PROJECT PURPOSE

Establishes a revolving loan and a loan guarantee fund for the purpose of fostering economic development for wholly-owned or majority-owned descendants of Dawes enumerated Freedmen business entities

EVIDENCE

An agreement with the Association of Central Governments ACOG is being negotiated to meet the fund administrator obligation...

POPULATION DESCRIPTION

An estimated 111,392 descendants of Dawes enumerated Freedmen reside throughout the State of Oklahoma and any of their wholly-owned or majority-owned business entities are eligible to apply for funding of a project in any county, city, or town within the State of Oklahoma

PERFORMANCE MEASURING

Annual evaluation of loan performance interest earnings and successful achievement of targeted loan default threshold based upon best practices; data will be collected monthly

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

One-time project will not need continued funding

PROGRAM CATEGORY

Addressing Negative Economic Impacts

PROGRAM SUBCATEGORY

Contributions to UI Trust Funds

FEDERAL GRANT AMOUNT

$

FEDERAL GRANT DESCRIPTION

None

HQ COUNTY

Statewide

ENTITY TYPE

Small 501-C3 Non-profit (<$1M revenue, annually)

Data source: Oklahoma Office of Management and Enterprise Services / More information ยป