The Edmond Economic Development Authority, along with the City of Edmond and other partner programs, offer multiple incentive options.
Edmond Economic Incentive Policy
The City of Edmond, through the Edmond Economic Development Authority (EEDA), seeks to create an environment where new and existing companies can thrive and contribute to a diversified tax base. Since Edmond is generally served by the enhancement and expansion of the local economy, the City of Edmond will, on a case-by-case basis, give consideration to economic development incentives as stimulation for economic growth in Edmond.
Community Development Block Grant (CDBG)
Community Development Block Grant (CDBG) Program: The purpose of the CDBG Program is to create and retain permanent, private sector job opportunities, principally for persons from low and moderate income households while increasing the tax base in Edmond.
- Eligible types of CDBG loans include the following:
- Fixed assets loans for the acquisition and/or improvement of land, building, machinery and equipment including new construction or renovation of existing facilities, demolition and site preparation (not to exceed the life of the asset).
- Working capital loans for the start-up of new businesses or conduct of current business.
- Each loan should produce at least one (1) new or retained permanent, full-time equivalent job for each $9,000 of CDBG money.
- At minimum, at least 51% of the permanent, full-time equivalent employment opportunities created or retained must be made available to persons from low/moderate income households. (Guidelines provided)
- For every dollar of CDBG funds included as part of the financing package, at least $1 of other funds must be injected into that project. Private sector dollars may include banks, savings and loans, state or federal loan programs, etc.
- No applicant will be denied a loan on the basis of race, color, national origin, religion, age, disability or sex.
- The program must be assured that required financing is not available through other sources and that without CDBG program involvement, the project will not proceed and employment opportunities will not be created or retained as planned. This assurance will be obtained through credit analysis of the applicant’s financial capacity.
E-Commerce Loan Program
Goal: To enable businesses located within Edmond city limits to capture additional revenue through direct purchases on an easy utilize e-commerce website thereby enhancing the economic vitality of those businesses.
Loan Terms: 0% interest, 24 month balloon note, not to exceed $5,000.
Use of Proceeds: Loans must be used for the design or redesign of a website to include e-commerce capabilities. Monthly hosting costs not included.
Requirements: Must be located within Edmond city limits and be a registered business with the Oklahoma Secretary of State since 1/1/20. Contact EEDA for loan application. Must use a qualified Edmond website development company approved by the EEDA.
Sarah Dickson, EEDA Communications Director
Façade Loan Program
The goal of the Façade Renovation Program is to enhance the exterior of buildings in the Downtown Area as identified in the Edmond Downtown Master Plan Study, thereby enhancing the property values and economic vitality of those businesses.
Oklahoma is globally recognized for its outstanding incentive program and pro-business environment. Businesses can choose between a cash incentive or a tax credit package, and in some cases, qualifying businesses can take advantage of both programs.
For more information on available state incentives, visit http://okcommerce.gov/location-or-expansion/incentives.
Source: Oklahoma Department of Commerce