Through its Revolving Loan Fund program, the Central Oklahoma Economic Development District (COEDD) makes loans to small businesses to stimulate, develop, and advance business and economic development. Its primary goal is to reduce unemployment and create new jobs in the Central Oklahoma region. COEDD works in cooperation with private lenders within the seven county area by making and administering loans that banks might not ordinarily make. Businesses unable to get flexible, long-term financing at reasonable rates may be eligible for the Revolving Loan Fund program.
COEDD provides access, technical assistance and administrative oversight for Federal and State Grant programs, including CDBG AND REAP programs that are funded on an annual basis. CDBG or combined CDBG/REAP applications are generally due in February.
REAP applications alone are generally due by September/October of each year.
Stay in contact with COEDD for the current information on CDBG and REAP each year
In 1996, legislators created the Rural Economic Action Plan (REAP) program to provide funding assistance to rural areas in communities of less than 7,000 in population with priority placed on entities of 1,500 and below. These rural communities have few resources to meet the continuing and growing needs of their populace.
Legislative intent was to increase the availability of capital and promote economic growth, community stability, and improve the quality of life. These rural communities have benefited greatly from such projects as street and utility system improvements, the purchase of updated firefighting equipment, and the construction of modern community facilities.
Each year, funds for CDBG/REAP are allocated to the 11 regional Councils of Government throughout Oklahoma. For the COEDD area of the state, applications are reviewed and funds awarded by the COEDD Board of Directors. These Directors include representatives of municipal and county governments, conservation districts, and minority populations. COEDD serves as the administrator for the grants.
The priorities of the Community & Economic Development Division are to improve infrastructure, create jobs and improve local economies throughout the region. We do this by providing technical assistance to local governments.
COEDD Staff offers Grant Administration assistance and project oversight to ensure efficient compliance with State and Federal Regulations.
The Economic Development Division of COEDD provides advice, consultation, and planning assistance to member communities through two funding agencies. These are the Oklahoma Department of Commerce and The United States Department of Commerce EDA (Economic Development Administration).
Originally created as an Economic Development District in 1967, COEDD has worked to promote industrial park development funding, small and large business financing packages, and creation of revolving loan funds to expand the availability of capital.
The Intermediary Relending Program (IRP) provides needed financing for business facilities and community development projects in COEDD's rural areas through loans funded by the USDA Rural Development. COEDD acts as the intermediary. As loans are repaid, the funds are again made available to projects in other communities in the Region.
Community Development Block Grant (CDBG) money enables rural Oklahoma communities to finance a variety of public infrastructure and economic improvements and helps promote job growth as a result of these improvements. CDBG funds are provided by the federal government and managed by the Oklahoma Department of Commerce.
With CDBG funds, COEDD has helped build and repair sewer and water systems, construct community centers, senior citizens centers, and fire stations. Fire trucks and ambulances have been purchased with CDBG funds as well.
A Regional Council of Government
The Central Oklahoma Economic Development District has secured over $20 million in Grant funding through the Economic Development Administration, and those grant funds have created more than 5,000 jobs in the COEDD region.
Some examples of completed projects are listed below.
Gordon Cooper Technology Center: Water & Sewer Infrastructure
Gordon Cooper Aviation Maintenance and Training Facility Expansion
Stillwater Industrial Park: Infrastructure, Water, Sewer, Streets
Okemah Industrial Park: Infrastructure
Pawnee Industrial Project
Holdenville Industrial Park: Infrastructure
Seminole Industrial Park: Infrastructure
Seminole: Road improvements (Industrial Park)
Boley: Wastewater treatment facility
Shawnee: Expansion of sewer plant
Shawnee: New Water treatment plant
Shawnee: Water Tower construction
Shawnee New water distribution line
Wewoka: New elevated water storage tank
Wetumka: Industrial Park development
Seminole: Expansion of wastewater treatment facility
Shawnee: Expansion of north side waste treatment facility
Stroud: Industrial Park development
Seminole: Rehabilitation of Wrangler plant
Shawnee: New airport terminal
Okemah: New Industrial access road