Okla. Admin. Code § 150:25-3-1

Current through Vol. 42, No. 7, December 16, 2024

Section 150:25-3-1 - Qualifications

Applicants must meet specific criteria in order to qualify for funding under the Minority Business Development Fund. Applicants must have:

(1) Demonstrated their capability to offer management tools and technical assistance to minority owned businesses; and

(2) Demonstrated their financial capacity and responsibility to manage a program(s) to aid minority owned businesses; and

(3) Submitted a business plan in a form approved by the Department. The business plan shall require:

(A) a statement of the program's overall goals and objectives,

(B) information concerning the management personnel including background and experiential information,

(C) a detailed budget outlining the costs associated with the program including source and use statements,

(D) a statement of the program's expected measurable impact, including the number of jobs created or retained, the number of businesses started, the amount of financing secured and new or expanded procurement efforts, and

(E) other information as required by the request for proposal.

(4) Evidence of support either in the form of a resolution of support or of financial support from an appropriate local governmental entity and other private entity; and

(5) A program(s) that target job creation and enhancement or business creation and expansion for African-Americans; and

(6) Evidence of approval from the panel of peer reviewers; and

(7) Complied with and fully responded to all requests for bids, application guidelines and application form questions; and

(8) Demonstrated ability to access existing programs aimed at economic or business development.

Okla. Admin. Code § 150:25-3-1