Economic Recovery Task Force creates utility, loan programs
The Covid-19 Economic Recovery Task Force has established programs that will pay past due utility bill amounts and offer zero percent interest loans for small businesses in Bartlesville impacted by the coronavirus pandemic.
Bartlesville Development Authority President David Wood presented the programs to the City Council during the regularly scheduled council meeting on Monday. The task force, created by the council via City ordinance in March, is tasked with identifying ways to assist community businesses that have been negatively impacted by the Covid-19 crisis. The BDA has assisted in facilitating the task force, which consists of local business and community leaders, and executing the programs established by the task force.
Wood said the task force has focused on accomplishing three things:
“The (task force) agreed the assistance needed to be targeted, it needed to be efficiently administered, and it needed to be financially responsible,” Wood said.
After much consideration, the task force created two programs aimed at assisting the city’s smaller businesses:
Utility Payment Program
Bartlesville businesses that were current on electric, water and gas utility payments as of the February billing cycle and now carry a past due balance will have the past due portion paid. There is no application process and no need to contact the BDA or utility companies. The total cost of the program is expected to be less than $150,000, including $75,000 for AEP/PSO accounts, $25,000 for City of Bartlesville accounts and $15,000 for Oklahoma Natural Gas accounts.
Loan Guarantee Program
Economic development funds will be used to help secure loans (75 percent) for local small businesses in need of assistance to recover from the negative impact of the pandemic. The maximum loan amount per business is $25,000 with zero percent interest for 12 months. Businesses must be located in Bartlesville and current on license, permit, registrations, etc., if required. Anyone interested in applying for a loan or obtaining more information may contact their local bank.