OKLAHOMA CITY — Five certified rural funds participants in the Oklahoma Rural Jobs program have provided documentation that capital has been allocated and is now authorized to be awarded to an eligible business, the state Commerce Department announced.
Each participating rural fund will deploy $20 million to qualifying businesses respectively, bringing $100 million of increased capital to Oklahoma rural communities.
“With the Oklahoma Rural Jobs Program, these five rural funds participants have been given the green light to support qualifying rural businesses,” Commerce Department Executive Director Brent Kisling said. “This improved access to capital is expected to provide financial flexibility for the selected businesses to invest in equipment, purchase supplies or hire employees when they have the opportunity to expand.”
The program was created through the Oklahoma Rural Jobs Act which was passed by the state Legislature and signed by Governor Kevin Stitt last year.
The Oklahoma Rural Jobs Act promotes greater access to capital for qualifying small businesses located in rural areas of the state. By investing in eligible businesses, the rural funds may earn a tax credit of 15% of their deployed capital in years 3-6 of the program. The tax credit may be utilized against income taxes, insurance premium taxes or bank privilege taxes.