SB 748 Summary

• Creates the "Military Reservist Economic Injury and Veteran-Owned Small Business Act" to expand the Oklahoma Small Business Linked Deposit program.

• Adds two new categories of eligible participants: (1) military reservists ordered to 180+ days of active duty who own majority-controlled small businesses with 50 or fewer employees, and (2) post-9/11 veterans seeking to be majority owners of small businesses with 50 or fewer employees.

• Reduces maximum loan amounts for military reservists and veterans to $20,000 (compared to $1,200,000 for other eligible small businesses).

• Requires the Linked Deposit Review Board to consider the extent of a military reservist's managerial expertise critical to day-to-day operations and the potential for economic harm when reviewing applications.

• Effective November 1, 2011.