Loan Closing: Martial Arts Business closes on SBA Micro loan
- ITFA Taekwon-Do Oklahoma
- TEDC SBA Micro Loans
- Working with TEDC
Tulsa Economic Development Corporation is a non-profit, community development financial institution formed in 1979 as a catalyst for economic development. They support small businesses through learning programs and lending opportunities.
On the lending side of things, when a small business owner gets approved for a loan and is ready to sign the dotted line, they get to go through a closing. The closing is when they are ready to receive their funds and begin on their payments, the process has begun.
ITFA Taekwon-Do Oklahoma
On January 13, Kristoffer Morrison closed on a microloan for his business ITFA Taekwon-Do Oklahoma. The funds will help them expand into a new state of the art facility.
“We’re moving from a 1,200 square foot space into a 4,000 square foot space,” Morrison said. “The work starts immediately, and we hope to be in the space by April 1.”
Morrison’s current facility for ITFA Taekwon-Do Oklahoma is located in New Orleans Square in Broken Arrow. They offer Taekwon-Do and Boxing Fitness Classes to everyone ages four and up, including adults.
“We opened the business on July 1, of 2022, and we’ve grown fairly rapidly,” Morrison said. “We offer self defense, traditional martial arts, and fitness boxing classes led by Olympic medalist Tony Jeffries.”
Morrison’s favorite part about the work that he does is seeing the smiles on people’s faces and the impact that his business has on their lives.
“You can see the change happening before your eyes,” Morrison said. “You see the difference, not just physically, but mentally and from a confidence standpoint. You see discipline change, and it’s wonderful.”
TEDC SBA Microloans
The U.S. Small Business Administration lends money to TEDC Creative Capital, which is then offered as a micro loan for Oklahoma startups and small businesses.
TEDC’s average microloan is $12,000 with a maximum of $50,000. The loan must be repaid within six years and TEDC offers competitive interest rates.
“I had to sit down and document some things that were in my head but actually needed to flesh out and that allowed me to go a little bit deeper,” Morrison said about the application process.
“All the folks that we dealt with were super clear, super great communicators, and we did this over the holiday period. Everyone worked through it with us, including some folks working on the holiday to help us. I would highly, highly recommend it.”
Working with TEDC
What he enjoyed most about working with TEDC to receive his microloan was the ability to work with local lenders that were there to support him along the way.
“The ability to work with folks locally is great,” Morrison said. “People who have lived and worked in the community, as opposed to dealing with some far off folks, what comes along with that is the support that’s offered. Being able to bounce the ideas off of people is extremely valuable.”
The future of ITFA Taekwon-Do Oklahoma is bright. They hope to offer a full Kids Camp program this summer, and have a senior instructor coming over from Australia in October that they’re looking forward to.
About TEDC Creative Capital
TEDC Creative Capital (aka TEDC) is a community development financial institution (CDFI) that provides progressive lending to start-up and growing businesses. TEDC builds equitable economic prosperity by helping small companies operate more successfully, create jobs, and advance communities! Loans range from $500 to $10 million.
Visit TEDCnet.com or call 918-585-8332 for more information on SBA Microloans! If you know someone who may need TEDC assistance, please share this story.