Stimulus funds Oklahoma small business loans

WASHINGTON — Small businesses struggling with debt can now apply for interest-free loans up to $35,000, a creation of the stimulus package approved in February.

"There are many businesses throughout eastern Oklahoma that would be viable in the long term if they could just make it through this rough patch,” said Rep. Dan Boren, D-Muskogee.

"That’s why we created this initiative. It gives small business owners some breathing room they need, so they can pay their bills, retain employees and play their traditional role as the engine that drives our state and local economies.”

According to the Small Business Administration, those eligible for the loans are viable, for-profit small businesses that need short-term help to make their principal and interest payments on business debt.

Repayment would be deferred for a year and businesses would have five years to pay back the principal.

Programs get aid

Meanwhile, federal departments continue to distribute money provided by the stimulus bill.

The U.S. Labor Department announced two Oklahoma entities that will get more than $1 million combined for their YouthBuild programs, which help drop-outs get their diplomas or GEDs while training in the construction industry. The Little Dixie Community Action Agency in Hugo will get $435,298 and Tulsa Technology School District No. 18 will get $653,904.