{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-5063.4b","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-5063.4b","heading":"Small Business Credit Enhancement Program - Creation -","body":"Requirements.\n\nThere is hereby created the Small Business Credit Enhancement\n\nProgram. Twenty-five percent (25%) of the amount allocated to the\n\nindustrial, agribusiness, and other private activity portfolio mix\n\ncategory pursuant to Section 9 of this act shall be used for the\n\nSmall Business Credit Enhancement Program. Credit enhancements\n\nprovided pursuant to this section shall be subject to the following\n\nrequirements:\n\n1. The original principal amount of credit enhancement on\n\nbehalf of any borrower shall not exceed Two Hundred Fifty Thousand\n\nDollars ($250,000.00);\n\n2. The Authority may insure no more than eighty-five percent\n\n(85%) of a loan, and at least twenty-five percent (25%) of the loan\n\nproceeds shall be used for improvements and not more than twenty-\n\nfive percent (25%) of the loan proceeds may be used to refinance\n\nexisting obligations of a borrower;\n\n3. The borrower:\n\na. in the case of an existing business, at the time\n\napplication is made for financing assistance, employs\n\ntwenty (20) persons or less or has gross sales not\n\nexceeding One Million Five Hundred Thousand Dollars\n\n($1,500,000.00) per year, or\n\nb. in the case of a new business, at the time application\n\nis made for financing assistance, projects that,\n\nduring the first twelve (12) months of operation, it\n\nis reasonably expected will employ twenty (20) persons\n\nor less or have gross sales not exceeding One Million\n\nFive Hundred Thousand Dollars ($1,500,000.00);\n\n4. Borrowers shall be for-profit entities; and\n\n5. Repayment of loans of less than One Hundred Thousand Dollars\n\n($100,000.00) may be secured by less than full collateral if the\n\nborrower or the principals of the borrower have good credit records\n\nas determined by the Authority.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"f1b783ed4c45ec73094fc25c84ee1ccbc25c6ecea8b763f578e0aae6122684c4","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-5063.4a","next":"us-ok/okla.-stat.-tit.-74-74-5063.4c"},"notice":"GroundRules: Original legal text. Not legal advice."}