Capital Solutions
Through our nontraditional lending programs, we creatively navigate barriers to help small business owners access loans in Tulsa and throughout Oklahoma.
Funding for you
Creative Capital offers several loan options designed to help you start, sustain, or expand your business.
Start today
Creative Capital lending is geared toward startups and scaling small businesses ready to borrow today. Our team will help determine the best loan solution for you.
Creative Capital
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.Â
Loan Details
Microloan
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.
Loan Details
SBA 504 Loans
TEDC partners with the U.S. Small Business Administration (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.
Loan Details
RETAIL REVITALIZATION REVOLVING LOAN FUND
The Retail Revitalization Revolving Loan Fund (RRRLF) is a source of financing focused along and in proximity to the BRT (Bus Rapid Transit) line of Tulsa Transit and other specified areas identified by the city of Tulsa's 2018 Retail Market Study and Strategy. Existing companies and startup businesses planning to occupy, build, or purchase commercial space are eligible to apply. Loans are offered through a partnership between the City of Tulsa, PartnerTulsa, and TEDC.
Loan Details
Momentum Loans
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.
Loan Details
Interest Rates and fees
Interest Rates
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: 8.50%
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.
SBA 504 Rates: Note Rate / Effective Rate
10-Year Fixed*
5.390% / 7.067%
20-Year Fixed**
5.466% / 6.867%
25-Year Fixed***
5.464% / 6.812%
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.
10 year debentures are priced every other month. Last sale date: September 2023.
*Â Â Â Effective rate for 10-year refinance =Â 7.098%
**Â Â Effective rate for 20-year refinance = 6.886%
*** Effective rate for 25-year refinance = 6.830%
Other Fees
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.
The TEDC Business Loan process
You’re a business seeking financing.
Apply for a TEDC Creative Capital loan.
Complete Documentation.
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.