to receive up to a 5 percent cash-back incentive (for up to seven years) to locate or expand in Oklahoma. The qualifying average wage requirement will vary among counties. Option 2: Investment/New Jobs Tax Credit Targeted primarily to manufacturing companies, the Investment/New Jobs Tax Credit incentive allows a five-year tax credit on the greater of 1 percent per year of investment in qualified new depreciable prop-erty or a credit of $500 per new job. These incentives double in an enterprise zone to 2 percent of new investment or $1,000 per new job. Additional sales tax refunds and/or income tax exemptions/credits may apply. Additional Incentives Available with Options 1 and 2 For comprehensive details on the following incen-tives, go to OKcommerce.gov/incentives or follow the individual links for more information. • Five-year ad valorem tax exemption • No-cost or low-cost customized employee training • Sales tax exemptions • Freeport inventory benefits • Industrial access road assistance (limited under Option 1) • Foreign Trade Zones • American Indian Land tax credits • Opportunity and enterprise zones • Opportunity fund • State and local financing programs Option 3: Quality Jobs Program & Investment Tax Credit Beginning January 1, 2010, a company may pursue participation in both the Quality Jobs Program and the Investment Tax Credit. The qualifying investment must be $40 million or more, and wages paid in the Quality Jobs Program must be at $35,131 or higher. The credit equals 2% of the qualifying investment in Capital Expenditures. Disclaimer The materials contained in this publication have been prepared by the Oklahoma Department of Commerce for informational purposes only and do not consti-tute legal or tax advice. This information is subject to change based on judicial interpretation and legislative action. The application of the information is subject to your unique facts and circumstances. YOU SHOULD NOT ACT UPON ANY INFORMATION CONTAINED IN THESE MATERIALS WITHOUT SEEKING YOUR OWN PROFESSIONAL LEGAL AND TAX ADVICE. 19 www.OKcommerce.gov/incentives Business Incentives Don’t pay someone to help you with your Quality Jobs application; the Oklahoma Department of Commerce provides assistance for FREE! Quality Jobs Application Deadline Applications accepted throughout the year, anytime prior to new hires. A Simple and Easy Application Process 1) Contact an Oklahoma Quality Jobs representative at the Oklahoma Department of Commerce, 800-879-6552, to request a preliminary cost-benefit analysis. This analysis estimates the payments that a project may be eligible to obtain. 2) If your company wishes to pursue application for the program, you then submit a formal application to the Oklahoma Department of Commerce. Commerce determines eligibility for the initial contract and makes the formal contract offer to qualifying companies. For Assistance Technical assistance regarding program concepts, eligible companies, application guidelines and other information pertaining to the Quality Jobs Program is available upon request and encouraged. Contact Martin Roberts Oklahoma Department of Commerce 800-879-6552 martin_roberts@ OKcommerce.gov 20 www.OKcommerce.gov/incentives Business Incentives Tax Credit. Additionally, companies obtaining ad valorem exemptions from local taxing entities may be exempted for up to six years, rather than five. Contact Steve Barker Oklahoma Department of Commerce 800-879-6552 steve_barker@ OKcommerce.gov To see maps of all Opportunity and Enterprise Zones, go to: www.OKcommerce.gov/incentives Opportunity And Enterprise Zones Businesses located in one of Oklahoma’s Opportunity or Enterprise Zones may receive enhanced financial incentives for stimulating economic expansion in rural and disadvantaged communities. What are Opportunity and Enterprise Zones? Opportunity Zones are those census tracts in which, according to the most recent federal decennial cen-sus, at least 30 percent of the residents have an annual gross household income from all sources below the poverty guidelines established by the U.S. Department of Health and Human Services. Opportunity Zones are generally the only areas in Oklahoma, Tulsa, and Cleveland counties where com-panies may qualify to use the Small Employer Quality Jobs Incentive Act. If a company is locating in an Opportunity Zone and meets the other requirements to qualify for the Oklahoma Quality Jobs Program Act, then it does not have to also meet the new wage threshold intro-duced in 2003. This legislation requires, in general, that salaries of the new direct jobs must equal the average county wage or the cap which renews annu-ally, whichever is lower (Refer to the Quality Jobs Guidelines for the latest figures). As well, these com-panies receive an automatic 5 percent benefit level. Enterprise Zones can be designated in disad-vantaged counties, cities or portions of cities. The Oklahoma Department of Commerce designates Enterprise Zones and publishes lists of eligible coun-ties, cities and census tracts. Bottom-Line Benefits Businesses locating in an Opportunity Zone are not subject to the annualized average wage require-ment in the standard Quality Jobs Program. Within the Small Employer Quality Jobs Program, only busi-nesses in Oklahoma and Tulsa counties located within an Opportunity Zone are eligible to apply. Businesses located in an Enterprise Zone are eli-gible to receive double the Investment/New Jobs Disclaimer The materials contained in this publication have been prepared by the Oklahoma Department of Commerce for informational purposes only and do not consti-tute legal or tax advice. This information is subject to change based on judicial interpretation and legislative action. The application of the information is subject to your unique facts and circumstances. YOU SHOULD NOT ACT UPON ANY INFORMATION CONTAINED IN THESE MATERIALS WITHOUT SEEKING YOUR OWN PROFESSIONAL LEGAL AND TAX ADVICE. 21 www.OKcommerce.gov/incentives Business Incentives Three Oklahoma organizations have been selected as eligible Community Development Entities (CDEs) for purposes of the New Markets Tax Credits on behalf of the U.S. Department of Treasury. The CDEs are the REI New Markets Investment, LLC; Meta Fund, Inc.; and New Markets Redevelopment LP. Eligible investors in these organizations may qualify for federal income tax credits when the organizations invest in underserved low-income communities. The credits are 5 percent of investment for the first three years of the credit and 6 percent for the last four years of the credit, for a total of 39 percent of invest-ment over the seven years of credit period. Contact: Cherokee Nation Businesses Economic Development Company 777 West Cherokee Street Catoosa, OK 74105 918-384-7774 Meta Fund, Inc. 2225 N May Avenue Oklaoma City, OK 73107 405-949-0001 info@metafund.org, New Markets Redevelopment LP 5801 N Broadway Extension, Suite 120 Oklahoma City, OK 73118 405-842-0100 Disclaimer The materials contained in this publication have been prepared by the Oklahoma Department of Commerce for informational purposes only and do not consti-tute legal or tax advice. This information is subject to change based on judicial interpretation and legislative action. The application of the information is subject to your unique facts and circumstances. YOU SHOULD NOT ACT UPON ANY INFORMATION CONTAINED IN THESE MATERIALS WITHOUT SEEKING YOUR OWN PROFESSIONAL LEGAL AND TAX ADVICE. New Market Tax Credits 22 www.OKcommerce.gov/incentives Business Incentives Example programs include: • LEAN practices • Six Sigma • Supply chain management • High-performance work systems • Strategic planning • Team training • Project management Contact Scott Smith CareerTech 800-879-6552 scott_smith@ OKcommerce.gov Training For Industry Program Consistently ranked as one of the nation’s leading workforce training incentives, Oklahoma’s Training for Industry Program (TIP) is a low- or no-cost way for new or growing qualifying com-panies that create jobs to get a skilled, focused, and motivated workforce. Highly trained professionals deliver customized technical, man-agerial, and general workplace skills through a network of technology centers across the state. Totally Customized Every business is different. That’s why flexibility is key to meet-ing your specific start-up requirements. This program offers the freedom and flexibility to deliver the training you need to ensure a skilled workforce. World-Class System TIP can be delivered at your site or one of 56 technology center campuses across the state. These are modern, state-of-the-art facilities with up-to-date equipment and knowledgeable, busi-ness- savvy instructors. Technical Skills and More Employees need much more than basic technical skills to ensure your success. That’s why Career Tech also covers everything from company orientation to customer service, software exper-tise to inventory management, supervisory development to ISO, SPC and process improvement, team and interpersonal skills to safety. Long-Term Relationship TIP is just the beginning of a long-term relationship. Career Tech also provides no cost/low cost ongoing upgrade training to keep your employees on the leading edge. Each year, nearly 3,000 Oklahoma employers take advantage of this resource. Disclaimer The materials contained in this publication have been prepared by the Oklahoma Department of Commerce for informational purposes only and do not consti-tute legal or tax advice. This information is subject to change based on judicial interpretation and legislative action. The application of the information is subject to your unique facts and circumstances. YOU SHOULD NOT ACT UPON ANY INFORMATION CONTAINED IN THESE MATERIALS WITHOUT SEEKING YOUR OWN PROFESSIONAL LEGAL AND TAX ADVICE. 23 www.OKcommerce.gov/incentives Business Incentives Foreign Trade Zones Foreign Trade Zones If you conduct International business, locating your business in one of Oklahoma’s four Foreign Trade Zones will help you save money and take advantage of efficiencies in customs procedures. In addition to our strategic location in the geographic center of the U.S., Oklahoma offers an expansive transportation system and state-of-the-art industrial parks ideal for businesses importing and warehousing, manufactur-ing, or assembling with imported goods. Oklahoma’s Four Foreign Trade Zones FTZ 164 The Port of Muskogee, located on the McClellan Kerr Arkansas River Navigation System, provides high-capacity barge, rail, and truck services. The Port is currently constructing the largest state-of-the- art marina providing in part, docking facilities for both domestic and international vessels. For Port of Muskogee Assistance: Scott Robinson, 918-682-7886, www.muskogeeport.com. FTZ 53 The Tulsa Port of Catoosa, also on the McClellan Kerr Arkansas River Navigation System, provides rail, barge and truck transportation services from Oklahoma to ports through out the world. For Tulsa Port of Catoosa Assistance: Bob Portiss, 918-266-2291, www.tulsaport.com. FTZ 106 The Port Authority at Will Rogers International Airport of the Greater Oklahoma City Area is the governing board and Oklahoma’s largest Foreign Trade Zone, having responsibility for a 42-county service area in central and western Oklahoma. For Greater Oklahoma City Area Zone Assistance: Matthew S. Weaver, 405-623-5335, foreigntradezone106.org FTZ 227 The International Business Park in Durant is a thriving 320-acre park, serving southern and southeastern Oklahoma and Texas. Interstate Hwy 35, the primary trunk of the NAFTA Super Highway Systems, lies just 45 miles west of the zone. For International Business Park in Durant Assistance: Joy C. Rambo, 800-658-2823. 24 www.OKcommerce.gov/incentives Business Incentives Benefits • Accelerated Federal Property Depreciation Schedule • Federal Employment Tax Credits of up to $4,000 per qualifying employee per year • Savings of up to 35 percent to 40 percent in depreciation of equipment Contact: Martin Roberts Oklahoma Department of Commerce 800-879-6552 martin_roberts@ OKcommerce.gov Oklahoma Indian Land Tax Credit Map American Indian Land Tax Credits Two-thirds of Oklahoma, because of its unique Native American heritage, qualifies for special federal tax treat-ment. Businesses locating or expanding in these areas benefit by accelerated depreciation of investment and by employment tax credits when employing tribal members or their spouses. Disclaimer: This incentive is approved annually by the U.S. Congress. Please check OKcommerce.gov/incentives for availability. 25 www.OKcommerce.gov/rural Rural Economic Development Rural Economic Development Overview Developing the economies of our rural communities represents a crucial part of raising the overall standard of living and economic viability of our state. The Oklahoma Department of Commerce offers a wide range of programs, services, and resources for our rural businesses and communities. Through the Rural Action Partnership Program, the Commerce Rural Development Team can help communities recruit, retain, and expand businesses; help entrepreneurs and innovators turn ideas into marketable products and services; secure funds for community development projects such as a new senior center or water treatment plant, and much more. 26 www.OKcommerce.gov/rural Rural Economic Development Rural Action Partnership Program The Rural Action Partnership Program (RAPP) fosters healthy and sustainable rural communities through small business retention and expansion, business recruitment, entrepreneurial development, and the development of regional economic development partnerships. As the facilitator of this effort, the Oklahoma Department of Commerce is able to offer a wide range of programs and services to help rural communities grow: • Business retention and expansion programs • Entrepreneurial education • Value-added production opportunities • Strategic planning and community development programs • Site location and business recruitment analysis • Workforce development programs • Regional economic development partnerships Rural Action Partnership Program Partners • Governor’s Council for Workforce & Economic Development • Oklahoma Employment Security Commission • Oklahoma Tourism & Recreation Department • Oklahoma Department of Transportation • Oklahoma Department of Agriculture • Oklahoma Department of Environmental Quality • Oklahoma Resource Conservation and Development • Oklahoma Association of Regional Councils • Oklahoma State University Extension • USDA Rural Development • Higher Education • Oklahoma CareerTech • Rural Enterprises of Oklahoma, Inc. • U.S. Small Business Administration • Oklahoma Small Business Development Centers • State Chamber • Oklahoma Business Roundtable • Oklahoma Rural Development Council • Oklahoma Center for Science and Technology • i2E • Oklahoma Manufacturing Alliance Rural Development Specialists The Oklahoma Department of Commerce Rural Development Specialists coordinate the various programs and services that comprise the Rural Action Partnership Program. The specialists are regionally located across the state and work closely with our part-ners to facilitate the formation of regional economic development partnerships throughout the state. Rural Development Specialists provide a wide vari-ety of expertise and assistance to communities, including: • Business retention and expansion programs • Entrepreneur development • Asset and natural resource mapping • Industry and workforce support • Industry targeting • Help with business incentives • Community and economic development Contact the Rural Development Specialist in your area today to learn how we can help. www.OKcommerce.gov/rural Contact: Rob Gragg, Oklahoma Department of Commerce 800-879-6552 rob_gragg@OKcommerce.gov 27 www.OKcommerce.gov/rural Rural Economic Development Rural Development Specialists Lisa Clark North East Region 918-323-1411 lisa_clark@OKcommerce.gov Glenn Glass South East Region 580-596-1640 glenn_glass@OKcommerce.gov Michael Fry Tulsa 918-594-8419 mike_fry@OKcommerce.gov Rob Gragg Oklahoma City Metro / Far NW 405-596-0314 rob_gragg@OKcommerce.gov Barry Clark North Central Region 405-640-9149 barry_clark@OKcommerce.gov Corey Herndon West Central Region 405-596-0663 corey_herndon@OKcommerce.gov Christy Elkins South West Region 405-596-0080 christy_elkins@OKcommerce.gov 28 www.OKcommerce.gov/rural Rural Economic Development Regional Partnerships When communities and/or counties come together for a common economic development effort, all will gain much more than if they went at it alone. Many Oklahoma communities are starting to recognize the value of regional partnerships. Rural Development Specialists will help communities that are not currently in a regional partnership identify potential partners and facilitate the formation of those alliances by leveraging existing resources and providing incentives for regional economic development initiatives. Advantages of Regional Partnerships • More efficient use of pooled resources • More effective marketing of larger workforce, site locations, financial incentives, and capital formation • Broader array of experience, contacts, skill sets to draw upon • Expanded tourism attractions to promote For more information, go to OKcommerce.gov/rural. Executive Pulse Business Intelligence/Retention System This system facilitates the rention of existing businesses and jobs by encouraging economic, com-munity and workforce development organizations to work together. Service Provider Database OKcommerce.gov/spd This online database gives communities, individu-als, and businesses the ability to search and find local government and public sector service providers in the areas of business financing; training and education; general business services, start-up and entrepre-neur assistance; government and licensing agencies; community development resources; information resources; economic development organizations; and association and membership groups. Users can search based on category, keyword, or geographical service area. Contact: Rob Gragg, Oklahoma Department of Commerce 800-879-6552 rob_gragg@ OKcommerce.gov 29 www.OKcommerce.gov/train Workforce Business Recruiting The Oklahoma Department of Commerce promotes businesses wanting to relocate or expand opera-tions. Through the Fast Forward team, Commerce helps coordinate with state and federal agencies and local communities to reduce red tape and bring site selection projects in on-time and within bud-get. If your community needs assistance with business recruiting, the Oklahoma Fast Forward economic development team can help with the following: • Recruitment and expansion assistance • Connect with site consultants • Site location and business recruitment analysis Industry Targets • Aerospace • Energy • Weather • Biotechnology • Logistics • Manufacturing • Business Services • Value-Added Agriculture Find It FAST! Check out OKcommerce.gov to find the information you need or call the Fast Forward Team at 800-879-6552 for personal assistance. • Incentives • Buildings & Sites • Demographic Data • Workforce Data • Target Industries • Community Profiles • Workforce Training • Major Employers • State Chambers and ED Organizations • Recent News • Sooner ED News Contact: Fast Forward Team Oklahoma Department of Commerce 800-879-6552 OklahomaFastForward@OKcommerce.gov www.OKcommerce.gov/fastforward 30 www.OKcommerce.gov/communities Communities Community Resources Overview The Oklahoma Department of Commerce is responsible for numerous programs that help communities raise the per capita income and improve the quality of life for local residents. Community Development Block Grants assist with vital infrastructure issues. Funding for programs that improve the lives of low-income residents is provided to Community Action Agencies throughout the state. The State Energy Office supports renewable energy and energy efficiency programs across the state. Contact the Community Development division today at 800-879-6552 or info@OKcommerce.gov to learn how we can help your community. 31 www.OKcommerce.gov/communities Communities Oklahoma’s Site Certification Program The Oklahoma Department of Commerce, in partnership with PSO and OG&E launched Site Ready, Oklahoma’s site certifi-cation program for new investment and retention of expanding industry in the State of Oklahoma. As businesses attempt to minimize risk, locations with shovel-ready sites emerge as the top choices. A statewide site certification program that assures a quality site available in minimal time not only provides site selectors with the informa-tion they need to make appropriate decisions, it also places Oklahoma in a position to maximize economic development opportunities. The purpose of Site Ready is to place Oklahoma in a position to further capitalize on economic development opportuni-ties. With an inventory of sites that are certified for immediate investment and development, Oklahoma will proactively serve the needs of businesses. In addition, Site Ready helps prepare Oklahoma communities to accommodate new business prospect inquiries. By going through the application process, communities will have the opportunity to learn what the relevant needs for various projects are and how to strategically plan to address those needs. Contact: Jeremy Zeller Oklahoma Department of Commerce 800-879-6552 jeremy_zeller@ OKommerce.gov 32 www.OKcommerce.gov/communities Communities Energy-Related Funding The Oklahoma State Energy Office receives con-gressionally appropriated funding from the U.S. Department of Energy (DOE) to operate the State Energy Program (SEP). Contact: Carolyn Sullivan Oklahoma Department of Commerce 800-879-6552 carolyn_sullivan@ OKcommerce.gov Human Development Funding Human Development programs are designed to assist low-income individuals and families make healthy transitions in their lives and consequently achieve and sustain a better life. In total, more than $20 mil-lion is appropriated to support programs that help empower Oklahoma’s need-iest families to overcome hardship and move toward self-sufficiency. Contact: Kathy McLaughlin Oklahoma Department of Commerce 800-879-6552 kathy_mclaughlin@ OKcommerce.gov Grants & Funding Through a variety of funding and technical assistance programs, the Oklahoma Department of Commerce is working to make an impact on Oklahoma’s future. Federal and state funding programs administered through Commerce provide $50 million annually to address critical economic, infrastructure and human development needs and help build and improve Oklahoma communities. Community Development Block Grants The Community Development Block Grant (CDBG) program enables rural Oklahoma communities to finance a variety of public infrastructure and eco-nomic improvements and helps promote job growth as a result of these improvements. CDBG funds are provided by the federal government and managed by Oklahoma Commerce to help ensure Oklahoma’s most critical needs are addressed. Contact: Scott Myers Oklahoma Department of Commerce 800-879-6552 scott_myers@ OKcommerce.gov For a list of grant-related websites go to www.OKcommerce.gov/funding 33 www.OKcommerce.gov/communities Communities Opportunities • CDBG Competitive Planning Grants • Conference Scholarships • Leadership Class Assistance • Support Workshops • Award Recognition and Networking events • OCC CDBG Project Funds • CDBG Bonus Points Community Development Resource Kit For communities not eligible to participate in Oklahoma Century Communities, the Community Development Resource Kit is available. The Resource Kit has been created to provide com-munities with tools in which to conduct community assessments and create a community strategic plan. The tools help a community identify where they are today and visualize where they want to be in the future. Contact: Kathy Gain Oklahoma Department of Commerce 800-879-6552 kathy_gain@OKcommerce.gov Oklahoma Century Communities Each participant community is served based on their current level of economic preparedness. With self assessment tools, level appropriate goals and achievement based incentives, Oklahoma Century Communities encourages locally driven, community wide strategic planning and leadership development in Oklahoma communities possessing the desire to develop local capacity. Participate At Your Community’s Level Oklahoma Century Communities is designed to help communities, whether they are just coming to realize a need for change or they’ve been actively pursuing a better future for some time. Communities are invited to self-evaluate their level from one of the following: Designing Plans — A general interest in planning and implementation has become apparent. Laying Foundations — A strategic plan has been created and now isthe time to turn dreams into realities. Under Construction — Things are happening, goals are beingreached, ideas and plans are turning into actions. Grand Opening — The community is positioned to help existing businesses expand and grow to attract new businesses, to bolster the local economy and to improve the overall quality of life. Related Websites: Oklahoma Community Institute www.ocionline.org Oklahoma Association of Regional Councils www.oarcok.org 34 www.OKcommerce.gov/communities Communities mainstreet Oklahoma Main Street For 24 years, Oklahoma’s Main Street program has been pumping new life back into the heart of communities across the state. Combining historic preservation and downtown revitalization efforts with powerful economic stimulation, Main Street restores the core assets of our communities and enhances the quality of life for our citizens. What We Do The Oklahoma Main Street Center provides training, resources, and technical assistance for preservation-based commercial district revitalization. Based on the National Main Street Center’s guiding principles and nationally recognized Four-Point Approach, the pro-gram offers a practical strategy scaled for each local community. Main Street promotes public and private partnership and local leadership, commitment, and synergy while delivering tangible and intangible bene-fits to communities. Results Main Street Impact (since Inception) Public/Private Reinvestment: $616,152,580 Building Rehabilitations: 3,250 Net Gain in New Business Expansions: 3,652 Net Gain in New Jobs: 11,422 Volunteers Hours: 583,798 To Apply Prospective communities interested in participating in the Main Street Program are required to send two representatives to the annual Main Street Application Workshop held every September. Formal applications are accepted from workshop attendees and are due in January for review and selection by a panel of judges. Contact: Linda Barnett Oklahoma Department of Commerce 800-879-6552 www.OKcommerce.gov/mainstreet Restore Restructure Revitalize Results 35 www.OKcommerce.gov/train 35 Workforce www.OKcommerce.gov/train Communities Workforce Overview Having a well-trained, hard-working, professional and diverse workforce is critical to Oklahoma’s economic success. The Oklahoma Department of Commerce, in conjunction with the Governor’s Council for Workforce and Economic Development, helps coordinate workforce-related services, strategy and referrals for businesses and communities. We partner with education and businesses to analyze workforce availability and needs in industry clusters and connect employers, job seekers and workforce professionals. 36 www.OKcommerce.gov/train Workforce 36 www.OKcommerce.gov/train Communities Workforce Expansions No matter the size of your business, finding and hir-ing qualified employees represents one of the most important parts of any long-term growth strategy. When you hire people, you’re investing time, money, training and trust. If done properly, business booms. If done incorrectly, you lose your investment and poten-tially much more. Workforce Services can assist you with: • Recruiting and hiring • Finding qualified employees • Business tools for recruiting and hiring • Workers’ Compensation: Avoiding legal pitfalls • Tax credits, incentives, and services • Business tools for new hire tax reporting • Hiring foreign workers • Business tools for verifying employment eligibility Contact: Oklahoma Employment Securities Commission 888-980-work (9675) OESC.state.ok.us Workforce Reductions Because layoffs are often part of weathering a lack-luster economy and aren’t necessarily permanent, employers who manage their workforce reductions well can expect to improve their organization’s image, productivity, profits, and staff morale. Workforce services can help manage workforce reductions, reg-ulations and tax issues Contact: Lynda Baird Oklahoma Employment Securities Commission 888-980-work (9675) lynda.baird@oesc.state.ok.us Workforce for Business Oklahoma Career Readiness/WorkKeys Designed by ACT, the company that developed the ACT college entrance exam, CareerReady measures communication, problem-solving, and interpersonal skills valuable to any occupation — skilled or profes-sional — and at any level of education. When fully implemented, assessment sites will be set up across the state on college campuses, One- Stop sites, CareerTech centers, and other strategic locations. Individuals’ assessments and scores will be recorded and housed in a secure database. Depending on their scores, potential or incumbent employees will be awarded a gold, silver or bronze Oklahoma Career Readiness Certificate. These portable skills credentials, which are easily and nationally recognized, can be used to facilitate job placement, retention, and advancement. Contact: Susan Kuzmic CareerTech 405-809-3582 susan_kuzmic@ okcareertech.org 37 www.OKcommerce.gov/train Workforce Industry Training Oklahoma’s community colleges, universities, tech-nology centers, apprenticeships, technical institutes, nonprofits, businesses, and state agencies work hand-in-hand to deliver companies 3 key benefits. Save money: Save thousands of dollars in expenses for job analysis, training assessment, consultation, curriculum development, instructors, facilities, equip-ment, materials, and day-to-day training program administration. Train anywhere: Your employees can receive start-up training or skills upgrade onsite or take advantage of universities, community colleges, and technology centers in every part of the state. Make one call: Tapping into this vast network of workforce training and education options takes one call — Oklahoma Commerce. www.OKcommerce.gov/train Contact Scott Smith CareerTech 800-879-6552 scott_smith@ OKcommerce.gov Oklahoma’s system of 29 technology center districts with 56 campuses provides a wide variety of programs, services and resources for businesses across the state. www.OKcommerce.gov/incentives 38 www.OKcommerce.gov/train Workforce www.OKcommerce.gov/council Workforce Investment Boards Complying with the Workforce Investment Act, Oklahoma created its system of Workforce Investment Boards (WIB) in February 1999. The WIBs advise the governor and are charged with identifying Oklahoma’s current and future workforce develop-ment needs; coordinating business, education, and government efforts and resources; and implement-ing programs and services designed to ensure that Oklahoma’s employers and employees achieve their full potential. Workforce 38 Southeast Southern Eastern Northeastern East Central Tulsa Cleveland County Central North Central South Central Southwest Northwest To Contact a WIB in your area, go to OKcommerce.gov/workforce 39 www.OKcommerce.gov/smallbiz New and Small Business Support Eastern New and Small Business Support Overview The Oklahoma Department of Commerce makes it a priority to provide you the information and connection to resources you need to help new and small businesses in your area. Please use the information and resources detailed in this section to build and sustain businesses in your community. And when you need personal, one-to-one assistance, contact the Business Solutions Division at Commerce, 405-815-5143 or info@OKcommerce.gov. 40 www.OKcommerce.gov/smallbiz New and Small Business Support Entrepreneurs The Oklahoma Department of Commerce created OKstartup.com, and this virtual center provides a central point of access for entrepreneurs to access resources they need for new or expanding business. Starting a Business? • Get a Federal Employer Identification Number • Register with state agencies • Determine which state licenses and permits are needed • Look into Business incubators Expanding a Business? • Business financing • Business incentives • Export assistance • Workforce assistance • Small business health insurance • Case studies Contact: Shelli Todd Oklahoma Department of Commerce 800-879-6552 shelli_todd@ OKcommerce.gov Minority and Women-Owned Businesses Oklahoma Minority Supplier Development Council (OMSDC) Provides a Minority Business Enterprise (MBE) certi-fication for minority-owned business in Oklahoma. In turn, it solicits major corporations and private entities to increase their amount of purchasing and procure-ment with its certified MBEs. U.S. Small Business Administration (SBA) The SBA provides certification to eligible small busi-ness that want to do business with agencies of the federal goverment. Oklahoma Department of Transportation Oklahoma Department of Transportation (ODOT) pro-vides a “Disadvantaged Business Enterprise” (DBE) certification for qualified minority and women-owned businesses in Oklahoma. The qualify for DBE certifi-cation, the minority or female owner: • must have full operational control of the business and 51percent or more of the ownership • must provide a service, product or needed item that is involved with transportation projects Contact: Ken Talley Oklahoma Department of Commerce 800-879-6552 ken_talley@ OKcommerce.gov Women-Owned Business Certifications Commerce provides a Women-Owned Business certi-fication. When purchasing or procurement officials are specifically seeking women-owned businesses, this certification may be particularly beneficial to minority female business owners. To qualify for certification in general, the female appli-cant must be in full operations control of the business and have 51percent or more ownership. Contact: Rana Steeds Oklahoma Department of Commerce 800-879-6552 rana_steeds@ OKcommerce.gov 41 www.OKcommerce.gov/smallbiz New and Small Business Support Insure Oklahoma To participate in the Insure Oklahoma program for small employers, a business must meet the following eligibility criteria: • The buiness must be located within Oklahoma • The business must have 99 or fewer full-time and part-time employees • The small employer must contribute at minimum 25 percent of eligible employees’ premium costs • The employer must offer an Insure Oklahoma quali-fied health plan Insure Oklahoma Individual Plan The Insure Oklahoma individual Plan is available to Oklahomans not otherwise eligible to participate in an Insure Oklahoma employer-sponsored Qualified Health Plan. Eligibility details are available on the Insure Oklahoma website. The Insure Oklahoma website features eligibility wizards to help you determine you or your company’s eligibility. You’ll also find forms, health plan descrip-tions, answers to frequently asked questions, and more. And while you’re there, be sure to sign up for the monthly Insure Oklahoma newsletter to stay on top of enhancements to the program. Other Insurance Options Available to Businesses and Individuals: • Oklahoma Chamber Blue Small Business Health Insurance Plan • HumanaOne Individual Health Plan for Oklahoma • Manufacturer’s Insurance Program Contact: Insure Oklahoma 888-365-3742 www.oepic.ok.gov Small Business Advocacy If you are an Oklahoma small business owner and you believe an existing or proposed state agency rule will adversely affect your business, you now have the means to make your concerns known. The Small Business Advocacy Committee (SBAC) includes 13 business owners and the chairs of the Oklahoma House and Senate Small Business Committees. SBAC reviews new rules which may adversely impact small businesses and suggests less restrictive alter-natives and/or creative, flexible means for business to comply to the agencies wherever possible. The committee can also assist businesses with concerns about existing rules. If you’re facing a problem with a state agency rule, please write explaining your difficulty with the rule and suggestions you have to improve the situation. Contact Rana Steeds Oklahoma Department of Commerce 800-879-6552 rana_steeds@ OKcommerce.gov Small Business Health Insurance Insure Oklahoma, fromerly known as the Oklahoma Employer/Employee Partnership for Insurance Coverage (O-EPIC), is the first program of its kind in the nation to assist small business owners, employees and their spouses with health insurance premiums. Insure Oklahoma will pay part of the health plan pre-miums for eligible employees working for qualified Oklahoma small businesses (with 99 or fewer employ-ees). Participation in this program is voluntary. 42 www.OKcommerce.gov/smallbiz New and Small Business Support Export Assistance In the age of globalization, exporting represents a cru-cial component to the long-term economic health of the United States and to Oklahoma. As the world gets smaller, markets for products and services continue to expand, representing a variety of opportunities for Oklahoma businesses and communities to increase profits, create jobs and raise employment levels, fund sustainable economic development initiatives, and attract foreign direct investment (FDI) dollars. Designed to ensure that Oklahoma’s small- to medium-sized businesses and large corporations can access the resources and services they need to suc-ceed in the international marketplace. Our export assistance provides: • Exporting basics • Exporting FAQs • Exporting step-by-step • Workshops, seminars, & networking • Financing • Commerce export services • Market research Contact: Dessie Apostolova Oklahoma Commerce 800-879-6552 dessie_apostolova@ OKcommerce.gov Business Incubators Incubators are an effective and popular technique to help entrepreneurs and start-up business firms sur-vive and prosper during their early years -- when they are most vulnerable. There are 49 business incubators now in Oklahoma. According to the National Business Incubation Association, the overall success rate for businesses that begin in an incubator is 80 percent. When it comes to the subject of business incubators, we’re just getting warm. Business incubators also: • Provide a physical location in which a new business can commence, coupled with support services such as shared facilities and business advice; • Are designed to produce healthy firms that cre-ate jobs and wealth, strengthen the economy, commercialize new technologies and revitalize communities; • Are sponsored by local governments, economic development agencies, universities, community col-leges and vocational schools, private sector firms, and combinations of these groups. Oklahoma Certified Incubators Sponsors of a certified incubator may be exempt from Oklahoma income taxes on income derived from services provided to the tenants, or for providing funding for an incubator site. This exemption is for 10 years from the date of the tenant’s occupancy within an incubator. The tenant of a certified incubator is exempt from state tax liability on income earned as a result of activities conducted as an occupant in an incuba-tor for up to 10 years from the occupancy date in an incubator site in accordance with rules of the Oklahoma Tax Commission. The exemption remains in effect after the date the tenant is no longer an occupant in an incubator, but not to exceed a total of 10 years. In order to qualify for the income tax exemption for the sixth through 10th year, the ten-ant must make at least 75 percent of its gross sales to buyers located outside the state or to the federal government. How To Apply for Certification Certification of business incubators may be obtained through Oklahom Commerce. Details regarding the operation and range of services are required to be presented in a business plan. Contact: Rana Steeds Oklahoma Department of Commerce rana_steeds@ OKcommerce.gov 800-879-6552 43 www.OKcommerce.gov Directory OKcommerce.gov Need to find something on the Commerce website in a hurry? Need to tell someone outside of Commerce how to get to a specific piece of content? There may be a shorter version of the URL available to help you - - we call them redirects. The list below shows the redirects available on the Commerce website. Use them yourself or tell others about them. They’re a great convenience. BidWatch Service OKcommerce.gov/bidwatch Biotech/Nanotech Industry OKcommerce.gov/bio Business Incentives and Tax Guide OKcommerce.gov/incentives Business Licensing Program OKcommerce.gov/licensing Business Retention and Expansion Strategies OKcommerce.gov/bre Business Start-Up Frequently Asked Questions OKcommerce.gov/startup CDBG Funding Guidelines and Applications OKcommerce.gov/cdbg Oklahoma’s Career Readiness Program OKcommerce.gov/careerready Oklahoma Century Communities OKcommerce.gov/century Commerce News and Publications OKcommerce.gov/news Commerce Staff Directory OKcommerce.gov/contacts Communities overview page OKcommerce.gov/communities Community Developer Newsletter OKcommerce.gov/developer Cost of Doing Business okcommerce.gov/lowcost Data and Research overview page OKcommerce.gov/data Email newsletter subscriptions page OKcommerce.gov/subscribe Events Calendar OKcommerce.gov/events Fast Forward Team OKcommerce.gov/fastforward Financial Resources for Businesses OKcommerce.gov/bizfunds GIS Mapping Program (includes Site Ready and Buildings & Sites database) OKcommerce.gov/locateok Governor’s Council for Workforce and Economic Development OKcommerce.gov/council Grants and Funding for Communities OKcommerce.gov/funding Hot Jobs for Job Seekers OKcommerce.gov/jobs International Trade Tools and Resources OKcommerce.gov/trade Multimedia Library OKcommerce.gov/media New and Existing Business overview page OKcommerce.gov/business New and Small Business Support OKcommerce.gov/smallbiz Oklahoma Main Street Program OKcommerce.gov/mainstreet Oklahoma’s Weather Industry OKcommerce.gov/weather Quality Jobs Program OKcommerce.gov/qualityjobs Quality of Life in Oklahoma OKcommerce.gov/goodlife Rural Economic Development OKcommerce.gov/rural Service Provider Database OKcommerce.gov/spd 44 www.OKcommerce.gov Directory Oklahoma’s Site Certification Program OKcommerce.gov/sites Site Ready Properties okcommerce.gov/siteready Site Selection overview page OKcommerce.gov/chooseok Sooner Economic Development News OKcommerce.gov/soonernews State Energy Office OKcommerce.gov/energy Workforce overview page OKcommerce.gov/workforce Workforce Training OKcommerce.gov/train Disclaimer The materials contained in this publication have been prepared by the Oklahoma Department of Commerce for informational purposes only and do not consti-tute legal or tax advice. This information is subject to change based on judicial interpretation and legislative action. The application of the information is subject to your unique facts and circumstances. YOU SHOULD NOT ACT UPON ANY INFORMATION CONTAINED IN THESE MATERIALS WITHOUT SEEKING YOUR OWN PROFESSIONAL LEGAL AND TAX ADVICE. 45 Notes
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Okla State Agency |
Commerce, Oklahoma Department of |
Okla Agency Code | '605' |
Title | Economic development resource guide. |
Authors |
Oklahoma. Department of Commerce. Business Solutions Division. |
Publisher | Oklahoma Department of Commerce |
Publication Date | 2010 |
Publication type |
Directory |
Subject |
New business enterprises--Oklahoma--Finance--Directories. Government aid to small business--Oklahoma--Directories. Small business--Oklahoma--Finance--Directories. |
Purpose | In today’s competitive environment, Oklahoma continues adapting to shifts in the economic climate. The Oklahoma Department of Commerce is here to keep you ahead of the curve. Inside, you’ll find anything and everything you need as an economic developer or community leader in Oklahoma. • Business Funding and Incentives • New and Small Business Support • Rural Economic Development • Workforce and Community Development Included here are important names and contact information for each area of interest. |
Notes | 2010 ed. |
OkDocs Class# | C3900.5 E19d 2010 |
Digital Format | PDF, Adobe Reader required |
ODL electronic copy | Downloaded from agency website: www.okcommerce.gov/.../Oklahoma-Department-Of-Commerc_2754.pdf |
Rights and Permissions | This Oklahoma state government publication is provided for educational purposes under U.S. copyright law. Other usage requires permission of copyright holders. |
Language | English |
Full text | Economic Development Resource Guide 2010 OKcommerce.gov Table of Contents Business Funding Overview 2 Small Business Administration 3 Rural Enterprises Insitute 5 U.S. Department of Agriculture Programs 4 Research & Development/Venture Capital 6 Import/Export Resources 9 Unsecured Financing 10 Secured Financing 12 Development Bonds 16 Business Incentives Overview 17 Quality Jobs 18 Opportunity & Enterprise Zones 20 New Market Tax Credits 21 Training for Industry Program 22 Foreign Trade Zones 23 American Indian Land Tax Credits 24 Rural Economic Development Overview 25 Rural Action Partnership Program 26 Rural Development Specialists 27 Regional Partnerships 28 Business Recruiting 29 Communities Overview 30 Oklahoma’s Site Certification Program 31 Grants & Funding 32 Oklahoma Century Communities 33 Oklahoma Main Street 34 Workforce Overview 35 Workforce for Businesses 36 Industry Training 37 Workforce Investment Boards (WIBs) 38 New and Small Business Support Overview 39 Entrepreneurs 40 Minority & Women-Owned Businesses 40 Small Business Advocacy 41 Small Business Health Insurance 41 Export Assistance 42 Business Incubators 42 OKcommerce.gov 43 1 Change is constant, and Oklahoma is all about positive change. In today’s competitive environment, Oklahoma continues adapting to shifts in the economic climate. The Oklahoma Department of Commerce is here to keep you ahead of the curve. Inside, you’ll find anything and everything you need as an economic developer or community leader in Oklahoma. • Business Funding and Incentives • New and Small Business Support • Rural Economic Development • Workforce and Community Development Included here are important names and contact information for each area of interest. As you go through this resource guide, you’ll see our website (OKcommerce.gov) posted on almost every page. OKcommerce.gov will give you access to detailed items that can only be delivered on an interactive platform… things like our Service Provider Database and our Site Certification Program. We believe the Oklahoma Department of Commerce can help your community attract, develop and retain businesses that improve the quality of life in Oklahoma. Overview 2 www.OKcommerce.gov/bizfunds Business Funding Business Funding Overview Every day, hundreds of Oklahoma small businesses are paying salaries, providing services, creating products, buying and selling — across the street and around the globe. Small businesses survive based on access to appropriate financing. And, while there are many resources for financing available to small businesses in Oklahoma, the process can be complex and resources can be potentially difficult to access. The references represented here provide an introduction and an overview for a wide variety of financial resources. Despite the popularity of late-night infomercials promoting grant money for start-up businesses, the Oklahoma Department of Commerce is not aware of such funding for businesses. Typically, grant money is only available to assist non-profit organizations. Non-profit, organizations should start with www.grants.gov. 3 www.OKcommerce.gov/bizfunds Business Funding Small Business Administration SBA 7(A) Guaranty Loan Program The Small Business Administration 7(a) loan is the most basic and most used type of loan in SBA busi-ness loan programs. Its name comes from section 7(a) of the Small Business Act, which authorizes the agency to provide business loans to American small businesses. These loans are only available on a guaranty basis. This means they are provided by lenders who choose to structure their own loans by SBA requirements and who apply and receive a guaranty from SBA on a por-tion of this loan. SBA Microloan Program The SBA Microloan Program combines the resources and experience of the U.S. Small Business Administration with those of locally based nonprofit organizations to provide small loans and technical assistance to small businesses. Under the Microloan Program, the SBA makes funds available to qualified nonprofit organizations, which act as intermediary lenders. Lenders use these funds to make loans of up to $35,000 to new and existing small businesses. Intermediaries also pro-vide management and technical assistance to help ensure success. SBA Export Working Capital Guarantee Program Under the program, the SBA backs up a business loan request with its repayment guaranty. The SBA guarantees up to $1 million or 90 percent of the loan amount, whichever is less; offers exporters prelimi-nary commitments that encourage lenders to provide credit; and offers a simplified application. U.S. Small Business Administration Community Express Loan Program This program is offered to pre-designated geographic areas serving mostly low and moderate income areas and new market small businesses. The program also includes technical and management assistance, which is designed to help increase the loan appli-cant’s chances of success. Eligibility and application information: U.S. Small Business Administration Oklahoma City District Office Federal Building 301 NW 6th St, Ste. 116 Oklahoma City, OK 73102 405-609-8000 www.sba.gov/ok Oklahoma Small Business Development Centers With a network of 15 centers located across the state, the Oklahoma Small Business Development centers (OSBDCs) provide high-quality, one-to-one busi-ness counseling, economic development assistance, and training to small business and entrepreneurs. Potential benefits from working with the OSBDC’s: • Business plan development and implementation assistance • Increased profitabilitly • Management support • Innovation advancement • Government contract procurement assistance Contact your local OSBDC: www.osbdc.org 4 www.OKcommerce.gov/bizfunds Business Funding U.S. Department of Agriculture Programs Intermediary Relending Program The Intermediary Re-lending Program (IRP) finances business facilities and community develop-ment projects in rural areas. To do this, the Rural Business-Cooperative Service (RBS) loans money to intermediaries. Intermediaries then re-lend funds for business and community development. Intermediaries establish revolving loan funds, with repayment creat-ing more opportunity for more loans. Rural Economic Development Loans and Grants The Rural Economic Development Loans and Grants (REDLG) program makes direct zero-interest loans and grants to Rural Utilities Service (RUS) electric and telecommunication utilities that use the funds to provide financing for business and community devel-opment projects. Zero-interest loans are provided to finance a broad array of projects, including for-profit businesses. Grants are provided to the RUS utility to establish a revolving loan fund to finance such purposes as community development assistance, education and training for economic development, medical care, telecommunications for education, job training or medical services, business incubators and technical assistance. Program funds can be used for value-added projects. Contact Business and Community Programs 100 USDA, Suite 108 Stillwater, OK 74074 Phone 405-742-1000 Fax 405-742-1005 www.rurdev.usa.gov/ok For a list of Intermediary Re-lending Program Lenders go to www.OKcommerce.gov/bizfunds and then click on U.S. Department of Agriculture Programs. 5 www.OKcommerce.gov/bizfunds Business Funding Rural Enterprises of Oklahoma, Inc. Small Business Lending Rural Enterprises of Oklahoma, Inc. (REI) has evolved from the small business lending arena into a multi-fac-eted economic development organization. REI has become the model of study for effective economic development services. • REI has offices in Alva, Durant, Oklahoma City and Tulsa. • REI manages business incubators in 10 Oklahoma communities. • Offers affordable housing opportunities for Oklahoma working families • Provides international trade assistance to Oklahoma businesses • Offers a variety of business lending programs • Targets Oklahoma’s women-owned businesses with services of the Women’s Business Center from two locations, Durant and Oklahoma City. • Offers an equipment lease/purchase program designed to assist small, rural manufacturers • REI New Markets Investment, LLC administers the New Markets Tax Credit and Oklahoma State Tax Credit Programs to bring new investments into low-income communities REI has a team of 36 economic development pro-fessionals who have been expanding Oklahoma’s economy since 1982 through effective economic development services. REI has a statewide network of partners to help deliver its programs. Contact REI Corporate Headquarters 2912 Enterprise Blvd. Durant, OK 74701 Phone 800-658-2823 www.ruralenterprises.com 6 www.OKcommerce.gov/bizfunds Business Funding Research & Development/ Venture Capital Oklahoma Center for the Advancement of Science and Technology Oklahoma Center for the Advancement of Science and Technology (OCAST) works to grow Oklahoma’s knowledge-based economy by building the infra-structure of expertise and equipment needed to conduct nationally competitive research and devel-opment in Oklahoma and stimulate Oklahoma firms applying and producing technology. OCAST imple-ments programs and initiatives to impact the entire technology development pipeline from basic research through commercialization and application. Contact Oklahoma Center for the Advancement of Science & Technology 755 Research Parkway, Suite 110 Oklahoma City, OK 73104 (866) 265-2215 or (405) 524-1357 www.ocast.state.ok.us 7 www.OKcommerce.gov/bizfunds Business Funding Innovation to Enterprise Innovation to Enterprise, Inc. (i2E) is a private, not-for- profit Oklahoma corporation focused on wealth creation in Oklahoma by growing the technology-based entrepreneurial economy in Oklahoma. i2E was founded in 1997 and operates the following pro-grams for OCAST. • Oklahoma Technology Commercialization Center • Seed Capital Fund • Oklahoma Investment Forum • Enterprise Oklahoma Venture Fund Contact i2E 840 Research Parkway, Suite 250 Oklahoma City, OK 73104 800-337-6822 www.i2E.org Oklahoma Venture Forum The Oklahoma Venture Forum is a non-profit group organized in Oklahoma City to encourage and pro-mote economic and small business development through private enterprise. For membership details, use contact information below. Contact Oklahoma Venture Forum P.O. Box 20209 Oklahoma City, OK 73156 405-341-6545 www.ovf.org The Southwest Capital Conference This conference has been one of the leading capital conferences in the nation. The SWCC offers a robust educational program for the entrepreneurial, private equity and service provider communities focused on the development of high growth companies. Additionally, companies are showcased to investors and business professionals from across the nation. Contact Oklahoma Investment Forum 415 S Boston, Ste 800 Tulsa, OK 74103 918-584-8884 www.i2E.org 8 www.OKcommerce.gov/bizfunds Business Funding Oklahoma Capital Investment Board The Oklahoma Capital Investment Board (OCIB) sup-ports investments in venture capital firms who will, in turn, make venture capital investments in Oklahoma businesses. OCIB supports investment in funds ranging from early stage venture capital to subordinated debt. The Oklahoma Capital Investment Board is an instrumen-tality of the State of Oklahoma. The Board manages a $100 million resource. Contact Oklahoma Capital Investment Board 301 NW 63rd, Suite 520 Oklahoma City, OK 73116 405-848-9456 www.ocib.org Small Corporate Offering Registration The Small Corporate Offering Registration (SCOR) is a securities offering program available to small corpo-rations and limited liability companies. The program contemplates offerings that are exempt from federal registration under (1) Rule 504 of Regulation D, (2) Regulation A, or (3) Rule 147 of the Securities Act of 1933. Oklahoma is one of 42 states that allow SCOR offerings and the Pacific Stock Exchange lists SCOR securities under certain conditions. Contact Oklahoma Department of Securities First National Center, Suite 860 120 North Robinson Oklahoma City, OK 73102 405-280-7700 www.securities.state.ok.us U.S. Small Business Administration – Small Business Investment Companies The Small Business Investment Company (SBIC) program is designed to fill the gap between the avail-ability of venture capital and the needs of small businesses that are either starting or growing. Contact Chisholm Private Capital Partners 211 North Robinson, Suite 1910 Oklahoma City, OK 73102 405-605-1111 www.ChisolmVC.com Council Oak Investment Corporation 101 North Broadway, Suite 400 Oklahoma City, OK 73102 405-218-4696 First United Venture Capital Corporation 1400 West Main Street Durant, OK 74701 580-920-4907 U.S. Small Business Administration - Oklahoma City District Office Federal Building 301 NW 6th St, Ste. 116 Oklahoma City, OK 73102 405-609-8000 www.sba.gov/ok 9 www.OKcommerce.gov/bizfunds Business Funding Import/Export Resources Overseas Private Investment Corporation Overseas Private Investment Corporation (OPIC) helps U.S. businesses invest overseas, fosters eco-nomic development in new and emerging markets, complements the private sector in managing the risks associated with foreign direct investment, and sup-ports U.S. foreign policy. OPIC provides financing to ventures involving significant equity and/or man-agement participation by U.S. businesses. Loans to qualifying businesses can be tailored to meet the specific needs of overseas operations. Overseas Private Investment Corporation Political Risk Insurance OPIC Political Risk Insurance provides the peace of mind necessary to pursue opportunities in emerging markets. Contact Overseas Private Investment Corporation Attn: Small Business Center 1100 New York Avenue, NW Washington, D.C. 20527 800-225-5722 www.opic.gov Export-Import Bank of the United States Export Credit Insurance The insurance covers commercial losses due to insol-vency, bankruptcy and default at 95 percent; and political losses due to war, revolution, cancellation of an import or export license, currency inconvertibility at 100 percent. There is no first-loss deductible. Fixed-Rate Term Financing for International Buyers Export-Import (Ex-Im) Bank assists exporters by guaranteeing term financing to creditworthy inter-national buyers, both private and public sector, for purchases of U.S. goods and services. With Ex-Im Bank’s loan guarantee, international buyers are able to obtain competitive term financing from lenders when financing is not available or there are no eco-nomically viable interest rates on terms over one to two years. Working Capital Guarantees Ex-Im Bank’s working capital financing enables U.S. exporters to obtain loans to produce or buy goods or services for export. These working capital loans, made by commercial lenders and backed by the Ex-Im guarantee, provide exporters with the liquid-ity to accept new business, grow international sales and compete more effectively in the international marketplace. Contact Houston Regional Office Export-Import Bank 1880 South Dairy Ashford II, Suite 585 Houston, TX 77077 281-721-0470 www.exim.gov 10 www.OKcommerce.gov/bizfunds Business Funding SBA Export Working Capital Guarantee Program Under the program, the SBA backs up a business loan request with its repayment guaranty. The SBA guarantees up to $1 million or 90 percent of the loan amount, whichever is less; offers exporters prelimi-nary commitments that encourage lenders to provide credit; and offers a simplified application. Contact U.S. Small Business Administration Oklahoma City District Office Federal Building 301 NW 6th St. Ste. 116 Oklahoma City, OK 73102 405-609-8000 www.sba.gov/ok Unsecured Financing Community Development Block Grant – Economic Development Infrastructure Financing The Community Development Block Grant (CDBG) federal program administered by the Oklahoma Department of Commerce uses publicly owned and maintained infrastructure. Eligible projects to be financed by this program are publicly owned and maintained improvements that will provide basic infrastructure services to a new or expanding business. At least 51 percent of the new jobs must be made available to low and moderate income individuals. Such improvements may include, but are not limited to, water, wastewater, transportation improvements, and rehabilitation and new construction of publicly owned industrial buildings. Communities fall under one of two financing options. Infrastructure that supports an existing busi-ness can qualify up to a $500,000 grant maximum. Infrastructure that supports a new business to the State of Oklahoma can qualify up to a $1 million grant maximum. Contact Scott Myers Oklahoma Department of Commerce 800-879-6552 scott_myers@OKcommerce.gov 11 www.OKcommerce.gov/bizfunds Business Funding U.S. Small Business Administration 504 Loan Program The federal government, through the Small Business Administration (SBA), provides permanent financing for companies with its 504 loan program. Certified Development Companies (CDCs), authorized by the SBA, administer the program. The 504 loan program is a long-term financing tool for economic devel-opment within a community. The program provides growing businesses with long-term, fixed-rate financ-ing for major fixed assets, such as land and buildings. A CDC works with the SBA and private sector lend-ers to provide financing to small businesses within its specific geographic area. Proceeds from 504 loans must be used for fixed asset projects such as purchasing land and improve-ments, including existing buildings; grading; street improvements; utilities; parking lots and landscaping; construction of new facilities; or modernizing, reno-vating or converting existing facilities; or purchasing machinery and equipment. The 504 program cannot be used for working capital or inventory, consolidat-ing or repaying debt, or refinancing. Contact U.S. Small Business Administration (or your local Certified Development Company) Oklahoma City District Office Federal Building, Ste. 116 301 NW 6th St Oklahoma City, OK 73102 405-609-8000 www.sba.gov/ok/financing SBA’s 504 Certified Development Companies Metro Area Development Corporation 6412 N Santa Fe, Suite C Oklahoma City, OK 73116 405-424-5181 Rural Enterprises of Oklahoma, Inc. P.O. Box 1335 Durant, OK 74702 580-924-5094 SWODA Development Corporation P. O. Box 569 Burns Flat, OK 73624 580-562-4882 Small Business Capital Corporation 15 W Sixth St., Suite 1300 Tulsa, OK 74119-5406 918-584-7888 Tulsa Economic Development Corporation 907 South Detroit Avenue, Suite 1001 Tulsa, OK 74120 918-585-8332 Verd-Ark-Ca Development Corporation 1700 W Broadway Muskogee, OK 74401 918-683-4634 12 www.OKcommerce.gov/bizfunds Business Funding Secured Financing Bureau of Indian Affairs Loan Guaranty Fund The Bureau of Indian Affairs (BIA) provides guaran-teed/ insured loans to Federally Recognized Indian Tribal Governments, Native American Organizations, and individual American Indians in obtaining financing from private sources to promote business devel-opment initiatives on or near Federally Recognized Indian Reservations. Loans may be used to finance commercial, indus-trial, agricultural, or business activities organized for profit. Loan guarantees to private lenders will only be provided if funds otherwise would be unavailable to the borrower. Funds may not be used for speculation. The financial assistance must be used on or near an Indian Reservation. Contact Bureau of Indian Affairs Area Credit Office P.O. Box 8002 Muskogee, OK 74402-8002 Phone 918-781-4622 Oklahoma Agriculture Enhancement & Diversification Program Oklahoma Agriculture Enhancement & Diversification Program (OAEDP) is a program designed to develop or improve uses for agricultural products, expand the state’s production of value-added products and to encourage diversified farming. Interest free loans and grants are available through four program areas: Marketing Utilization Loan, Cooperative Marketing Loan, Basic and Applied Research Loan/Grant and Farm Diversification Grant. Marketing Utilization Loan Can be used to assist in the development or imple-mentation of sound domestic or foreign marketing plans for Oklahoma agricultural products, by-prod-ucts, or new or better uses for existing agricultural products by the financing of marketing feasibility studies, business plans and test marketing. Cooperative Marketing Loan Are available to entities or individuals wishing to work together to develop or establish production, process-ing or marketing of agricultural products. The purpose of this category is to provide funding for promot-ing productivity, providing added value to agricultural products stimulating and fostering agricultural diversi-fication and encouraging processing innovations. Basic & Applied Research Loan/Grant For business creation, expansion or research which shall likely lead to a marketable product. Proposals should focus research efforts on use and processing of agricultural products and by-products in Oklahoma. Farm Diversification Grant Can be used for projects dealing with the diver-sification of existing family farms or ranches to nontraditional crops, livestock, or on-farm value-added processing of agricultural commodities. Contact Oklahoma Department of Agriculture, Food & Forestry Market Development Services P.O. Box 528804 Oklahoma City, OK 73152 405-522-5563 www.oda.state.ok.us 13 www.OKcommerce.gov/bizfunds Business Funding Economic Development Administration The Economic Development Administration (EDA) oversees multiple programs offering develop-ment assistance to targeted communities that meet specific criteria for economic distress. These pro-grams include the Planning and Assistance Program, the Economic Adjustment Assistance Title IX Revolving Loan Fund, and grants for Public Works and Development Facilities, Planning Assistance, Technology Assistance, and Trade Adjustment Assistance. Contact Association of Central Oklahoma Governments (ACOG) 21 E. Main Street, Suite 100 Oklahoma City, OK 73104-2405 John G. Johnson, Executive Director (405) 234-2264 Counties: Canadian, Cleveland, Logan, Oklahoma Association of South Central Oklahoma Governments (ASCOG) 802 Main Street Duncan, OK Blaine Smith, Executive Director (580) 252-0595 Counties: Caddo, Comanche, Cotton, Grady, Jefferson, McClain, Stephens, Tillman Central Oklahoma Economic Development District (COEDD) 400 N Bell Shawnee, OK 74801 Gregory Clifton, Executive Director (405) 273-6410 Counties: Hughes, Lincoln, Okfuskee, Pawnee, Payne, Pottawatomie, Seminole Eastern Oklahoma Development District (EODD) 1012 North 38th Street Muskogee, OK 74402 (918) 682-7891 Counties: Adair, Cherokee, McIntosh, Muskogee, Okmulgee, Sequoyah, Wagoner Grand Gateway Economic Development Association (GGEDA) P.O. Drawer B Big Cabin, OK 74332-0502 Ed Crone, Executive Director (918) 783-5793 Counties: Craig, Delaware, Mayes, Nowata, Ottawa, Rogers, Washington Indian Nations Council of Governments (INCOG) 200 West Fifth Street, Suite 800 Tulsa, OK 74103-4236 Rich Brierre, Executive Director (918) 584-7526 Counties: Creek, Osage, Tulsa, Wagoner Kiamichi Economic Development Organization (KEDDO) P.O. Box 638 Wilburton, OK 74578-0638 (918) 465-2367 Chester Dennis, Executive Director Counties: Choctaw, Haskell, Latimer, Leflore, McCurtain, Pittsburg, Pushmataha Northern Oklahoma Development Association (NODA) 2901 North Van Buren Enid, OK 73701 (580) 237-4810 Larry Tipps, Executive Director Counties: Alfalfa, Blaine, Garfield, Grant, Kay, Kingfisher, Major, Noble, Oklahoma Economic Development Association (OEDA) P.O. Box 668 Beaver, OK 73932-0668 (580) 625-4531 Mike Bostic, Executive Director Counties: Beaver, Cimarron, Dewey, Ellis, Harper, Texas, Woods, Woodward Southern Oklahoma Development Association (SODA) 224 West Evergreen, Suite 202 Durant, OK 74702 (580) 920-1388 Wes Bowman, Executive Director Counties: Atoka, Bryan, Carter, Coal, Garvin, Johnston, Love, Marshall, Murray, Pontotoc South West Oklahoma Development Association (SWODA) Sooner Drive, Building 420 Burns Flat, OK 73624 (580) 562-4882 Gary Gorshing, Executive Director Counties: Beckham, Custer, Greer, Harmon, Jackson, Kiowa, Roger Mills, Washita 14 www.OKcommerce.gov/bizfunds Business Funding Oklahoma Capital Access Program The Oklahoma Capital Investment Board supports investments that catalyze new sources of equity and near-equity capital for Oklahoma business. The board manages a $100 million resource. Through its venture capital program, the board supports investments in private, professionally managed venture capital firms that will commit to building an enduring presence within the state. Through its Oklahoma Capital Access Program (CAP), the board provides credit insurance to banks to help them stretch to make loans to Oklahoma businesses that might not otherwise be made. Contact Oklahoma Capital Investment Board 301 NW 63rd St., Ste. 520 Oklahoma City, OK 73116 405-848-9456 www.ocib.org Oklahoma Industrial Finance Authority The Oklahoma Industrial Finance Authority (OIFA) pro-vides financing for real estate and equipment. Its primary purpose is to assist industrial development in the state by increasing employment. Businesses may contact the Oklahoma Industrial Finance Authority to explore financing available to them under these guidelines: • $5 million limit • Fixed asset collateral (land, buildings and equipment) • Up to 15-year term • Fixed rate terms • Loan recipient can be private or public entity • Expansions or relocations • Bank participation encouraged • Below market rates for tax-exempt qualified projects Contact Oklahoma Finance Authorities 5900 N Classen Ct. Oklahoma City, OK 73118 405-842-1145 15 www.OKcommerce.gov/bizfunds Business Funding Oklahoma Linked Deposit Loan Programs The Oklahoma Treasurer administers the Linked Deposit Loan Programs, created in 1987 to provide special, low-interest loans to eligible family farmers and small businesses. This is an economic development tool that reduces debt service costs to Oklahoma small businesses. The program helps preserve existing jobs as well as helping create jobs and business expansion. It can be used for a broad range of business and types of industry. Oklahoma Agriculture Linked Deposit Loan Programs This economic development program is aimed at reducing debt service costs to Oklahoma farmers and ranchers. The linked deposit loans are available to at-risk farm or ranch operations or to alternative agricultural product operations who are residents of Oklahoma and whose business operation is located in this state. Contact State Treasurer’s Office 2300 N Lincoln Blvd, Room 217 Oklahoma City, OK 73105 405-522-4235 www.ok.gov/treasurer 16 www.OKcommerce.gov/bizfunds Business Funding Development Bonds General Obligation Limited Tax Bonds Many Oklahoma counties and cities have voted approval of General Obligation Limited Tax Bonds (GOLTBs) for industrial development. These units of government are limited to the amount that could be retired by a special tax levy of not more than five mills on the assessed dollar valuation of all taxable real and personal property in that county or city. The proceeds for GOLTBs are generally used to acquire or build a facility for manufacturing and industrial projects. Lease income from the facility is used to amortize the bonds. Contact Local Industrial Development Authority, or Oklahoma Department of Commerce Business Division 900 N. Stiles Oklahoma City, OK 73104 800-879-6552 Conduit Program The Oklahoma Development Finance Authority’s Conduit Program was established to provide any entity (public or private) an avenue to issue revenue bonds, rates, certificates of participation or other evi-dence of indebtedness. Funds generated by such sale are then available for loans to qualified borrow-ers. In most instances the Conduit Program provides an entity with more favorable rates than they nor-mally could obtain on their own. The program utilizes ODFA’s market presence to provide access to Wall Street, has no limits on dollar amount and can be for tax-exempt or taxable obligations. Contact Oklahoma Finance Authorities 5900 N Classen Court Oklahoma City, OK 73118 405-842-1145 Private Activity Bond Allocation Program Private activity bonds are available to state and local finance authorities for allocation to manufacturers and farmers in addition to housing authorities, stu-dent loan programs and other programs. These types of bonds are defined in two ways: Private activity bonds are any bonds of which more than 10 percent of the proceeds is to be used in a trade or business of anyone other than a governmental unit, and which is to be directly or indirectly repaid, or secured by revenues from, a private trade or business. Also, pri-vate activity bonds are any bonds in which an amount exceeding 5 percent or $5 million – whichever is less – of the proceeds is to be used for loans to any person or persons other than a governmental unit. Contact State Bond Advisor 5900 N Classen Court Oklahoma City, OK 73118 405-602-3100 www.ok-bonds.state.ok.us 17 www.OKcommerce.gov/incentives Business Incentives Business Incentives Overview The State of Oklahoma has been recognized nationally for its outstanding business location and job growth incentives. Qualifying businesses can choose between two primary business incentive options for newly locating or expanding companies — outlined as Option 1 or Option 2. Additionally, a wide range of tax credits, refunds, and workforce training benefits are available to help a company succeed. A comprehensive overview of Oklahoma’s business incentives can be found in the Oklahoma Business Incentives and Tax Guide www.OKcommerce.gov/incentives. For a customized incentive analysis, call 800-879-6552 and ask for Martin Roberts. 18 www.OKcommerce.gov/incentives Business Incentives Quality Jobs Option 1: Oklahoma’s Quality Jobs incentive targets manufac-turers and certain service industries that have a new payroll investment of $2.5 million or more to receive a quarterly cash payment of up to 5 percent of new taxable payroll for up to 10 years. A lower payroll threshold is available for certain food processing and research and development projects or as a result of locating in targeted areas. Qualifying average wage requirements will vary among counties. Effective with new legislation on July 1, 2009, a Prime Contractor with a Federal Contract is eligible to partici-pate in the Quality Jobs Program receiving benefits not only from jobs and wages created at the Prime, but also in locations where work is passed from the Prime to a subcontractor. The Prime is paid at the fully reimbursable labor rate specified in the Federal Contract, up to 2% of the new wages created. Other Quality Jobs Program performance requirements apply. Small Employer Quality Jobs Seven-Year - Cash Incentive The Small Employer Quality Jobs incentive allows quali-fying small businesses (90 or fewer employees) that are creating new direct jobs within one year to receive up to a 5 percent cash-back incentive (for up to seven years) to locate or expand in Oklahoma. The qualifying average wage requirement will vary among counties. Option 2: Investment/New Jobs Tax Credit Targeted primarily to manufacturing companies, the Investment/New Jobs Tax Credit incentive allows a five-year tax credit on the greater of 1 percent per year of investment in qualified new depreciable prop-erty or a credit of $500 per new job. These incentives double in an enterprise zone to 2 percent of new investment or $1,000 per new job. Additional sales tax refunds and/or income tax exemptions/credits may apply. Additional Incentives Available with Options 1 and 2 For comprehensive details on the following incen-tives, go to OKcommerce.gov/incentives or follow the individual links for more information. • Five-year ad valorem tax exemption • No-cost or low-cost customized employee training • Sales tax exemptions • Freeport inventory benefits • Industrial access road assistance (limited under Option 1) • Foreign Trade Zones • American Indian Land tax credits • Opportunity and enterprise zones • Opportunity fund • State and local financing programs Option 3: Quality Jobs Program & Investment Tax Credit Beginning January 1, 2010, a company may pursue participation in both the Quality Jobs Program and the Investment Tax Credit. The qualifying investment must be $40 million or more, and wages paid in the Quality Jobs Program must be at $35,131 or higher. The credit equals 2% of the qualifying investment in Capital Expenditures. Disclaimer The materials contained in this publication have been prepared by the Oklahoma Department of Commerce for informational purposes only and do not consti-tute legal or tax advice. This information is subject to change based on judicial interpretation and legislative action. The application of the information is subject to your unique facts and circumstances. YOU SHOULD NOT ACT UPON ANY INFORMATION CONTAINED IN THESE MATERIALS WITHOUT SEEKING YOUR OWN PROFESSIONAL LEGAL AND TAX ADVICE. 19 www.OKcommerce.gov/incentives Business Incentives Don’t pay someone to help you with your Quality Jobs application; the Oklahoma Department of Commerce provides assistance for FREE! Quality Jobs Application Deadline Applications accepted throughout the year, anytime prior to new hires. A Simple and Easy Application Process 1) Contact an Oklahoma Quality Jobs representative at the Oklahoma Department of Commerce, 800-879-6552, to request a preliminary cost-benefit analysis. This analysis estimates the payments that a project may be eligible to obtain. 2) If your company wishes to pursue application for the program, you then submit a formal application to the Oklahoma Department of Commerce. Commerce determines eligibility for the initial contract and makes the formal contract offer to qualifying companies. For Assistance Technical assistance regarding program concepts, eligible companies, application guidelines and other information pertaining to the Quality Jobs Program is available upon request and encouraged. Contact Martin Roberts Oklahoma Department of Commerce 800-879-6552 martin_roberts@ OKcommerce.gov 20 www.OKcommerce.gov/incentives Business Incentives Tax Credit. Additionally, companies obtaining ad valorem exemptions from local taxing entities may be exempted for up to six years, rather than five. Contact Steve Barker Oklahoma Department of Commerce 800-879-6552 steve_barker@ OKcommerce.gov To see maps of all Opportunity and Enterprise Zones, go to: www.OKcommerce.gov/incentives Opportunity And Enterprise Zones Businesses located in one of Oklahoma’s Opportunity or Enterprise Zones may receive enhanced financial incentives for stimulating economic expansion in rural and disadvantaged communities. What are Opportunity and Enterprise Zones? Opportunity Zones are those census tracts in which, according to the most recent federal decennial cen-sus, at least 30 percent of the residents have an annual gross household income from all sources below the poverty guidelines established by the U.S. Department of Health and Human Services. Opportunity Zones are generally the only areas in Oklahoma, Tulsa, and Cleveland counties where com-panies may qualify to use the Small Employer Quality Jobs Incentive Act. If a company is locating in an Opportunity Zone and meets the other requirements to qualify for the Oklahoma Quality Jobs Program Act, then it does not have to also meet the new wage threshold intro-duced in 2003. This legislation requires, in general, that salaries of the new direct jobs must equal the average county wage or the cap which renews annu-ally, whichever is lower (Refer to the Quality Jobs Guidelines for the latest figures). As well, these com-panies receive an automatic 5 percent benefit level. Enterprise Zones can be designated in disad-vantaged counties, cities or portions of cities. The Oklahoma Department of Commerce designates Enterprise Zones and publishes lists of eligible coun-ties, cities and census tracts. Bottom-Line Benefits Businesses locating in an Opportunity Zone are not subject to the annualized average wage require-ment in the standard Quality Jobs Program. Within the Small Employer Quality Jobs Program, only busi-nesses in Oklahoma and Tulsa counties located within an Opportunity Zone are eligible to apply. Businesses located in an Enterprise Zone are eli-gible to receive double the Investment/New Jobs Disclaimer The materials contained in this publication have been prepared by the Oklahoma Department of Commerce for informational purposes only and do not consti-tute legal or tax advice. This information is subject to change based on judicial interpretation and legislative action. The application of the information is subject to your unique facts and circumstances. YOU SHOULD NOT ACT UPON ANY INFORMATION CONTAINED IN THESE MATERIALS WITHOUT SEEKING YOUR OWN PROFESSIONAL LEGAL AND TAX ADVICE. 21 www.OKcommerce.gov/incentives Business Incentives Three Oklahoma organizations have been selected as eligible Community Development Entities (CDEs) for purposes of the New Markets Tax Credits on behalf of the U.S. Department of Treasury. The CDEs are the REI New Markets Investment, LLC; Meta Fund, Inc.; and New Markets Redevelopment LP. Eligible investors in these organizations may qualify for federal income tax credits when the organizations invest in underserved low-income communities. The credits are 5 percent of investment for the first three years of the credit and 6 percent for the last four years of the credit, for a total of 39 percent of invest-ment over the seven years of credit period. Contact: Cherokee Nation Businesses Economic Development Company 777 West Cherokee Street Catoosa, OK 74105 918-384-7774 Meta Fund, Inc. 2225 N May Avenue Oklaoma City, OK 73107 405-949-0001 info@metafund.org, New Markets Redevelopment LP 5801 N Broadway Extension, Suite 120 Oklahoma City, OK 73118 405-842-0100 Disclaimer The materials contained in this publication have been prepared by the Oklahoma Department of Commerce for informational purposes only and do not consti-tute legal or tax advice. This information is subject to change based on judicial interpretation and legislative action. The application of the information is subject to your unique facts and circumstances. YOU SHOULD NOT ACT UPON ANY INFORMATION CONTAINED IN THESE MATERIALS WITHOUT SEEKING YOUR OWN PROFESSIONAL LEGAL AND TAX ADVICE. New Market Tax Credits 22 www.OKcommerce.gov/incentives Business Incentives Example programs include: • LEAN practices • Six Sigma • Supply chain management • High-performance work systems • Strategic planning • Team training • Project management Contact Scott Smith CareerTech 800-879-6552 scott_smith@ OKcommerce.gov Training For Industry Program Consistently ranked as one of the nation’s leading workforce training incentives, Oklahoma’s Training for Industry Program (TIP) is a low- or no-cost way for new or growing qualifying com-panies that create jobs to get a skilled, focused, and motivated workforce. Highly trained professionals deliver customized technical, man-agerial, and general workplace skills through a network of technology centers across the state. Totally Customized Every business is different. That’s why flexibility is key to meet-ing your specific start-up requirements. This program offers the freedom and flexibility to deliver the training you need to ensure a skilled workforce. World-Class System TIP can be delivered at your site or one of 56 technology center campuses across the state. These are modern, state-of-the-art facilities with up-to-date equipment and knowledgeable, busi-ness- savvy instructors. Technical Skills and More Employees need much more than basic technical skills to ensure your success. That’s why Career Tech also covers everything from company orientation to customer service, software exper-tise to inventory management, supervisory development to ISO, SPC and process improvement, team and interpersonal skills to safety. Long-Term Relationship TIP is just the beginning of a long-term relationship. Career Tech also provides no cost/low cost ongoing upgrade training to keep your employees on the leading edge. Each year, nearly 3,000 Oklahoma employers take advantage of this resource. Disclaimer The materials contained in this publication have been prepared by the Oklahoma Department of Commerce for informational purposes only and do not consti-tute legal or tax advice. This information is subject to change based on judicial interpretation and legislative action. The application of the information is subject to your unique facts and circumstances. YOU SHOULD NOT ACT UPON ANY INFORMATION CONTAINED IN THESE MATERIALS WITHOUT SEEKING YOUR OWN PROFESSIONAL LEGAL AND TAX ADVICE. 23 www.OKcommerce.gov/incentives Business Incentives Foreign Trade Zones Foreign Trade Zones If you conduct International business, locating your business in one of Oklahoma’s four Foreign Trade Zones will help you save money and take advantage of efficiencies in customs procedures. In addition to our strategic location in the geographic center of the U.S., Oklahoma offers an expansive transportation system and state-of-the-art industrial parks ideal for businesses importing and warehousing, manufactur-ing, or assembling with imported goods. Oklahoma’s Four Foreign Trade Zones FTZ 164 The Port of Muskogee, located on the McClellan Kerr Arkansas River Navigation System, provides high-capacity barge, rail, and truck services. The Port is currently constructing the largest state-of-the- art marina providing in part, docking facilities for both domestic and international vessels. For Port of Muskogee Assistance: Scott Robinson, 918-682-7886, www.muskogeeport.com. FTZ 53 The Tulsa Port of Catoosa, also on the McClellan Kerr Arkansas River Navigation System, provides rail, barge and truck transportation services from Oklahoma to ports through out the world. For Tulsa Port of Catoosa Assistance: Bob Portiss, 918-266-2291, www.tulsaport.com. FTZ 106 The Port Authority at Will Rogers International Airport of the Greater Oklahoma City Area is the governing board and Oklahoma’s largest Foreign Trade Zone, having responsibility for a 42-county service area in central and western Oklahoma. For Greater Oklahoma City Area Zone Assistance: Matthew S. Weaver, 405-623-5335, foreigntradezone106.org FTZ 227 The International Business Park in Durant is a thriving 320-acre park, serving southern and southeastern Oklahoma and Texas. Interstate Hwy 35, the primary trunk of the NAFTA Super Highway Systems, lies just 45 miles west of the zone. For International Business Park in Durant Assistance: Joy C. Rambo, 800-658-2823. 24 www.OKcommerce.gov/incentives Business Incentives Benefits • Accelerated Federal Property Depreciation Schedule • Federal Employment Tax Credits of up to $4,000 per qualifying employee per year • Savings of up to 35 percent to 40 percent in depreciation of equipment Contact: Martin Roberts Oklahoma Department of Commerce 800-879-6552 martin_roberts@ OKcommerce.gov Oklahoma Indian Land Tax Credit Map American Indian Land Tax Credits Two-thirds of Oklahoma, because of its unique Native American heritage, qualifies for special federal tax treat-ment. Businesses locating or expanding in these areas benefit by accelerated depreciation of investment and by employment tax credits when employing tribal members or their spouses. Disclaimer: This incentive is approved annually by the U.S. Congress. Please check OKcommerce.gov/incentives for availability. 25 www.OKcommerce.gov/rural Rural Economic Development Rural Economic Development Overview Developing the economies of our rural communities represents a crucial part of raising the overall standard of living and economic viability of our state. The Oklahoma Department of Commerce offers a wide range of programs, services, and resources for our rural businesses and communities. Through the Rural Action Partnership Program, the Commerce Rural Development Team can help communities recruit, retain, and expand businesses; help entrepreneurs and innovators turn ideas into marketable products and services; secure funds for community development projects such as a new senior center or water treatment plant, and much more. 26 www.OKcommerce.gov/rural Rural Economic Development Rural Action Partnership Program The Rural Action Partnership Program (RAPP) fosters healthy and sustainable rural communities through small business retention and expansion, business recruitment, entrepreneurial development, and the development of regional economic development partnerships. As the facilitator of this effort, the Oklahoma Department of Commerce is able to offer a wide range of programs and services to help rural communities grow: • Business retention and expansion programs • Entrepreneurial education • Value-added production opportunities • Strategic planning and community development programs • Site location and business recruitment analysis • Workforce development programs • Regional economic development partnerships Rural Action Partnership Program Partners • Governor’s Council for Workforce & Economic Development • Oklahoma Employment Security Commission • Oklahoma Tourism & Recreation Department • Oklahoma Department of Transportation • Oklahoma Department of Agriculture • Oklahoma Department of Environmental Quality • Oklahoma Resource Conservation and Development • Oklahoma Association of Regional Councils • Oklahoma State University Extension • USDA Rural Development • Higher Education • Oklahoma CareerTech • Rural Enterprises of Oklahoma, Inc. • U.S. Small Business Administration • Oklahoma Small Business Development Centers • State Chamber • Oklahoma Business Roundtable • Oklahoma Rural Development Council • Oklahoma Center for Science and Technology • i2E • Oklahoma Manufacturing Alliance Rural Development Specialists The Oklahoma Department of Commerce Rural Development Specialists coordinate the various programs and services that comprise the Rural Action Partnership Program. The specialists are regionally located across the state and work closely with our part-ners to facilitate the formation of regional economic development partnerships throughout the state. Rural Development Specialists provide a wide vari-ety of expertise and assistance to communities, including: • Business retention and expansion programs • Entrepreneur development • Asset and natural resource mapping • Industry and workforce support • Industry targeting • Help with business incentives • Community and economic development Contact the Rural Development Specialist in your area today to learn how we can help. www.OKcommerce.gov/rural Contact: Rob Gragg, Oklahoma Department of Commerce 800-879-6552 rob_gragg@OKcommerce.gov 27 www.OKcommerce.gov/rural Rural Economic Development Rural Development Specialists Lisa Clark North East Region 918-323-1411 lisa_clark@OKcommerce.gov Glenn Glass South East Region 580-596-1640 glenn_glass@OKcommerce.gov Michael Fry Tulsa 918-594-8419 mike_fry@OKcommerce.gov Rob Gragg Oklahoma City Metro / Far NW 405-596-0314 rob_gragg@OKcommerce.gov Barry Clark North Central Region 405-640-9149 barry_clark@OKcommerce.gov Corey Herndon West Central Region 405-596-0663 corey_herndon@OKcommerce.gov Christy Elkins South West Region 405-596-0080 christy_elkins@OKcommerce.gov 28 www.OKcommerce.gov/rural Rural Economic Development Regional Partnerships When communities and/or counties come together for a common economic development effort, all will gain much more than if they went at it alone. Many Oklahoma communities are starting to recognize the value of regional partnerships. Rural Development Specialists will help communities that are not currently in a regional partnership identify potential partners and facilitate the formation of those alliances by leveraging existing resources and providing incentives for regional economic development initiatives. Advantages of Regional Partnerships • More efficient use of pooled resources • More effective marketing of larger workforce, site locations, financial incentives, and capital formation • Broader array of experience, contacts, skill sets to draw upon • Expanded tourism attractions to promote For more information, go to OKcommerce.gov/rural. Executive Pulse Business Intelligence/Retention System This system facilitates the rention of existing businesses and jobs by encouraging economic, com-munity and workforce development organizations to work together. Service Provider Database OKcommerce.gov/spd This online database gives communities, individu-als, and businesses the ability to search and find local government and public sector service providers in the areas of business financing; training and education; general business services, start-up and entrepre-neur assistance; government and licensing agencies; community development resources; information resources; economic development organizations; and association and membership groups. Users can search based on category, keyword, or geographical service area. Contact: Rob Gragg, Oklahoma Department of Commerce 800-879-6552 rob_gragg@ OKcommerce.gov 29 www.OKcommerce.gov/train Workforce Business Recruiting The Oklahoma Department of Commerce promotes businesses wanting to relocate or expand opera-tions. Through the Fast Forward team, Commerce helps coordinate with state and federal agencies and local communities to reduce red tape and bring site selection projects in on-time and within bud-get. If your community needs assistance with business recruiting, the Oklahoma Fast Forward economic development team can help with the following: • Recruitment and expansion assistance • Connect with site consultants • Site location and business recruitment analysis Industry Targets • Aerospace • Energy • Weather • Biotechnology • Logistics • Manufacturing • Business Services • Value-Added Agriculture Find It FAST! Check out OKcommerce.gov to find the information you need or call the Fast Forward Team at 800-879-6552 for personal assistance. • Incentives • Buildings & Sites • Demographic Data • Workforce Data • Target Industries • Community Profiles • Workforce Training • Major Employers • State Chambers and ED Organizations • Recent News • Sooner ED News Contact: Fast Forward Team Oklahoma Department of Commerce 800-879-6552 OklahomaFastForward@OKcommerce.gov www.OKcommerce.gov/fastforward 30 www.OKcommerce.gov/communities Communities Community Resources Overview The Oklahoma Department of Commerce is responsible for numerous programs that help communities raise the per capita income and improve the quality of life for local residents. Community Development Block Grants assist with vital infrastructure issues. Funding for programs that improve the lives of low-income residents is provided to Community Action Agencies throughout the state. The State Energy Office supports renewable energy and energy efficiency programs across the state. Contact the Community Development division today at 800-879-6552 or info@OKcommerce.gov to learn how we can help your community. 31 www.OKcommerce.gov/communities Communities Oklahoma’s Site Certification Program The Oklahoma Department of Commerce, in partnership with PSO and OG&E launched Site Ready, Oklahoma’s site certifi-cation program for new investment and retention of expanding industry in the State of Oklahoma. As businesses attempt to minimize risk, locations with shovel-ready sites emerge as the top choices. A statewide site certification program that assures a quality site available in minimal time not only provides site selectors with the informa-tion they need to make appropriate decisions, it also places Oklahoma in a position to maximize economic development opportunities. The purpose of Site Ready is to place Oklahoma in a position to further capitalize on economic development opportuni-ties. With an inventory of sites that are certified for immediate investment and development, Oklahoma will proactively serve the needs of businesses. In addition, Site Ready helps prepare Oklahoma communities to accommodate new business prospect inquiries. By going through the application process, communities will have the opportunity to learn what the relevant needs for various projects are and how to strategically plan to address those needs. Contact: Jeremy Zeller Oklahoma Department of Commerce 800-879-6552 jeremy_zeller@ OKommerce.gov 32 www.OKcommerce.gov/communities Communities Energy-Related Funding The Oklahoma State Energy Office receives con-gressionally appropriated funding from the U.S. Department of Energy (DOE) to operate the State Energy Program (SEP). Contact: Carolyn Sullivan Oklahoma Department of Commerce 800-879-6552 carolyn_sullivan@ OKcommerce.gov Human Development Funding Human Development programs are designed to assist low-income individuals and families make healthy transitions in their lives and consequently achieve and sustain a better life. In total, more than $20 mil-lion is appropriated to support programs that help empower Oklahoma’s need-iest families to overcome hardship and move toward self-sufficiency. Contact: Kathy McLaughlin Oklahoma Department of Commerce 800-879-6552 kathy_mclaughlin@ OKcommerce.gov Grants & Funding Through a variety of funding and technical assistance programs, the Oklahoma Department of Commerce is working to make an impact on Oklahoma’s future. Federal and state funding programs administered through Commerce provide $50 million annually to address critical economic, infrastructure and human development needs and help build and improve Oklahoma communities. Community Development Block Grants The Community Development Block Grant (CDBG) program enables rural Oklahoma communities to finance a variety of public infrastructure and eco-nomic improvements and helps promote job growth as a result of these improvements. CDBG funds are provided by the federal government and managed by Oklahoma Commerce to help ensure Oklahoma’s most critical needs are addressed. Contact: Scott Myers Oklahoma Department of Commerce 800-879-6552 scott_myers@ OKcommerce.gov For a list of grant-related websites go to www.OKcommerce.gov/funding 33 www.OKcommerce.gov/communities Communities Opportunities • CDBG Competitive Planning Grants • Conference Scholarships • Leadership Class Assistance • Support Workshops • Award Recognition and Networking events • OCC CDBG Project Funds • CDBG Bonus Points Community Development Resource Kit For communities not eligible to participate in Oklahoma Century Communities, the Community Development Resource Kit is available. The Resource Kit has been created to provide com-munities with tools in which to conduct community assessments and create a community strategic plan. The tools help a community identify where they are today and visualize where they want to be in the future. Contact: Kathy Gain Oklahoma Department of Commerce 800-879-6552 kathy_gain@OKcommerce.gov Oklahoma Century Communities Each participant community is served based on their current level of economic preparedness. With self assessment tools, level appropriate goals and achievement based incentives, Oklahoma Century Communities encourages locally driven, community wide strategic planning and leadership development in Oklahoma communities possessing the desire to develop local capacity. Participate At Your Community’s Level Oklahoma Century Communities is designed to help communities, whether they are just coming to realize a need for change or they’ve been actively pursuing a better future for some time. Communities are invited to self-evaluate their level from one of the following: Designing Plans — A general interest in planning and implementation has become apparent. Laying Foundations — A strategic plan has been created and now isthe time to turn dreams into realities. Under Construction — Things are happening, goals are beingreached, ideas and plans are turning into actions. Grand Opening — The community is positioned to help existing businesses expand and grow to attract new businesses, to bolster the local economy and to improve the overall quality of life. Related Websites: Oklahoma Community Institute www.ocionline.org Oklahoma Association of Regional Councils www.oarcok.org 34 www.OKcommerce.gov/communities Communities mainstreet Oklahoma Main Street For 24 years, Oklahoma’s Main Street program has been pumping new life back into the heart of communities across the state. Combining historic preservation and downtown revitalization efforts with powerful economic stimulation, Main Street restores the core assets of our communities and enhances the quality of life for our citizens. What We Do The Oklahoma Main Street Center provides training, resources, and technical assistance for preservation-based commercial district revitalization. Based on the National Main Street Center’s guiding principles and nationally recognized Four-Point Approach, the pro-gram offers a practical strategy scaled for each local community. Main Street promotes public and private partnership and local leadership, commitment, and synergy while delivering tangible and intangible bene-fits to communities. Results Main Street Impact (since Inception) Public/Private Reinvestment: $616,152,580 Building Rehabilitations: 3,250 Net Gain in New Business Expansions: 3,652 Net Gain in New Jobs: 11,422 Volunteers Hours: 583,798 To Apply Prospective communities interested in participating in the Main Street Program are required to send two representatives to the annual Main Street Application Workshop held every September. Formal applications are accepted from workshop attendees and are due in January for review and selection by a panel of judges. Contact: Linda Barnett Oklahoma Department of Commerce 800-879-6552 www.OKcommerce.gov/mainstreet Restore Restructure Revitalize Results 35 www.OKcommerce.gov/train 35 Workforce www.OKcommerce.gov/train Communities Workforce Overview Having a well-trained, hard-working, professional and diverse workforce is critical to Oklahoma’s economic success. The Oklahoma Department of Commerce, in conjunction with the Governor’s Council for Workforce and Economic Development, helps coordinate workforce-related services, strategy and referrals for businesses and communities. We partner with education and businesses to analyze workforce availability and needs in industry clusters and connect employers, job seekers and workforce professionals. 36 www.OKcommerce.gov/train Workforce 36 www.OKcommerce.gov/train Communities Workforce Expansions No matter the size of your business, finding and hir-ing qualified employees represents one of the most important parts of any long-term growth strategy. When you hire people, you’re investing time, money, training and trust. If done properly, business booms. If done incorrectly, you lose your investment and poten-tially much more. Workforce Services can assist you with: • Recruiting and hiring • Finding qualified employees • Business tools for recruiting and hiring • Workers’ Compensation: Avoiding legal pitfalls • Tax credits, incentives, and services • Business tools for new hire tax reporting • Hiring foreign workers • Business tools for verifying employment eligibility Contact: Oklahoma Employment Securities Commission 888-980-work (9675) OESC.state.ok.us Workforce Reductions Because layoffs are often part of weathering a lack-luster economy and aren’t necessarily permanent, employers who manage their workforce reductions well can expect to improve their organization’s image, productivity, profits, and staff morale. Workforce services can help manage workforce reductions, reg-ulations and tax issues Contact: Lynda Baird Oklahoma Employment Securities Commission 888-980-work (9675) lynda.baird@oesc.state.ok.us Workforce for Business Oklahoma Career Readiness/WorkKeys Designed by ACT, the company that developed the ACT college entrance exam, CareerReady measures communication, problem-solving, and interpersonal skills valuable to any occupation — skilled or profes-sional — and at any level of education. When fully implemented, assessment sites will be set up across the state on college campuses, One- Stop sites, CareerTech centers, and other strategic locations. Individuals’ assessments and scores will be recorded and housed in a secure database. Depending on their scores, potential or incumbent employees will be awarded a gold, silver or bronze Oklahoma Career Readiness Certificate. These portable skills credentials, which are easily and nationally recognized, can be used to facilitate job placement, retention, and advancement. Contact: Susan Kuzmic CareerTech 405-809-3582 susan_kuzmic@ okcareertech.org 37 www.OKcommerce.gov/train Workforce Industry Training Oklahoma’s community colleges, universities, tech-nology centers, apprenticeships, technical institutes, nonprofits, businesses, and state agencies work hand-in-hand to deliver companies 3 key benefits. Save money: Save thousands of dollars in expenses for job analysis, training assessment, consultation, curriculum development, instructors, facilities, equip-ment, materials, and day-to-day training program administration. Train anywhere: Your employees can receive start-up training or skills upgrade onsite or take advantage of universities, community colleges, and technology centers in every part of the state. Make one call: Tapping into this vast network of workforce training and education options takes one call — Oklahoma Commerce. www.OKcommerce.gov/train Contact Scott Smith CareerTech 800-879-6552 scott_smith@ OKcommerce.gov Oklahoma’s system of 29 technology center districts with 56 campuses provides a wide variety of programs, services and resources for businesses across the state. www.OKcommerce.gov/incentives 38 www.OKcommerce.gov/train Workforce www.OKcommerce.gov/council Workforce Investment Boards Complying with the Workforce Investment Act, Oklahoma created its system of Workforce Investment Boards (WIB) in February 1999. The WIBs advise the governor and are charged with identifying Oklahoma’s current and future workforce develop-ment needs; coordinating business, education, and government efforts and resources; and implement-ing programs and services designed to ensure that Oklahoma’s employers and employees achieve their full potential. Workforce 38 Southeast Southern Eastern Northeastern East Central Tulsa Cleveland County Central North Central South Central Southwest Northwest To Contact a WIB in your area, go to OKcommerce.gov/workforce 39 www.OKcommerce.gov/smallbiz New and Small Business Support Eastern New and Small Business Support Overview The Oklahoma Department of Commerce makes it a priority to provide you the information and connection to resources you need to help new and small businesses in your area. Please use the information and resources detailed in this section to build and sustain businesses in your community. And when you need personal, one-to-one assistance, contact the Business Solutions Division at Commerce, 405-815-5143 or info@OKcommerce.gov. 40 www.OKcommerce.gov/smallbiz New and Small Business Support Entrepreneurs The Oklahoma Department of Commerce created OKstartup.com, and this virtual center provides a central point of access for entrepreneurs to access resources they need for new or expanding business. Starting a Business? • Get a Federal Employer Identification Number • Register with state agencies • Determine which state licenses and permits are needed • Look into Business incubators Expanding a Business? • Business financing • Business incentives • Export assistance • Workforce assistance • Small business health insurance • Case studies Contact: Shelli Todd Oklahoma Department of Commerce 800-879-6552 shelli_todd@ OKcommerce.gov Minority and Women-Owned Businesses Oklahoma Minority Supplier Development Council (OMSDC) Provides a Minority Business Enterprise (MBE) certi-fication for minority-owned business in Oklahoma. In turn, it solicits major corporations and private entities to increase their amount of purchasing and procure-ment with its certified MBEs. U.S. Small Business Administration (SBA) The SBA provides certification to eligible small busi-ness that want to do business with agencies of the federal goverment. Oklahoma Department of Transportation Oklahoma Department of Transportation (ODOT) pro-vides a “Disadvantaged Business Enterprise” (DBE) certification for qualified minority and women-owned businesses in Oklahoma. The qualify for DBE certifi-cation, the minority or female owner: • must have full operational control of the business and 51percent or more of the ownership • must provide a service, product or needed item that is involved with transportation projects Contact: Ken Talley Oklahoma Department of Commerce 800-879-6552 ken_talley@ OKcommerce.gov Women-Owned Business Certifications Commerce provides a Women-Owned Business certi-fication. When purchasing or procurement officials are specifically seeking women-owned businesses, this certification may be particularly beneficial to minority female business owners. To qualify for certification in general, the female appli-cant must be in full operations control of the business and have 51percent or more ownership. Contact: Rana Steeds Oklahoma Department of Commerce 800-879-6552 rana_steeds@ OKcommerce.gov 41 www.OKcommerce.gov/smallbiz New and Small Business Support Insure Oklahoma To participate in the Insure Oklahoma program for small employers, a business must meet the following eligibility criteria: • The buiness must be located within Oklahoma • The business must have 99 or fewer full-time and part-time employees • The small employer must contribute at minimum 25 percent of eligible employees’ premium costs • The employer must offer an Insure Oklahoma quali-fied health plan Insure Oklahoma Individual Plan The Insure Oklahoma individual Plan is available to Oklahomans not otherwise eligible to participate in an Insure Oklahoma employer-sponsored Qualified Health Plan. Eligibility details are available on the Insure Oklahoma website. The Insure Oklahoma website features eligibility wizards to help you determine you or your company’s eligibility. You’ll also find forms, health plan descrip-tions, answers to frequently asked questions, and more. And while you’re there, be sure to sign up for the monthly Insure Oklahoma newsletter to stay on top of enhancements to the program. Other Insurance Options Available to Businesses and Individuals: • Oklahoma Chamber Blue Small Business Health Insurance Plan • HumanaOne Individual Health Plan for Oklahoma • Manufacturer’s Insurance Program Contact: Insure Oklahoma 888-365-3742 www.oepic.ok.gov Small Business Advocacy If you are an Oklahoma small business owner and you believe an existing or proposed state agency rule will adversely affect your business, you now have the means to make your concerns known. The Small Business Advocacy Committee (SBAC) includes 13 business owners and the chairs of the Oklahoma House and Senate Small Business Committees. SBAC reviews new rules which may adversely impact small businesses and suggests less restrictive alter-natives and/or creative, flexible means for business to comply to the agencies wherever possible. The committee can also assist businesses with concerns about existing rules. If you’re facing a problem with a state agency rule, please write explaining your difficulty with the rule and suggestions you have to improve the situation. Contact Rana Steeds Oklahoma Department of Commerce 800-879-6552 rana_steeds@ OKcommerce.gov Small Business Health Insurance Insure Oklahoma, fromerly known as the Oklahoma Employer/Employee Partnership for Insurance Coverage (O-EPIC), is the first program of its kind in the nation to assist small business owners, employees and their spouses with health insurance premiums. Insure Oklahoma will pay part of the health plan pre-miums for eligible employees working for qualified Oklahoma small businesses (with 99 or fewer employ-ees). Participation in this program is voluntary. 42 www.OKcommerce.gov/smallbiz New and Small Business Support Export Assistance In the age of globalization, exporting represents a cru-cial component to the long-term economic health of the United States and to Oklahoma. As the world gets smaller, markets for products and services continue to expand, representing a variety of opportunities for Oklahoma businesses and communities to increase profits, create jobs and raise employment levels, fund sustainable economic development initiatives, and attract foreign direct investment (FDI) dollars. Designed to ensure that Oklahoma’s small- to medium-sized businesses and large corporations can access the resources and services they need to suc-ceed in the international marketplace. Our export assistance provides: • Exporting basics • Exporting FAQs • Exporting step-by-step • Workshops, seminars, & networking • Financing • Commerce export services • Market research Contact: Dessie Apostolova Oklahoma Commerce 800-879-6552 dessie_apostolova@ OKcommerce.gov Business Incubators Incubators are an effective and popular technique to help entrepreneurs and start-up business firms sur-vive and prosper during their early years -- when they are most vulnerable. There are 49 business incubators now in Oklahoma. According to the National Business Incubation Association, the overall success rate for businesses that begin in an incubator is 80 percent. When it comes to the subject of business incubators, we’re just getting warm. Business incubators also: • Provide a physical location in which a new business can commence, coupled with support services such as shared facilities and business advice; • Are designed to produce healthy firms that cre-ate jobs and wealth, strengthen the economy, commercialize new technologies and revitalize communities; • Are sponsored by local governments, economic development agencies, universities, community col-leges and vocational schools, private sector firms, and combinations of these groups. Oklahoma Certified Incubators Sponsors of a certified incubator may be exempt from Oklahoma income taxes on income derived from services provided to the tenants, or for providing funding for an incubator site. This exemption is for 10 years from the date of the tenant’s occupancy within an incubator. The tenant of a certified incubator is exempt from state tax liability on income earned as a result of activities conducted as an occupant in an incuba-tor for up to 10 years from the occupancy date in an incubator site in accordance with rules of the Oklahoma Tax Commission. The exemption remains in effect after the date the tenant is no longer an occupant in an incubator, but not to exceed a total of 10 years. In order to qualify for the income tax exemption for the sixth through 10th year, the ten-ant must make at least 75 percent of its gross sales to buyers located outside the state or to the federal government. How To Apply for Certification Certification of business incubators may be obtained through Oklahom Commerce. Details regarding the operation and range of services are required to be presented in a business plan. Contact: Rana Steeds Oklahoma Department of Commerce rana_steeds@ OKcommerce.gov 800-879-6552 43 www.OKcommerce.gov Directory OKcommerce.gov Need to find something on the Commerce website in a hurry? Need to tell someone outside of Commerce how to get to a specific piece of content? There may be a shorter version of the URL available to help you - - we call them redirects. The list below shows the redirects available on the Commerce website. Use them yourself or tell others about them. They’re a great convenience. BidWatch Service OKcommerce.gov/bidwatch Biotech/Nanotech Industry OKcommerce.gov/bio Business Incentives and Tax Guide OKcommerce.gov/incentives Business Licensing Program OKcommerce.gov/licensing Business Retention and Expansion Strategies OKcommerce.gov/bre Business Start-Up Frequently Asked Questions OKcommerce.gov/startup CDBG Funding Guidelines and Applications OKcommerce.gov/cdbg Oklahoma’s Career Readiness Program OKcommerce.gov/careerready Oklahoma Century Communities OKcommerce.gov/century Commerce News and Publications OKcommerce.gov/news Commerce Staff Directory OKcommerce.gov/contacts Communities overview page OKcommerce.gov/communities Community Developer Newsletter OKcommerce.gov/developer Cost of Doing Business okcommerce.gov/lowcost Data and Research overview page OKcommerce.gov/data Email newsletter subscriptions page OKcommerce.gov/subscribe Events Calendar OKcommerce.gov/events Fast Forward Team OKcommerce.gov/fastforward Financial Resources for Businesses OKcommerce.gov/bizfunds GIS Mapping Program (includes Site Ready and Buildings & Sites database) OKcommerce.gov/locateok Governor’s Council for Workforce and Economic Development OKcommerce.gov/council Grants and Funding for Communities OKcommerce.gov/funding Hot Jobs for Job Seekers OKcommerce.gov/jobs International Trade Tools and Resources OKcommerce.gov/trade Multimedia Library OKcommerce.gov/media New and Existing Business overview page OKcommerce.gov/business New and Small Business Support OKcommerce.gov/smallbiz Oklahoma Main Street Program OKcommerce.gov/mainstreet Oklahoma’s Weather Industry OKcommerce.gov/weather Quality Jobs Program OKcommerce.gov/qualityjobs Quality of Life in Oklahoma OKcommerce.gov/goodlife Rural Economic Development OKcommerce.gov/rural Service Provider Database OKcommerce.gov/spd 44 www.OKcommerce.gov Directory Oklahoma’s Site Certification Program OKcommerce.gov/sites Site Ready Properties okcommerce.gov/siteready Site Selection overview page OKcommerce.gov/chooseok Sooner Economic Development News OKcommerce.gov/soonernews State Energy Office OKcommerce.gov/energy Workforce overview page OKcommerce.gov/workforce Workforce Training OKcommerce.gov/train Disclaimer The materials contained in this publication have been prepared by the Oklahoma Department of Commerce for informational purposes only and do not consti-tute legal or tax advice. This information is subject to change based on judicial interpretation and legislative action. The application of the information is subject to your unique facts and circumstances. YOU SHOULD NOT ACT UPON ANY INFORMATION CONTAINED IN THESE MATERIALS WITHOUT SEEKING YOUR OWN PROFESSIONAL LEGAL AND TAX ADVICE. 45 Notes |
Date created | 2012-01-05 |
Date modified | 2014-04-22 |
OCLC number | 813293566 |
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