Tulsa County RESET Program
Tulsa County Business RESET Program
(Resources to Empower Small Enterprises for Tomorrow)
Our cities, towns, and communities are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. Through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of the United States Government, Tulsa County Commissioners have voted to fund the Tulsa County Business RESET (Resources to Empower Small Enterprises for Tomorrow) Program providing economic support to small businesses and non-profit organizations in the form of forgivable loans and grants, respectively. Eligible businesses are those suffering from or adjusting to interruptions caused by government-mandated closures due to the pandemic. Eligible non-profits are those addressing the needs of individuals and families experiencing COVID-19-related hardships. Non-profits that do not provide direct services but have also experienced economic injury, are also eligible.
Tulsa Economic Development Corporation (TEDC Creative Capital), in partnership with the Tulsa County Board of Commissioners, is pleased to launch and lead the Tulsa County Business RESET Program (hereafter referred to as TC Business RESET). Small companies and non-profits continue to manage an unbearable burden as we prepare for a slow economic recovery, adjust to a new norm, and reestablish operations all while continuing to serve customers and meet the growing needs of the community. Despite the U.S. Small Business Administration’s Payroll Protection Program (PPP), the Economic Injury Disaster Loan (EIDL), and other special loan programs, many sole proprietors and small enterprises have been left behind. TC Business RESET has been created to help you survive the pandemic, ease the financial burden caused by the crisis, recover from underlying negative impacts and return to a position of success.
Provided at no cost to the borrower or grant recipient, TC Business RESET requires no processing fees, no closing costs, no interest, and no payments unless the applicant’s loan is not forgiven. Loans will be forgiven only if adequate documentation is provided to TEDC including invoices paid for COVID-19-related expenses and proof of payment. Non-profit grant recipients must provide similar evidence or grant repayment will be required. Unforgiven loans must be repaid at 3.75% over 5 years with the first payment due January 1, 2021.
Businesses with multiple locations within Tulsa County may apply separately for each location. Every effort will be made to distribute RESET funds equitably throughout all County cities and towns. $25 million is currently available for forgivable loans to businesses ranging from $5,000 to $125,000. $5 million will be available to non-profits for grants of up to $250,000.
SMALL BUSINESSES: Tulsa County small businesses may access the application portal at www.TEDCnet.com on June 29, 2020, starting at 12:00 p.m. Please read the information provided below to start gathering requirements for upload. If you have questions about the RESET application, please read our FAQ linked at the bottom of this page. If you have additional questions, please chat with one of our navigators on the TEDC website between 8 a.m. and 8 p.m. Monday - Friday and 10 a.m. to 5 p.m. on Saturday. After hours, please email email@example.com.
NON-PROFIT ORGANIZATIONS: A unique application portal has been established for Tulsa County tax-exempt, non-profit organizations. Check www.TEDCnet.com for access to this special portal on or after July 1, 2020, at 12:00 p.m. You may find the Non-Profit requirements here: Non-Profit FAQ. If you have additional questions, please chat with one of our navigators on the TEDC website between 8 a.m. and 8 p.m. Monday - Friday and 10 a.m. to 5 p.m. on Saturday. After hours, please email firstname.lastname@example.org.
The maximum loan amount is based on the number of W-2 wage-earning individuals employed by the applicant company; however, sole proprietors are eligible for up to $5,000. All loan requests are subject to eligibility requirements provided in this document.
Five funds have been established to serve small enterprises.
|Sole Proprietors||1 to 4 employees||5 to 9 employees||10 to 49 employees||50 to 99 employees||N/A|
|Up to $5,000||Up to $15,000||Up to $35,000||Up to $75,000||Up to $125,000||Up to $250,000|
Up to $5,000
1 to 4 employees
Up to $15,000
5 to 9 employees
Up to $35,000
10 to 49 employees
Up to $75,000
50 to 99 employees
Up to $125,000
EXAMPLE OF ELIGIBLE EXPENSES
EXAMPLE OF INELIGIBLE EXPENDITURES
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