The Oklahoma Recoverable Grant Agreement is a type of financial assistance provided by the state of Oklahoma to support businesses, organizations, or individuals in achieving specific economic development objectives. It can be a crucial tool to stimulate economic growth, job creation, and overall prosperity in the state. This agreement involves the provision of funds on a recoverable basis, meaning that the recipient is required to repay the grant amount over time. The Oklahoma Recoverable Grant Agreement is designed to facilitate the development of various sectors such as technology, manufacturing, agriculture, renewable energy, tourism, and more. It aims to attract and retain businesses that contribute to Oklahoma's economic expansion and diversification. By offering financial support in the form of a grant, the state encourages innovation, competitiveness, and sustainability in targeted industries. There are several types of Oklahoma Recoverable Grant Agreements tailored to specific economic development needs and priorities. Some of these types include: 1. Small Business Recoverable Grant: This type of agreement targets small businesses looking to establish or expand their operations in Oklahoma. It offers financial assistance to cover costs related to capital investments, equipment purchases, research and development, workforce training, and marketing initiatives. 2. Rural Development Recoverable Grant: This agreement focuses on supporting economic development in rural areas of Oklahoma. It aims to enhance the competitiveness of rural businesses, attract investment, promote entrepreneurship, and address infrastructure needs. The grant can be used for projects related to infrastructure improvement, workforce development, as well as business expansions or relocations. 3. Research and Development (R&D) Recoverable Grant: This type of agreement aims to foster innovation and technological advancement within Oklahoma. The grant assists R&D activities carried out by businesses, nonprofits, and universities, encouraging the creation of new products, services, and processes that drive economic growth. 4. Tourism Development Recoverable Grant: Supporting the growth of the tourism industry in Oklahoma, this agreement provides financial aid to businesses and organizations involved in tourism-related activities. It helps promote tourist attractions, improve infrastructure, and expand tourism-related services to increase the state's appeal as a travel destination. Additionally, the Oklahoma Recoverable Grant Agreement requires recipients to meet specific performance benchmarks and job creation criteria. This ensures that the financial assistance provided is effectively utilized, leading to tangible economic outcomes for both the state and the grant recipient. Successful implementation of these agreements can lead to increased investment, job opportunities, and overall economic vitality in Oklahoma.
Oklahoma Recoverable Grant Agreement
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Include the program's name as described in the applicant's proposal. Grant period and payment schedule. For larger or more complex grants, the amount might be paid in installments. If this is the case, the grant agreement explains when and under what conditions future payments will be made.
The Agreement includes: this letter ? the Grant schedule (attachment A) ? the Grant terms and conditions (attachment B) ? your application ? the grant opportunity guidelines applicable on the date you submitted your application.
Recoverable grant capital can serve the same purpose for a nonprofit organization. For example ? if a nonprofit is working to test a new, unproven solution to address climate change, they need access to patient risk capital to help them innovate and try new ways to address the problem.
Grants are awards of financial assistance, usually from a governmental agency or foundation, primarily for carrying out a public purpose of support or stimulation. A grant is distinguished from a contract, which is used to acquire property or services for the government's direct benefit or use.
A "grant" is a general term for funds that organizations receive that are not expected to be repaid. To receive a grant, organizations must compete for funds by submitting an application and undergoing an evaluation process. Grants may be awarded by state or local agencies, private foundations, or corporations.
The grant agreement defines what activities will be undertaken, the project duration, overall budget, rates and costs, the EU budget's contribution, all rights and obligations and more.