award winners - tedcnet.com · proceeds can be used for most business purposes. ... sba 504 loan...
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Loan Type Number of Loans AmountCDBG 55 $ 4,659,407
Micro Loan 19 $ 206,365CDFI+ 6 $ 259,848
SBA 504 85 $29,284,056Total 165 $ 34,409,676
TEDC PorTfolio BalanCE*
*as of September 30, 2010
2010 AnnuAl RepoRt
TEDC ParTnEr of ThE YEar
Security Bank
Security Bank was founded in 1903 in Pawnee, Oklahoma and was known as Pawnee National Bank. The bank changed its name and expanded to Tulsa in early 2000. The goal of Security Bank is to solve the frustrations most people have when it comes to finances, especially when it comes to personal banking. Security Bank helps consumers to utilize the technology of today with the customer service from the old days.
“TEDC is very vital in these economic times. They allow us to provide loans to businesses that might not otherwise qualify for traditional financing.”
-Scott Wilson, Vice President
aWarD WInnErS
aBoUT TEDC We help entrepreneurs start or expand a company with nontraditional lending programs that include:
Small Business Loan — Created in partnership with the City of Tulsa’s Community Development Block Grant program (U.S. Department of Housing & Urban Development). Proceeds can be used for most business purposes. Job creation and retention are major eligibility requirements. Up to $75,000 is available per loan before private lender participation is required. Other funding partners include the U.S. Department of the Treasury CDFI Fund and the U.S. Department of Agriculture’s Intermediary Relending Program.
SBA 504 Loan — In partnership with commercial lenders, provides loans for land and building acquisition, construction, renovation, machinery, equipment and reasonable contingencies. The borrower contributes 10 to 20 percent, the bank funds at least 50 percent, and TEDC funds up to 40 percent (up to $5 million) with long term, low fixed interest rates through SBA-guaranteed debentures.
SBA 7(a) Loan — Available for most business purposes including acquisition of fixed assets, new construction, furniture and fixtures, supplies, inventory, working capital, debt refinancing, accounts receivable or purchase of business operations. Made by a commercial lender with a 75-85 percent SBA guaranty (up to $3.75 million). Loan packaging assistance for this and other government guaranteed programs, including USDA, provided by TEDC.
SBA Micro Loan — In partnership with the SBA, provides loans up to $50,000 to small businesses across Oklahoma. Proceeds may be used for most business purposes except real estate acquisition.
Loan Type Number of Loans AmountCDBG 14 $ 2,884,400CDFI+ 1 $ 126,045
Micro Loan 4 $ 57,000SBA 504 12 $ 4,207,328SBA 7a 17 $ 11,024,273
USDA B&I 1 $ 900,000Total 49 $19,199,046
2010 loan aCTiviTy
BoarD of DirECTorS
Cindy BakerTEDC Board TreasurerCynthia Pogue Baker, CPA
Gil EacretSecurity Bank
Javier GamarraAVB Bank
Christopher GuglielmoMessina Mergers & Acquisitions
Belkis Barrera LaneLancorp, Incorporated
Bill LohreyLohrey & Associates, PLLC
George MatsonBancFirst
Joyce McClellanTulsa Technology Center
Marilyn MorrisF&M Bank
Shanann PassleyTEDC Board SecretaryEller and Detrich
Byron PerryONB Bank
Kenneth QuigleyRural Development Professional
Casey StoweTEDC Board PresidentDocvia, LLC
Danny WilliamsTEDC Board Vice PresidentWillcos Consulting Group
STaff
Mike AddisonCommercial Loan [email protected]
Tara MartinAccounting & Portfolio [email protected]
John MyersCommercial Loan [email protected]
Latisha PoolBusiness [email protected]
Peggy PrudomLoan [email protected]
Terrie StoopsAdministrative [email protected]
Cynthia WardBusiness Development [email protected]
Rose Washington RentieExecutive [email protected]
Greetings, During a year of continued recession, near double-digit unemployment, and an unfavorable lending environment, the Tulsa Economic Development Corporation continues to provide its much-needed services by focusing on helping small businesses and fostering economic development. Over the past 12 months,
TEDC has grown its portfolio to over $34 million while retaining or creating 662 jobs and helping create or sustain over 100 individual small businesses. In 2010, Tulsa saw the reopening of a long-shuttered grocery store at the corner of Pine and Peoria. While the re-establishment of this vital service helps eliminate the “food desert” that exists in the community, the store is also a catalyst for economic development in the area. TEDC is proud to have partnered with the grocer by providing $2.2 million in financing for the project along with technical assistance and a $300,000 grant from the City of Tulsa. TEDC worked with the City of Tulsa, the Oklahoma Office of HUD, the Greenwood Chamber of Commerce and countless others to make this project happen for the citizens of Tulsa. At TEDC we believe that the only true path to prosperity is through economic development, whether it be the development of a community or the development of an individual. It is this belief that guides our decisions and motivates us to work with existing and aspiring businesses to continue to weave the economic fabric of this great region. We will continue to strive to help make a difference, to help make it happen, and to help make our communities and our clients successful and prosperous. CaSEY T. SToWE
LETTEr from ThE PrESIDEnT
TEDC SmaLL BUSInESS of ThE YEar
Green Country aircraft Exhaust
Green Country Aircraft Exhaust (GCAE) is a full-service manufacturer and supplier of components, sub-assemblies and component kits to the aerospace, commercial and industrial markets in the United States and abroad.
“When we purchased GCAE in 2007 we couldn’t have done so without TEDC. We needed capitalization for growth and TEDC helped us to be successful. We are VERY appreciative.”
-Mike Teague, President
TEDC BUSInESS aChIEvEr of ThE YEar
Turley Tag agency
Turley Tag Agency has a dedicated staff to help with license tag, title, identification, passport photos, and driver’s license needs.
“TEDC helped me with funding to purchase the Tag Agency where I had worked for years. The loan is now paid off and I would highly recommend TEDC to others needing financial assistance.”
-Gene Stolp, Owner
aWarD WInnErS
ConTInUED on BaCkCover photo credits (left to right): TEDC Staff, FORWARD Participants, and SCORE/FORWARD
BoarD of DirECTorS
Cindy BakerTEDC Board TreasurerCynthia Pogue Baker, CPA
Gil EacretSecurity Bank
Javier GamarraAVB Bank
Christopher GuglielmoMessina Mergers & Acquisitions
Belkis Barrera LaneLancorp, Incorporated
Bill LohreyLohrey & Associates, PLLC
George MatsonBancFirst
Joyce McClellanTulsa Technology Center
Marilyn MorrisF&M Bank
Shanann PassleyTEDC Board SecretaryEller and Detrich
Byron PerryONB Bank
Kenneth QuigleyRural Development Professional
Casey StoweTEDC Board PresidentDocvia, LLC
Danny WilliamsTEDC Board Vice PresidentWillcos Consulting Group
STaff
Mike AddisonCommercial Loan [email protected]
Tara MartinAccounting & Portfolio [email protected]
John MyersCommercial Loan [email protected]
Latisha PoolBusiness [email protected]
Peggy PrudomLoan [email protected]
Terrie StoopsAdministrative [email protected]
Cynthia WardBusiness Development [email protected]
Rose Washington RentieExecutive [email protected]
Greetings, During a year of continued recession, near double-digit unemployment, and an unfavorable lending environment, the Tulsa Economic Development Corporation continues to provide its much-needed services by focusing on helping small businesses and fostering economic development. Over the past 12 months,
TEDC has grown its portfolio to over $34 million while retaining or creating 662 jobs and helping create or sustain over 100 individual small businesses. In 2010, Tulsa saw the reopening of a long-shuttered grocery store at the corner of Pine and Peoria. While the re-establishment of this vital service helps eliminate the “food desert” that exists in the community, the store is also a catalyst for economic development in the area. TEDC is proud to have partnered with the grocer by providing $2.2 million in financing for the project along with technical assistance and a $300,000 grant from the City of Tulsa. TEDC worked with the City of Tulsa, the Oklahoma Office of HUD, the Greenwood Chamber of Commerce and countless others to make this project happen for the citizens of Tulsa. At TEDC we believe that the only true path to prosperity is through economic development, whether it be the development of a community or the development of an individual. It is this belief that guides our decisions and motivates us to work with existing and aspiring businesses to continue to weave the economic fabric of this great region. We will continue to strive to help make a difference, to help make it happen, and to help make our communities and our clients successful and prosperous. CaSEY T. SToWE
LETTEr from ThE PrESIDEnT
TEDC SmaLL BUSInESS of ThE YEar
Green Country aircraft Exhaust
Green Country Aircraft Exhaust (GCAE) is a full-service manufacturer and supplier of components, sub-assemblies and component kits to the aerospace, commercial and industrial markets in the United States and abroad.
“When we purchased GCAE in 2007 we couldn’t have done so without TEDC. We needed capitalization for growth and TEDC helped us to be successful. We are VERY appreciative.”
-Mike Teague, President
TEDC BUSInESS aChIEvEr of ThE YEar
Turley Tag agency
Turley Tag Agency has a dedicated staff to help with license tag, title, identification, passport photos, and driver’s license needs.
“TEDC helped me with funding to purchase the Tag Agency where I had worked for years. The loan is now paid off and I would highly recommend TEDC to others needing financial assistance.”
-Gene Stolp, Owner
aWarD WInnErS
ConTInUED on BaCkCover photo credits (left to right): TEDC Staff, FORWARD Participants, and SCORE/FORWARD
Loan Type Number of Loans AmountCDBG 55 $ 4,659,407
Micro Loan 19 $ 206,365CDFI+ 6 $ 259,848
SBA 504 85 $29,284,056Total 165 $ 34,409,676
TEDC PorTfolio BalanCE*
*as of September 30, 2010
2010 AnnuAl RepoRt
TEDC ParTnEr of ThE YEar
Security Bank
Security Bank was founded in 1903 in Pawnee, Oklahoma and was known as Pawnee National Bank. The bank changed its name and expanded to Tulsa in early 2000. The goal of Security Bank is to solve the frustrations most people have when it comes to finances, especially when it comes to personal banking. Security Bank helps consumers to utilize the technology of today with the customer service from the old days.
“TEDC is very vital in these economic times. They allow us to provide loans to businesses that might not otherwise qualify for traditional financing.”
-Scott Wilson, Vice President
aWarD WInnErS
aBoUT TEDC We help entrepreneurs start or expand a company with nontraditional lending programs that include:
Small Business Loan — Created in partnership with the City of Tulsa’s Community Development Block Grant program (U.S. Department of Housing & Urban Development). Proceeds can be used for most business purposes. Job creation and retention are major eligibility requirements. Up to $75,000 is available per loan before private lender participation is required. Other funding partners include the U.S. Department of the Treasury CDFI Fund and the U.S. Department of Agriculture’s Intermediary Relending Program.
SBA 504 Loan — In partnership with commercial lenders, provides loans for land and building acquisition, construction, renovation, machinery, equipment and reasonable contingencies. The borrower contributes 10 to 20 percent, the bank funds at least 50 percent, and TEDC funds up to 40 percent (up to $5 million) with long term, low fixed interest rates through SBA-guaranteed debentures.
SBA 7(a) Loan — Available for most business purposes including acquisition of fixed assets, new construction, furniture and fixtures, supplies, inventory, working capital, debt refinancing, accounts receivable or purchase of business operations. Made by a commercial lender with a 75-85 percent SBA guaranty (up to $3.75 million). Loan packaging assistance for this and other government guaranteed programs, including USDA, provided by TEDC.
SBA Micro Loan — In partnership with the SBA, provides loans up to $50,000 to small businesses across Oklahoma. Proceeds may be used for most business purposes except real estate acquisition.
Loan Type Number of Loans AmountCDBG 14 $ 2,884,400CDFI+ 1 $ 126,045
Micro Loan 4 $ 57,000SBA 504 12 $ 4,207,328SBA 7a 17 $ 11,024,273
USDA B&I 1 $ 900,000Total 49 $19,199,046
2010 loan aCTiviTy