Alert: In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports

More information is available on FinCEN’s website at https://www.fincen.gov/boi

June 18, 2024

Top Small Business Grants in Oklahoma and How to Qualify

Discover how to unlock funding for your small business in Oklahoma with our guide to navigating state-specific and nationwide grant opportunities.

Small Business Grants Northern Mariana Islands

Hey there, Sooner State entrepreneurs! If you’re looking to give your small business a financial boost, you’re in luck—Oklahoma’s got your back with some fantastic grant opportunities.

Whether you’re running a food truck near Bricktown or a tech startup in Tulsa, there’s likely a grant out there for you. In this article, we’ll explore where to find these hidden treasures faster than a Boomer Sooner touchdown. Plus, we’ll walk you through the steps to qualify, making the process smoother than a drive down Route 66.

Where to Search for Small Business Grants in Oklahoma

Oklahoma’s entrepreneurial landscape is ripe with hidden gems and untapped potential, just waiting for savvy business minds to uncover them. With a little digging and the right resources, ambitious go-getters can discover a treasure trove of grants and opportunities that could turn their Oklahoma dreams into thriving realities.

Some Oklahoma Local Resources Include:

 

Oklahoma’s Small Business Association: The SBA in Oklahoma is a treasure trove of resources for entrepreneurs with big dreams and empty pockets. They’re like that savvy friend who always knows where to find the best deals, except in this case, it’s funding opportunities that can turn your business idea from a twinkle in your eye to a thriving enterprise.

While the Oklahoma SBA doesn’t directly offer grants, they do provide invaluable guidance on navigating the grant landscape. They can point you towards state-specific programs like the Oklahoma Business Expansion Incentive Program or the Quality Jobs Program, which might just be the financial boost your business needs to soar.

Oklahoma’s Economic Development Agency: The Sooner State’s economic powerhouse is a treasure trove for aspiring entrepreneurs. With a wealth of resources at your fingertips, you’ll find everything from funding opportunities to expert guidance, all designed to help your business dreams take flight in the heart of America.

Oklahoma’s Economic Development Agency offers the Oklahoma Business Expansion Incentive Program (OBEIP), a small business grant that can be a game-changer for local enterprises. This grant is available to businesses that create new, high-quality jobs in the state, with a focus on industries like aerospace, energy, and advanced manufacturing. To qualify, companies must meet specific job creation and capital investment thresholds, making it an attractive option for businesses poised for significant growth.

Oklahoma’s Chamber of Commerce: The Oklahoma Chamber of Commerce is a goldmine for entrepreneurs seeking funding opportunities. They offer a comprehensive suite of resources, including workshops, networking events, and direct connections to potential investors, all designed to help business owners secure the capital they need to thrive.

The Chamber also provides a Small Business Development Grant program, aimed at supporting local entrepreneurs. This grant is available to Oklahoma-based businesses with fewer than 50 employees and annual revenues under $5 million. Eligible applicants can receive up to $10,000 in matching funds for various business development activities, including marketing, technology upgrades, and workforce training.

Grant Alert: An Opportunity Every Small Business Should Know About

Oklahoma entrepreneurs, listen up! The Oklahoma Seed Capital Fund, offered by i2E, is a game-changing opportunity for early-stage companies looking to accelerate their growth. This fund provides crucial capital to innovative startups and small businesses across various industries in the Sooner State. With investments ranging from $100,000 to $1 million, this program aims to fuel the entrepreneurial ecosystem and drive economic development in Oklahoma. If you’re a visionary founder with a groundbreaking idea and need financial support to take your venture to the next level, click here to explore this exciting opportunity.

To qualify for the Oklahoma Seed Capital Fund, your business must be based in Oklahoma and demonstrate high growth potential. i2E looks for companies with strong management teams, innovative products or services, and a clear path to profitability. Additionally, you’ll need to have a well-developed business plan and be able to articulate your value proposition effectively. While specific industry experience isn’t always required, a deep understanding of your target market and competitive landscape is essential. Remember, this fund is highly competitive, so make sure your pitch is polished and your financials are solid before applying.

Explore More Tools to Find Business Grants

When looking for small business grants, it may benefit you to look beyond the boundaries of Oklahoma. Skip is your one-stop platform for discovering and securing the funding you need to start or grow your business. With thousands of grants ranging from $1,000 to $25,000, finding the perfect opportunity is just a click away.

Imagine having access to a user-friendly dashboard where you can track and apply for grants tailored to your business in Oklahoma. Skip’s AI-assisted grant writing tool helps craft compelling applications that stand out, and with instant feedback, you can ensure your submission is top-notch every time.

Join the thriving community of entrepreneurs who have already reaped the benefits of Skip. With over $300,000 in grants donated and strong partnerships with government agencies and non-profits, Skip is dedicated to your success. Take the first step today and turn your business dreams into reality – Click Here to get started with Skip.

Preparing Your Business for Grant Success Checklist

As an entrepreneur in Oklahoma, it’s crucial to understand that incorporation is often a prerequisite for qualifying for small business grants, both at local and national levels. Many organizations offering grants require businesses to be formally incorporated before considering their applications. This requirement ensures that the business has a legal structure and demonstrates a level of commitment and professionalism that grant providers seek in potential recipients.

When it comes to incorporating your business, we’ve found that Northwest Registered Agent stands out as the best option for entrepreneurs. Their expertise in handling the incorporation process, combined with their exceptional customer service, makes them an ideal choice for business owners looking to establish their legal entity. Northwest Registered Agent offers a streamlined approach to incorporation, ensuring that you meet all necessary requirements while saving time and avoiding potential pitfalls in the process.

Small Business Grant Checklist
Why Compliance and BOIR Are Vital for Grant Qualification

 

Compliance isn’t just a box to check; it’s your ticket to opportunity. For entrepreneurs in Oklahoma, staying on top of federal and state taxes, along with keeping business registrations current, isn’t merely about avoiding trouble—it’s about opening doors to grants that could fuel your growth. Think of it as the price of admission to a world of potential funding.

The Corporate Transparency Act has added a new layer to this compliance puzzle, requiring businesses to unveil their beneficial owners through a Beneficial Ownership Information Report. While it might feel like another bureaucratic hurdle, view it as a chance to demonstrate your business’s integrity and commitment to transparency. The alternative—steep financial penalties for non-compliance—is a risk no savvy entrepreneur should be willing to take.

That’s where we come in. Navigating the Beneficial Ownership Information Reporting (BOIR) requirements can be daunting, but our website simplifies the process. We offer a secure and straightforward filing experience with a direct connection to FinCEN, ensuring your information is handled with the highest level of security. Our platform makes compliance effortless so you can focus on growing your business.

Don’t let penalties slow your business down. Failing to comply with Beneficial Ownership Information Reporting (BOIR) requirements can result in severe consequences. If you fail to file, you could be subject to the following penalties:

  • Fines of up to $500 per day for failure to file BOIR
  • Cumulative fines reaching up to $10,000
  • A person who willfully violates the BOI reporting requirements may be subject to criminal penalties of up to two years imprisonment.

Not sure if you have a BOIR filing requirement? Please take our quick BOI eligibility quiz to determine whether you need to file and ensure you comply with regulations.

Recap: Key Takeaways for Obtaining Business Grants in Oklahoma

In the end, success in business often comes down to persistence and resourcefulness. Oklahoma entrepreneurs have a wealth of grant opportunities at their fingertips, but finding and securing funding takes effort. The key is to start local, leverage available resources, and cast a wide net. Remember that rejection is part of the process – keep refining your approach and don’t get discouraged. With time and tenacity, you may just find the financial boost your small business needs to thrive in the Sooner State.

For all of you out there who haven’t yet tackled your BOIR, the time to act is now. Procrastination won’t get you anywhere, but taking just a few minutes to complete our straightforward form will. Don’t let this critical step in your compliance journey slip through the cracks—get it done and move forward with confidence.

 

Frequently Asked Questions

Have questions about the Beneficial Ownership Filing process? Check out FinCEN BOI Filing's frequently asked questions for the answer.

A Beneficial Ownership Information (BOI) report is a filing required by FinCEN to disclose key details about individuals who own or control a company, ensuring compliance with anti-money laundering laws and enhancing corporate transparency. Filing a BOI takes 5-10 minutes and can be done here

The Corporate Transparency Act (CTA) reporting requirements take effect on January 1, 2024. Business entities established before this date have until January 1, 2025, to meet the reporting obligations.

Yes, failing to file a BOI report can result in substantial penalties, including hefty fines and potential legal repercussions. Learn more about the BOI deadlines and non-filing BOI penalties.

Filing a BOI takes about 5-10 minutes and can be done here. If you’re not sure if you are required to file, you can take the one minute BOI Eligibility Quiz.

A beneficial owner is any individual who either:

  1. Directly or indirectly exercises substantial control over the reporting company, or
  2. Directly or indirectly owns or controls 25% or more of the company’s ownership interests.

Substantial control includes the power to direct, influence, or determine significant decisions of the company. This may involve senior officers or individuals with authority to appoint or remove senior officers or a majority of the board.

Ownership interests encompass rights that establish ownership in the company, ranging from basic stock shares to more complex financial instruments.

For more details on “substantial control” and “ownership interests,” refer to our guide on complex ownership structures.

We submit reports through a secure API connection directly with FinCEN’s Beneficial Ownership Secure System (BOSS). This integration allows for seamless and efficient filing of Beneficial Ownership Information reports, reducing the time it takes to complete and submit a report.

Our user-friendly form is designed to minimize errors by guiding you through the process with clear prompts and checks. Additionally, by using the secure API connection, we ensure that your data remains private and protected throughout the submission process, adhering to the highest security standards.

The beneficial ownership information will be accessible only to authorized government agencies, such as law enforcement and regulatory authorities, for the purpose of combating money laundering, fraud, and other financial crimes.

This data is not publicly available and is used solely for compliance with legal and regulatory requirements. Only those with a legitimate need, as defined by the law, will be able to access this information to ensure transparency and uphold national security.

You can read more about keeping your personal information private when filing your BOIR.

No, you do not need to file a Beneficial Ownership Information Report (BOIR) annually. However, you are required to update and file a new report if there are any changes to the beneficial ownership or company applicant information, such as changes in ownership or control. The report must be filed when there are material updates, but there is no annual filing requirement unless changes occur.

Type of Report
The reporting company must specify the type of report being submitted: an initial report, a correction of a prior report, or an update to a prior report.


Company Information
The reporting company must provide the following details:

  • Legal Name: The official name of the company.
  • Trade Name: Any “doing business as” (DBA) names used by the company.
  • Address: The current street address of its principal place of business. If the principal place of business is outside the U.S., the company must report the address from which it conducts business in the U.S.
  • Taxpayer Identification Number (TIN): This includes an EIN, SSN, or ITIN, as appropriate.

Beneficial Owner Information
The reporting company must provide the following details for each beneficial owner:

  • Legal Name: The individual’s full legal name.
  • Date of Birth: The individual’s date of birth.
  • Address: The individual’s residential street address.
  • Identification Document: A unique identifying number from an acceptable identification document, the issuing state or jurisdiction, and an image of the document.

Company Applicant Information (if required)
For reporting companies created on or after January 1, 2024, the following information about the company applicant must be provided:

  • Address: The individual’s residential street address. If the applicant forms or registers companies as part of their business (e.g., paralegals), the business address can be used. The address does not need to be in the U.S.
  • Identification Document: A unique identifying number from an acceptable identification document, the issuing state or jurisdiction, and an image of the document.

Most businesses are required to file a BOI report, with exceptions for 23 specific categories, such as publicly traded companies and other regulated entities. To learn more about these exemptions and determine if your business needs to file, read this article.

 
  • Companies formed or registered before January 1, 2024, must file an initial BOI report by January 1, 2025.
  • Companies formed or registered in 2024 must file a BOI report within 90 days of receiving actual or public notice of their formation or registration.
  • Companies formed or registered on or after January 1, 2025, must file their initial BOI report within 30 days of receiving actual or public notice.

You can learn more about the BOI deadlines here.

Acceptable identification documents include the following:

  • A valid, unexpired driver’s license issued by a U.S. state or territory.
  • A valid, unexpired ID card issued by a U.S. state, local government, or Indian Tribe for identification purposes.
  • A valid, unexpired passport issued by the U.S. government.
  • If none of the above is available, a valid, unexpired passport issued by a foreign government may be used instead.

An identification document must be collected for each beneficial owner.

For companies formed after 2023, an ID must also be provided for the company applicant.

A company applicant is the individual responsible for creating or registering a company. Specifically, it includes:

  1. The individual who directly files the document to form or register the entity with the relevant state or tribal authority, such as the Secretary of State.
  2. The individual primarily responsible for directing or controlling the filing process, even if they are not the one submitting it.

For companies formed or registered after January 1, 2024, this information must be reported as part of the Beneficial Ownership Information Report (BOIR).

Most individuals will be able to submit their Beneficial Ownership Information reports directly without needing assistance from attorneys or CPAs. Our streamlined, user-friendly form guides you through the process, making it simple to provide the required information accurately and efficiently.

Yes, a company is required to update or correct its beneficial ownership information whenever it is no longer accurate. If there are any changes to the company’s beneficial owners or company applicant information, such as a change in ownership percentages or control, the company must file an updated report with the correct details. This ensures that the information on record remains accurate and compliant with the reporting requirements, helping to maintain transparency and reduce the risk of misuse.

After submitting your BOIR through our website, you will receive an email containing a unique submission process ID, confirming that your submission has been successfully received.

The email will also notify you once FinCEN has accepted your report. In rare instances, if your submission is rejected, we will inform you of the reason and provide a link to resubmit the corrected information.

You can track the status of all your submissions through our BOIR tracking page, ensuring you stay updated on the progress of your report. Most submission have a confirmed acceptance within a few minutes of submission. 

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  • Securities reporting issuer
  • Governmental authority
  • Bank
  • Credit union
  • Depository institution holding company
  • Money services business
  • Broker or dealer in securities
  • Securities exchange or clearing agency
  • Other Exchange Act registered entity
  • Investment company or investment adviser
  • Venture capital fund adviser
  • Insurance company
  • State-licensed insurance producer
  • Commodity Exchange Act registered entity
  • Accounting firm
  • Public utility
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  • Pooled investment vehicle
  • Tax-exempt entity
  • Entity assisting a tax-exempt entity
  • Large operating company
  • Subsidiary of certain exempt entities
  • Inactive entity