News9.com - Oklahoma City, OK - News, Weather, Video and Sports | Financial Assistance Ready for Small Businesses

Financial Assistance Ready for Small Businesses

By Charles Bassett, NEWS 9

OKLAHOMA CITY -- Although Oklahoma hasn't been financially hit as hard as other states, many small businesses continue to struggle.

The companies trying to stay afloat are hoping to receive financial help through the bailout money.

Sweet Cherry's Bakery has been around for about six years with a loyal customer base who love the award-winning baked delights, but it's becoming more difficult for the owner to hang on to those customers.

"People aren't spending as much," said owner Cherry Duran.

That drop in revenue now has the business cutting back.

"We've had to cut back on employees and some of the stuff we buy," Duran said. "We don't buy as much as we used to."

The company has even shutdown a second store they had next door, just to stay afloat.

Businesses like Sweet Cherry's Bakery that benefit from the president's plan to help small businesses.

Under the plan, the feds would guarantee up to 90 percent of small business loans.

"The recovery plan also includes a series of tax cuts for small businesses and tax incentives to encourage investments in small businesses," Obama said.

The Small Business Administration said at least 40 Oklahoma bankers have stepped forward to start lending.

"It'll loosen up the credit crunch," said Fred Munden of the Small Business Administration. "I think that the 90 percent guarantee personally was a good idea to help small business."

Sweet Cherry's said this is the break they need and they're ready to apply.

"It will give us some operating capital," Duran said. "Right now, I don't have operating capital. As we get money in, we're spending it."

She said they can also hire more employees to keep turning out the baked goods.

The SBA said the money is available now, so they are ready for people to start applying.