Okla. Admin. Code § 415:10-1-1

Current through Vol. 42, No. 4, November 1, 2024

Section 415:10-1-1 - Purpose

(a) The purpose of the Oklahoma Small Business Linked Deposit Program is to provide state funds to qualified lending institutions at a reduced rate of interest to be linked to a loan to an eligible participant.

(b) The purpose of the Board shall be to insure eligibility and compliance with the linked deposit program by lenders and applicants. The Board shall review applications and make recommendations for approval or rejection of a linked deposit loan package. [62:88.3(B)] The Board makes these recommendations to the State Treasurer which may be accepted or rejected.

(c) The primary purpose of linked deposit loans shall be to provide financing to eligible participants which will directly create new jobs or save existing jobs. Linked deposit loan applications to "save" jobs must contain documentation and affirmations that support the claim that the specific number of jobs will be lost without the loan.

Okla. Admin. Code § 415:10-1-1

Added at 9 Ok Reg 2927, eff 8-3-92; Amended at 16 Ok Reg 3330, eff 8-1-99