Rural Jobs Act

The Oklahoma Rural Jobs Act promotes greater access to capital for qualifying small businesses located in rural areas of the state. Rural Funds, their affiliates or investors may earn a tax credit on the amount equity that they invest in a Rural Fund, which must then deploy as capital expenditures to provide financing for small businesses in rural Oklahoma. The application period for the Rural Jobs Act has now closed, and no additional applications are being accepted. The Oklahoma Department of Commerce has approved five rural funds to participate in the Rural Jobs Act. This program is for six years, and the tax credits are only offered at 15% in years 3-6 after the capital allocation date. All approved funds have been subsidized and provided appropriate evidence of funding. By December 16, 2024, 60% of the funds must be deployed as either equity or debt financing for eligible businesses in rural areas. At least 10%, or $2,000,000, of the $20,000,000 certified capital investment eligible for tax credits, must be raised from sources including or affiliates of the approved rural fund. Fund Name & Contact Funding Entity Address Enhanced Capital Oklahoma Rural Fund, LLC Enhanced Capital Group, LLC 201 St. Charles Avenue, Suite 3400, New Orleans, LA  70170 Doug Beekman [email protected] 504.569.7900 Midwest Community Development Fund XV, Advantage Capital Community Development Fund, 909 Poydras Street, Suite 2230, New Orleans, LA 70112 Michael T. Johnson [email protected] 504.522.4850 Oklahoma Rural Investment Fund, Affordable Equity Partners 206 Peach 65203 Mandi Boehringer [email protected] 404.841.2227 Oklahoma Rural Jobs Subsidiary Fund, LLC Oklahoma Rural Jobs Investment Company, LLC 3299 K Street NW, Suite 700, Washington, 20007 Jabari Johnson [email protected] 202.448.0142 Stonehenge Oklahoma Rural Fund I, LLC Stonehenge Oklahoma Rural Fund Holdings, LLC 236 Third Street, Baton Rouge, LA 70801 Mitchell Hill [email protected] 214.396.2761 The Certified Capital Investment Eligible for Tax Credits is $20,000,000 per fund listed. A rural fund may request from Commerce a written opinion as to whether the business that it proposes to invest is an eligible business, which must have its principal operations in Oklahoma and at the time of initial qualified investment has fewer than two hundred fifty employees.  However, Commerce is not involved in the investment decisions of private companies. Please submit questions or opinions to [email protected] Once making a capital investment in a rural fund, a rural investor will have the right to a credit against such entity’s state tax liability.  No credit claimed under this stipulation shall be refundable or saleable on the open market. Reports must be submitted to Commerce on the second and third anniversary of the initial credit allowance date to provide documentation as to investment amounts.  In subsequent years, rural funds shall submit an annual report with required information. A rural fund may apply to the Commerce to exit the program on or after the sixth anniversary of the credit allowance date. Oklahoma's Qualifying Areas View the Rural Jobs Act qualifying counties and cities in Oklahoma. Launch Rural Jobs Act map Analysis and assistance at no cost Call us today at 800-588-5959 and we’ll get started on a cost/benefit analysis for your business. After your preliminary assessment, we can assist you with the application process. Program FAQs Oklahoma Rural Jobs Act FAQs Oklahoma Rural Jobs Act Eligible Business Request Oklahoma Rural Jobs Act Geography Requirements