[Done][Image][Last]
Text (4 of 4) in 3. Financial

Financial



BANKING FINANCIAL SERVICES

The financial resources in Midwest City are abundant. The ten commercial banks serving Eastern Oklahoma County range in size from $40 million in total assets to over $1 billion, with locally owned institutions and branches of major metropolitan area banks. In addition there are two credit unions with assets of $84 million.

Virtually every financial need for commercial and consumer customers can be met, including mortgage lending for commercial or residential purposes and independent investment services.

SMALL BUSINESS DEVELOPMENT CENTER (SBDC)

Under an agreement with the Small Business Administration, the SBDC is qualified to assist with the application package for an SBA loan. They provide the guiding hand to help the business in preparing all of the elements required in the application process.

The SBDC also offers a number of other programs such as procurement assistance, quality control, marketing, subcontracting and small purchase opportunities. They also provide networking for area businesses through their "shop talk" program.

INCENTIVES

A relocating business, or an existing business with expansion plans, often needs financial assistance to help them over the threshold. Oklahoma has a wide range of business assistance and incentives to help new or expanding businesses.

Business Assistance

*	Industrial Development Trusts 
*	Oklahoma Finance Authorities 
*	Oklahoma Training for Industry 
*	International Export Services 
*	Foreign-Trade Zones
*	World Trade Development Authority 
*	Enterprise Zones
*	Small Business Linked Deposit 
*	Oklahoma Capital Access

Financial Incentives

*	5 yr. Ad Valorem Tax Exemption 
*	Investment/New Job Tax Credit 
*	Sales Tax Exemptions
*	Tax Credits/Refunds
*	Freeport Law
*	Foreign Trade Zones
*	Industrial Access Road
*	Quality Jobs Program
*	Infrastructure Improvement Assistance (Midwest City Only)
*	Quality Building Program
===================================================================== MIDWEST CITY TAX STRUCTURE =====================================================================

The cityís tax structure includes the following:

*	The property tax (ad valorem) is $98.23 per $1,000 assessed valuation for the 
	tax year 1996.  It is distributed as follows:
	CITY	  COUNTY	SCHOOL	OTHER		TOTAL
	1.89	    20.32	  60.45		 15.27		 98.23
*	The city sales tax is:	3.0%
*	The state sales tax is:	4.5%
                                               _____
		Total Sales Tax:	7.5%   (the county levies no sales tax)
*	Bond Indebtedness:
	City		$   1,375,000
	County  	$   1,200,000
	School	    	$ 14,000,000  




The Midwest City Economic Dev. Comm.                        
P.O. Box 10980
Midwest City, Oklahoma 73140                                                                                                                                                                                                                                                                                                                                                                    
Phone: (405) 733-3801                                              
Fax: (405) 733-5633