2015 Economic Impact - By the Numbers
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Oklahoma City –
Investment board solidifies contractor's financial foundation
March 6, 2006
Four years ago, Bobby Wade was a one-man band in the construction business. The contractor had a dream to start his own business - but not the capital. That’s when Wade used a little-known program administered by the Oklahoma Capital Investment Board to gain access to a loan that helped him start his business.
“Being a small contractor, I knew that in order to grow, I needed to get more business going, but I didn’t have a lot of assets to get the loan on my own and grow my business.”
Wade went to Stroud National Bank of Wellston, which uses the Oklahoma Capital Access Program to help stretch its loan capabilities to small businesses. More than 70 Oklahoma banks and lending institutions have enrolled roughly 1300 loans totaling $38 million in the last 13 years using the OCAP.
“OCAP provides a tool similar to credit insurance which a lender can use to build its customer base,” said OCIB President Devon Sauzek. “The program provides small businesses with much needed capital and the financial institutions with a simple-to-use tool which improves their bottom line.”
Wade says the OCAP guarantee got him started and has helped the business steadily grow to 13 ‘mostly local’ employees.
“OCAP helped tremendously. It saved a lot of headaches for me and the bank and all I had to do was sign an extra piece of paper in addition to the other loan papers.”
With OCAP’s help, Wade Construction can plan for the future knowing they have a solid financial foundation.
The Oklahoma Capital Investment Board is the State of Oklahoma’s institution for building the private venture capital industry in Oklahoma. Since 1993 the Board has supported investment in sixteen venture capital funds, which in turn have attracted investment of over $100 million to Oklahoma projects. In addition, the board has supported over $38 million in development loans to over 1300 small Oklahoma companies.
Kym Koch Thompson