Five Rural funds to participate in Oklahoma Rural Jobs program
OKLAHOMA CITY, Okla. (KSWO) - Five Rural funds have been approved for participation in the Oklahoma Rural Jobs program, according to a press release from the Oklahoma Department of Commerce.
The program was created in 2022 through the signing of the Oklahoma Rural Jobs Act.
According to the press release, the act “promotes greater access to capital for qualifying small businesses located in rural areas of the state.”
The program will allow rural funds and their affiliates or investors to earn a tax credit on the equity amount investors placed when investing. The credit must then be “deployed as debt or equity financing for small businesses in rural Oklahoma.
“With the Oklahoma Rural Jobs Program, we look forward to the opportunities rural Oklahoma businesses will be afforded,” said Brent Kisling, Executive Director of the Oklahoma Department of Commerce. “The financial flexibility will allow Oklahoma’s businesses to invest in equipment, purchase supplies or hire employees when they have the opportunity to expand.”
The program lasts for 6 years and the tax credits will only be “offered at 15% in years 3-6 after the capital allocation date”, according to the press release.
All approved Oklahoma funds must be fully funded by March 16 and must deploy 60% of their capital by Dec. 16, 2024.
For more information, or to see a list of approved funds, click here.
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