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Oklahoma Department of Commerce Secretary Dave Lopez and the U.S. Treasury Department have announced that Oklahoma has been approved to receive $13.2 million in State Small Business Credit Initiative (SSBCI) funds.
The SSBCI funds will be allocated by the U.S. Department of Treasury through the Oklahoma Department of Commerce and managed by i2E, Inc. The Commerce Department and i2E have partnered in a joint initiative called “Accelerate Oklahoma!”, which provides three distinct investment funds targeting the formation and expansion of high growth businesses.
“It is good to learn that Oklahoma is among the first few states to complete this process and that these funds will be available to our small businesses,” Lopez said. “We appreciate working with the U.S. Treasury, and we now look forward to positive outcomes as i2E works with companies in Oklahoma to drive innovation and grow jobs.”
“Many small businesses are still struggling to access the capital they need to invest, expand and create new jobs,” said Treasurer of the United States, Rosie Rios. “These critical funds will provide a powerful incentive for investing in small businesses, spurring additional job creation and further strengthening our nation’s economic recovery.”
High growth companies are those businesses creating unique, innovative and proprietary products, services or processes resulting in substantial increases in revenue and/or jobs. For every $1 in federal funding, Oklahoma is expected to generate approximately $10 in subsequent private investment for a total impact of $130 million.
The new funds created by the Commerce-i2E partnership are:
StartOK Accelerator Fund: The fund will accelerate emerging growth businesses that show potential for bringing new products to market and increasing private capital investment in Oklahoma.
Oklahoma Angel Sidecar Fund: The fund will invest alongside angel groups and angel investors in innovative startup companies that promise sustained revenue and increased employment.
GrowOK Fund: The fund targets later stage companies that need capital to position them for expansion at the time of commitment.
Each of the funds requires a minimum one-to-one match in funding by private investors.
The Commerce-i2E partnership will provide access to capital at a critical time in the business lifecycle for emerging, innovative companies in Oklahoma.
“i2E is pleased to partner with the Oklahoma Department of Commerce to create these innovative funds and open new opportunities for Oklahoma entrepreneurs and the innovative new companies they are creating,” said Tom Walker, i2E President and CEO.