Oklahoma Veterans Small Business Loan Act (SB 201) Summary

• Authorizes the Department of Commerce and State Director of Oklahoma Small Business Development Centers to develop a veteran small business loan program providing one-time, interest-free loans up to $20,000 per borrower.

• Loan eligibility includes eligible businesses sustaining substantial economic injury from essential employees called to active service for 180+ days, and recently separated veterans who served on active duty after September 11, 2001 seeking to start veteran-owned small businesses.

• Establishes the Veterans Small Business Loan Revolving Fund in the State Treasury, funded by state appropriations, federal funds, private funds, grants, and loan repayments, with all fund money exclusively used for qualified veteran loans and program administration costs.

• Requires the Director of the Department of Commerce to develop and publish rules and forms governing loan applications, fund use, collateral requirements, loan terms, and other program details.

• Becomes effective November 1, 2015.