May 26, 2023

Enhanced Capital Oklahoma Rural Fund

In 2022, the State of Oklahoma created the Oklahoma Rural Jobs Act (the “Program”) designed to spur investment and job growth in rural Oklahoma. The Program is expected to generate at least $100 million of investment activity within Oklahoma over a three-year period. Enhanced Capital has been allocated a $20MM fund (“Enhanced Capital Oklahoma Fund” and “ECOF”) to invest in small businesses across rural areas of the State. ECOF will provide transitional and growth capital to qualifying companies, but the investments are not grants and are traditional investments typically in the form of loans. Enhanced Capital will target investments of $300K-$2.5MM, with flexibility to invest additional capital on a case-by-case basis1

Questions regarding the application and completed applications may be submitted to and


What are the eligibility criteria?

To be eligible, the applicant must:

  • Have fewer than 250 employees 
  • Have a “Principal business” located in Oklahoma. “Principal business” is defined as the Company’s location at which 60% of employees work or where employees are paid at least 60% of the business’s payroll.
    (A business that has agreed to relocate employees using the proceeds of the investment to establish its principal business operations in a new location will be considered if the relocation can occur within 180 days after receiving a qualified investment.)
  • Be in good standing with the State of Oklahoma (be current on taxes, maintain active and valid State licenses, if applicable, and not be a party to any litigation involving the State).
  • Demonstrate the financial ability to repay the loan over time.

What are the typical terms of the loans?

Typical terms of the loans are as follows1 2:

  • Loan Amounts: Target $300,000-$2,500,000
  • Loan Seniority: Loans can be senior or subordinated to existing loans from banks or other lenders
  • Loan Duration: Up to 7 years 
  • Industry: All
  • Interest Rate: Market rates2
  • Loan Amortization: Flexible, typically a 1-year interest only period

How will selections be made?

Applications will be reviewed to determine whether the applicant meets all eligibility requirements and selections will be made competitively based on1:

  • Impact of the business on and its contribution to the Oklahoma economy and community
  • Preference for businesses located (according to the 2010 Federal Decennial Census of the United States) in:
    • Counties with a population less than 75K and/or
    • Cities or towns with populations less than 7K
  • The impact of the proposed funded activities
  • The ability to repay the loan, based on standard metrics of collateral coverage, cash flow projections, and compliance with financial covenants

What are eligible uses of proceeds from the loans?

Eligible uses of proceeds from the loans include (but not limited to) operating expenses, salaries, purchasing equipment and machinery, accounts payable, inventory, rent, refinancing, critical repairs/maintenance, adaptive upgrades, technical assistance, marketing support, paying fees and expenses and general working capital.

How long will it take to process a loan?

Enhanced Capital expects to be able to complete a loan in as little as 45 to 60 days depending on the complexity of the transaction1

What is the loan application timeline?

Applications will be accepted on a rolling basis with no specific deadline until the ECOF has been fully invested.


  1. Criteria for qualifying investments and terms are for discussion purposes only and will vary based on individual investment attributes. This is not an offer to buy or sell any securities.
  2. Market rates Include interest rate, closing fee and documentation fee. Enhanced has made investments outside of this range.
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