Tulsa Economic Development Corporation

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“Client Note 1 - Note # 1 - Federal Footnote #1Tulsa Economic Development CorporationThe Tulsa Economic Development Corporation (TEDC) is a private non-profit Oklahoma Corporation formed in 1979 for the purpose of promoting economic development by assisting new and existing small businesses in the City of Tulsa. TEDC uses its own funds, obtained from a variety of public and private sources to make direct loans and provides guidance for participation in loan packages involving other lending sources.Among the sources of TEDC funds is the Community Development Block Grant (CDBG) program administered by the City of Tulsa. TEDC has entered into a contract with the City of Tulsa to operate as a local development company under CDBG guidelines and may make loans to starting or existing small businesses using CDBG funds. With CDBG funds, TEDC gives special consideration and special terms to businesses owned or managed by minorities or women. Also, when CDBG funds are used, special consideration and special terms may be given to businesses located in or which will locate in targeted special impact areas of Tulsa.In addition, TEDC is certified by the Small Business Administration (SBA) to process loans under the SBA 504 program. The 504 program finances fixed assets primarily for business expansion and new business costs. The program includes participation by a lending institution, and generally requires participation by the borrower.Job creation is a major goal of TEDC and the administration of its various programs. Guidelines for loans utilizing CDBG money require that 51% of all jobs to be created shall be filled by persons falling within the low-to-moderate income ranges as defined by the U.S. Department of Housing and Urban Development. CDBG guidelines suggest that each loan result in one job per $10,000 loaned. The general rule of one job per $35,000 loaned applies to the SBA 504 program.TEDC is also organized to provide other services to the Tulsa small business community. Loan packaging is available involving other financing sources. In cooperation with the City of Tulsa and other local agencies, TEDC can direct the small business person to a broad range of non-financial assistance sources available throughout the Tulsa area.In 2002-2003, TEDC loaned approximately $496,000 to businesses in Tulsa utilizing its CDBG and SBA loan programs. The loans made by TEDC over the past several years have resulted in over 103.5 new jobs for 2002-2003 in the Tulsa area, with over half of the jobs filled by individuals in the low-to-moderate income range.”