The Ponca City Development Authority is currently seeking Phase II Pitch-off participants.
Phase II is for existing companies and businesses looking to invest in things such as more employees or building improvements and to help them build a line of credit with their bank. It includes a five-minute pitch with three to five judges and up to a 15 minute Q&A period following the pitch wherein the judges will review the business pitch in a manner similar to Shark Tank.
The incentive package of a $10,000 CD is deposited into the business’ bank for their use as a line of credit security for one year. This is a line of credit collateral deposit only and will be returned to Ponca City Development Authority on Wednesday Dec. 1, 2021.
A line of credit (LOC) is a preset borrowing limit that can be used any time as long as the maximum amount is not exceeded and timely minimum payments are made. The difference between a line of credit and a loan is how you get the money and how and what is repaid. A loan is a lump some of money that is repaid over a fixed term, whereas a line of credit is a revolvingaccount that let borrowers draw, repay and redraw from available funds.
Business representative will need to present their business proposition, uses and needs for a $10,000 line of credit, a Profit and Loss statement and a written overview.
Materials will need to be submitted the week prior to the Pitch date and distributed to participating judges, due Nov. 2, 2020.
Businesses interested can reach either Kat Long from PCDA at 580-761-3028 or Ben Evans, Entrepreneur Specialist/SBDC Representative with Pioneer Technology Center at 580-718-4262.