And a Whole Lot of Patience

You might have heard of the Business Plan Competition Pitch-off that PCDA began in 2017 to offer incentives and support to start-up and young new businesses in Ponca City. PCDA Staff and Trustees are proud to announce another small business support program called PHASE II, which supports second-stage funding needs. Sunny Creek Trading Post, with the assistance of Janet Schwabe, the PTech Incubator Manager, applied for and received a grant from the Oklahoma Department of Agriculture, Food & Forestry (ODAFF) to purchase new equipment. Here was the "but for" need that triggers many of the PCDA programs.  The equipment had to be purchased up front and then the grant would reimburse the purchase price up to the amount of the grant, which was just north of $9,000.

If you are a small business start-up, in your first year of sales, you know that $900 dollars, let alone $9,000 up front for equipment is a heavy lift.  Enter PHASE II.  This program was designed and budgeted five years ago for just such a small business need.  Working with a local bank, in this case RCB Bank's Vice President of Lending Jason Johnson, PCDA staff secured a $10,000 Certificate of Deposit for one year with PCDA funds.  The small business, Sunny Creek Trading Post, had to apply for a bank loan for the amount needed with RCB Bank.  The PCDA $10,000 CD is used to augment the businesses collateral and secure them the loan needed to purchase the equipment. 

Many small businesses bootstrap capital from family, friends and credit cards and never see the need (or want to  complete all the paperwork) to apply for a loan from a local bank.  One of the goals of PHASE II is to assist small businesses who  have trepidation and misgivings about working with banks to see the benefits; These benefits include lower interest rates, building a relationship with local banks and investing that money into the community.  

"It takes a village and Sunny Creek Trading Post definitely is proud of the small business support here in Ponca City", stated Sunny Creek owner Liz Threlkeld.  "From the support Sunny Creek receives at the Pioneer Technology Incubator Program, to PCDA and our store in City Central, I am still amazed everyday that this little idea I had two years ago continues to bloom and grow.  Please come visit our store at City Central, Monday thru Friday, 10 am to 6 pm and let us share our story and products". 

Sunny Creek Trading Post will have the use of the $10,000 CD as collateral for one year to complete the payback of the loan.  RCB Bank has a new customer and PCDA is able to assist a locally owned and run small business to grow to the next level.  Special thanks to our partners at Pioneer Technology Center Business & Industry Services and the Incubator Support Staff and RCB Bank.  They are amazing and we are so very lucky to have this type of small business support in a community our size.  

For more information about any PCDA small business and industry programs, please call the PCDA office and ask for Kat.  580.765.7070 or email [email protected].