Through our nontraditional lending programs, we creatively navigate barriers to accessing capital.
Funding for you
Creative Capital offers several loan programs designed to help you start, sustain, or expand your business.
Creative Capital lending is geared toward startups and sacling small businesses ready to borrow today. Our team will help determine the best loan solution for you.
Small Business Loan
In partnership with the City of Tulsa through the U.S. HUD Community Development Block Grant program, the Small Business Loan Fund was created to finance start-up and growing businesses that provide jobs and boost the local economy.
TEDC makes direct loans and participates with other financial institutions on requests that fall short of conventional lending standards.
Small loans can have a huge impact. If a loan of up to $50,000 can make a difference for your business, then a microloan from TEDC Creative Capital may be your solution. As an intermediary, we partner with the U.S. SBA to offer microloans to small companies throughout the state. Our average microloan is $12,000.
SBA 504 Loans
TEDC partners with the U.S. Small Business Association (SBA) and private sector lenders to offer the SBA 504 loan program, a fixed-rate, long-term financing tool helping businesses acquire fixed assets, such as owner-occupied commercial real estate and heavy equipment.
TEDC's share of an SBA 504 project can range from $100,000 to $5,500,000.
BUS RAPID TRANSIT REVOLVING LOAN Fund
The Bus Rapid Transit (BRT) Revolving Loan Fund (RLF) is a source of financing focused along the BRT line of Tulsa Transit and other specified areas*. Existing companies and businesses planning to occupy, build or purchase commercial space are eligible to apply. The fund is offered through a partnership between the City of Tulsa, PartnerTulsa, and TEDC.
The Momentum Loan is a $2,500 working capital loan designed to help entrepreneurs build a credit relationship with TEDC. The approval process is abbreviated so you can access funds and technical assistance quickly. Participation in a TEDC EDEN program may be required.
Interest Rates and fees
The interest rate on most TEDC loans is tied to the Prime Rate, which is subject to change at any time.
Wall Street Journal Prime Rate: 7.75%
Rates on SBA 504 loans are pegged to an increment above the market rate for five- and ten-year U.S. Treasury issues and are fixed. Current rates are shown above for 20 and 25 year debentures. (10 year debentures are priced every other month. The March 2023 effective rate and refinance rate were 6.506 and 6.289, respectively.)
SBA 504 Note Rates
Fees for loan packaging, application, consulting and other services may also apply; these vary depending on the type and term of the loan. Fee details are provided to the borrower prior to application or closing. In many cases, fees can be built into the loan request.
* March 2023 last sale. Effective rate with fees = 6.105 for regular program and 6.119 for refinance program.
** March 2023 last sale. Effective rate with fees = 6.110 for regular program and 6.124 for refinance program.
Borrowers must pay an application fee of $35 per owner to initiate the loan application review process. Fees for loan packaging, loan closing, and other services may also apply. These vary based on the type of loan, source of funding, type of collateral, and the term of the loan. Fees are always disclosed in our application documents, commitment letter, loan authorization, or loan settlement sheet. In many cases, these may be financed in the loan request.
You’re a business seeking financing.
Apply for a TEDC Creative Capital loan.
Review and Discuss Detail with the Underwriting Department.
Application is presented to the Loan Committee and Board of Directors for approval.
Documents are gathered for post-approval and pre-funding.
Receive funding for your small business.
After the loan, TEDC Creative Capital collects annual financial statements and tax returns, provides education opportunities, and is responsible for the collection of payments.