WOMEN ENTREPRENEURS ACROSS OKLAHOMA ARE GAINING ACCESS TO A GROWING NETWORK OF RESOURCES DESIGNED TO HELP THEM START AND SCALE SUCCESSFUL BUSINESSES. FROM FUNDING PROGRAMS AND ACCELERATORS TO MENTORSHIP AND CERTIFICATION OPPORTUNITIES, SUPPORT IS AVAILABLE AT EVERY STAGE OF THE JOURNEY. THESE EFFORTS ARE HELPING CLOSE GAPS AND EXPAND OPPORTUNITY.
Resources for Women Entrepreneurs
Rooted in the legacy of Black Wall Street, Build in Tulsa’s goal involves closing the wealth gap in America by catalyzing the creation of multi-generational wealth through tech and entrepreneurship. Build in Tulsa is committed to providing opportunity for entrepreneurs who have historically been denied resources and funding – many of whom are women and racial minorities.
“Since Build in Tulsa began operations in 2021, we have been cognizant of the disparity in funding and resources for women-led startups, particularly for minority women-led companies,” says managing director Ashli Sims. “While we have many programs dedicated to uplifting all, from Build Up, our startup school, to accelerator programs to First Friday Founders Markets, we have made sure to shine a spotlight on female-led companies.”
REI Oklahoma’s Women’s Business Center (WBC) is the state’s only statewide WBC dedicated to helping women start and grow their businesses. REI has supported nearly 30,000 entrepreneurs and business owners, with services available statewide, and offices in Durant and Oklahoma City.
REI Oklahoma Vice President of Business Resources James Harrington says that “organizations like REI Oklahoma have specific programs such as the WBC to offer workshops, business guidance and networking specifically for female entrepreneurs in the state. Additionally, state and local entities such as the Department of Commerce often provide business services and programs to promote creation and expansion of businesses in Oklahoma.”
The Oklahoma Department of Commerce (ODC) certifies women-owned businesses in Oklahoma. The program has the potential to benefit those businesses that may have traditionally faced extra barriers to market entry or participation. Some companies and state agencies use certifications to ensure diversity when they select contractors, vendors and suppliers.
The Department of Commerce’s Women Owned Businesses Certification (WOBC) program is a state legislated program that is not affiliated with any other certification program, and there is no fee for certification. The business must be 51% or greater owned, operated and managed on a daily basis by one or more women and the highest level officer in the company must be held by a woman on a full-time basis. The purpose of the certification is to assist in contracting opportunities. Upon certification, the company name and information are displayed on the department’s website page searchable database.
Oklahoma currently has more than 200 certified women-owned businesses. Any woman-owned small business is eligible to apply for the certification program.
“There are a number of organizations that can assist all small business owners,” says Cathy Curtis with the ODC’s Business Development, Women Owned Business Certification, and State Certified Incubator programs. “REI Women’s Business Center, Oklahoma Small Business Development Center, Oklahoma Career Technology Centers, and the U.S. Small Business Administration are a few. These all offer services to small businesses at little to no cost.”
Finding Funding
When starting a small business, getting capital is one of the most crucial components.
“REI Oklahoma offers flexible financing for all Oklahoma entrepreneurs,” says Harrison. “Our various funding partners including, the U.S. Small Business Administration, USDA Rural Development, and the Economic Development Administration, among others make it easier for businesses to get the financing they need to grow. Even if traditional loans aren’t an option, REI Oklahoma’s lending programs are designed to meet business owners where they are and help them move forward.”
REI Oklahoma loan programs include SBA 504, SBA Microloans, Direct Loans, Manufacturing Equipment Loan Program, USDA Meat and Poultry Loan Program, Contract Line of Credit, and New Markets Tax Credits.
“Loan information can be provided by REI Business Lending, Oklahoma Small Business Development Centers, and the US SBA,” says Curtis.
Sims adds: “Through our Female Founders Pitch Competition, we have directly addressed the funding gap for female tech founders. Since 2021, we have hosted 12 competitions with 78 contestants. The program has awarded over $293,000 to 32 top contestants. The program has awarded prizes from $1,000 to $20,000. Our next female founders’ pitch competition will be May 21.”
As well, Build in Tulsa pitch competitions award up to $10,000 to help female founders build. Their W.E. Build accelerator includes a $25,000 business award as well as financial stipends while in the program.
Created as a flexible solution to help Oklahoma businesses maintain momentum and continue growth trends despite challenging economic conditions, Oklahoma Business Lending Partnership (OBLP) has flexible terms, and OBLP supports businesses throughout Oklahoma. As a collaboration between the Oklahoma Center for the Advancement of Science and Technology and TEDC Creative Capital, OBLP expands access to capital for Oklahoma businesses through the U.S. Treasury’s State Small Business Credit Initiative (SSBCI) administered by OCAST.
The Power of Networking
OKC Women in Business is a network through which individuals access resources, opportunities and a vibrant community dedicated to empowering women in the entrepreneurial world. The collaboration offers connections with over 7,500 women entrepreneurs in Oklahoma City and has a directory of women-owned businesses, which expands visibility.
OKC Women in Business participants may engage in monthly community coffees designed to connect with peers, form partnerships and share insights. The community coffees take place around OKC and serve as a cornerstone of the networking efforts, designed to foster connections, share ideas and build a supportive community.
“REI Oklahoma offers networking events throughout the state including OKC Women in Business Breakfast and Southern Oklahoma Women in Business Networking Events to connect with other professionals, discover new opportunities and explore valuable resources, and take new steps both personally and professionally,” says Harrington.
Curtis adds: “There are many local and regional organizations that offer networking groups that actually work. Enid Regional Development Alliance offers quarterly women in business luncheon meetings with speakers on relevant topics.”
Sims adds: “Build in Tulsa hosts a variety of networking and training opportunities throughout the year. Follow us on social media or sign up for our newsletter to stay up to date on our activities. We host the First Friday Founders Market, which is a great way to connect with the ecosystem and support other entrepreneurs.”
Using the Right Tools
“REI Oklahoma’s Women’s Business Center (WBC) is the state’s only statewide WBC dedicated to helping women start and grow their businesses,” says Harrington. “Whether you’re exploring a business idea or expanding an established company, the WBC offers training on marketing, business planning, QuickBooks, social media, taxes and more.”
Sims says that Build in Tulsa hosts a variety of workshops designed to help build a successful business.
“From Build Up, our startup school, to accounting classes with 1921 Sankofa, to sales workshops, to fireside chats with investors, Build in Tulsa is committed to providing founders with the tools they need to succeed.”
The Oklahoma Small Business Development Center assists small business owners and new entrepreneurs by providing no charge, one-on-one business management advising and workshops and business technical assistance.
The Oklahoma Council on Economic Education (OCEE) is a nonprofit that promotes economic education and financial literacy, and is a sector of the College of Business at the University of Central Oklahoma in Edmond. OCEE provides resources and training to K-12 teachers about incorporating principles of economics and personal finance into classrooms.
The Oklahoma Center for the Advancement of Science and Technology (OCAST) is the state’s agency for technology-based economic development. A results-driven, high-performing organization, OCAST increases research activity and public/private partnerships leading to innovation in the core tech sectors most important to Oklahoma’s economy. These include Aerospace – Defense and Autonomous, Biotechnology and Life Sciences, and Energy Diversification.
Supporting Women-Led Enterprises
Harrington says the public can support women-led enterprises by visiting state and local entities from women-owned business directories, and attending networking events and conferences specifically catering to women-owned businesses.
“The best way people can support women-led businesses is to put your money where your mouth is,” says Sims. “Shop with women-owned businesses and not just big box retailers or tech marketplaces. Integrate that philosophy into your work culture. How many women-owned businesses does your business do business with? From your legal representation to your accountant to your caterers, are you making sure your vendors are representative of your values?
“We often hear about mentorship, which I do believe is important, but I think it doesn’t go far enough. Beyond dispensing advice, we need to move toward advocacy. Build in Tulsa is committed to making introductions to those who can help you grow and sustain your businesses. We are proud to be a springboard for women-led businesses, but, ultimately, we want these businesses to thrive on their own, with sustainable, scalable business models that become economic engines for our city and state.”
