Skip to content
i2E
  • Programs
    • E3
    • ACT Tulsa
    • Love’s Entrepreneur’s Cup
    • OKBio
  • Client Portfolio
  • Services
    • Access to Funding
    • Venture Advisory Services
  • About
    • Our Values
    • Meet Our Team
    • Board of Directors
    • Corporate Partners
  • Contact
  • Media
Menu
  • Programs
    • E3
    • ACT Tulsa
    • Love’s Entrepreneur’s Cup
    • OKBio
  • Client Portfolio
  • Services
    • Access to Funding
    • Venture Advisory Services
  • About
    • Our Values
    • Meet Our Team
    • Board of Directors
    • Corporate Partners
  • Contact
  • Media
Search

Innovators: GrowOKC Fund

Get in Touch

By Brian Brus

Courtesy of The Journal Record

OKLAHOMA CITY – A $2 million partnership between nonprofit i2E Inc. and the Oklahoma City municipal government to provide venture growth capital will launch this month, i2E Chief Executive Scott Meacham said.

The GrowOKC Fund small business revolving loan program was approved by the city’s Economic Development Trust in August. The Greater Oklahoma City Chamber is also providing resources to help get the program started, Meacham said.

“This partnership will help the city’s small businesses close what we believe is a critical capital gap in access to growth capital, which is necessary for the financing of expansion projects and the creation of new jobs,” he said.

i2E CEO Scott Meacham/Journal Record photo by Brent FuchsCathy O’Connor, president and CEO for the Alliance for Economic Development of Oklahoma City, and Brent Bryant, City Hall’s economic development program manager, both agreed with Meacham that most economic investment programs are designed to help bigger companies. The Grow OKC plan will boost small to midsize business development, they said.

The i2E committed $1 million to the effort from its GrowOK Fund, which is part of the federal State Small Business Credit Initiative funds it manages on behalf of the U.S. Department of Treasury and the Oklahoma Department of Commerce.

The Alliance, a semi-government agency that coordinates and manages projects involving partner entities such as the Urban Renewal Authority, Oklahoma Industries Authority and Oklahoma City Redevelopment Authority, is putting up $1 million in matching city money from a general obligation limited tax, or GOLT, bond fund. That money is available through the city’s Strategic Investment Program SIP low-interest loan program.

The new GrowOKC Fund will focus on existing Oklahoma City small businesses that need growth capital financing in the range of $100,000 to $250,000. The money will be available through low-interest loans and equity and convertible debt investments and it will require a dollar-for-dollar matching investment from the small business in the form of cash, borrowed funds or new equity.

Meacham said GrowOKC won’t compete with local banks, but will instead put businesses in better position to leverage additional bank financing. If a company is approved for participation, i2E will hold an equity stake that further ensures transparency in the process. I2E officials will manage the initial underwriting and will follow up with quarterly reports on those investments.

Funds will only be available for companies retaining or creating primary jobs in areas such as manufacturing, distribution and warehousing and business services. Qualified companies also must be generating revenue from sales of products or services and have positive cash flow. Retail businesses will not qualify.

Meacham said i2E is preparing promotional materials and letting its clients know about the new funds. He said it’s still too early to identify potential candidates. A formal launch is expected within a few weeks.

Click here to read the article at the Journal Record website (subscription required).

 

Author

  • admin admin

More News

Loading...
Black doctor smiling with stethoscope
Blog, i2E
02.09.23

Titan Intake Automates Patient Referrals to Accelerate Care

Read more
man and woman reviewing paperwork at a table
Blog, i2E, News
01.10.23

Stories of Oklahoma Innovation: Building a Startup

Read more
woman in lab conducting a study
Blog, i2E
12.13.22

Bayesic Technologies Improves Effectiveness and Efficiency of Data Analysis in Healthcare

Read more
Bison grazing fields
Blog
11.30.22

Bison Underground Merges Nature, Science, and Technology to Tackle Climate Change

Read more
African American family sitting on couch reading and chatting
Blog, E3, i2E
11.22.22

Fokes Connects Families, Caregivers and Care Agencies for Smoother Communications and Care 

Read more
i2e blog post graphic
Blog, News
11.03.22

Introducing: Stories of Oklahoma Innovation

Read more
Default Featured Image
OKBio
06.28.22

Oklahoma Grown! i2E Invests in BIO startups

Read more
Default Featured Image
OKBio
06.13.22

Oklahoma Medical Research Foundation BIO

Read more
Default Featured Image
OKBio
06.13.22

Moleculera Labs BIO

Read more
Default Featured Image
OKBio
06.13.22

University of Oklahoma Health Sciences Center BIO

Read more
Default Featured Image
OKBio
06.13.22

Oklahoma State University BIO

Read more
Default Featured Image
OKBio
06.13.22

ECHO Investment Capital BIO

Read more
i2E

Oklahoma City Office

840 Research Parkway, Suite 250
OKC, OK 73104
+1 (405) 235.2305

Tulsa Office

100 S. Cincinnati Ave – Suite 514
Tulsa, OK 74103
+1 (918) 582.5592

  • Client Portfolio
  • About Us
  • Media
  • Events
  • Contact
  • Resources

© 2022 i2E Privacy Policy

Follow us:

Facebook Twitter Linkedin

Programs

  • E3
  • ACT Tulsa
  • Love's Entrepreneur's Cup
  • OKBio
  • Client Portfolio

Services

  • Access to Funding
  • Venture Advisory Services
  • Contact
  • About
  • Our Values
  • Our Team
  • Board of Directors
  • Corporate Partners
  • Media
i2E