How the Technology Business Finance Program Works.
To be eligible for TBFP funding, an entrepreneur must be at the early development stage of commercializing an advanced technology. The business must be classified as a small business based on SBA guidelines, and at least fifty percent of the employees or assets must be located in Oklahoma.
Who is Eligible?
How do you get the money?
What kind of match is required?
What kind of payback is expected?
Approximately ten awards of $100,000 each are available annually.
The award can be used for anything from refining a prototype, to hiring people, to purchasing equipment, to creating marketing materials. Viable applicants often need i2E's help in constructing a thorough business plan as well as a cohesive proposal for the timing and use of potential TBFP funds. Once the companies are approved for funding they continue to receive support to reach the milestones set out in their contract.
TBFP exceeds expectations.
More than a dozen of the eighty-one businesses funded have repaid their awards. When companies pay back their awards, the money rolls back into TBFP to fund additional investments. This process has helped mitigate statewide budget cuts over the past several years and has enabled TBFP to be partially self-funding.
Operated by i2E, The OCAST TBFP provides proof-of-concept funding for Oklahoma advanced technology companies. This program is funded by state appropriations.