Edmond Life and Leisure September 10, 2020

Page 17

Edmond Life & Leisure • September 10, 2020 • Page 17

Economy loses jobs & millions in sales

COVID’s heavy toll on art industry A new report released by the Metropolitan Policy Program at the Brookings Institution, co-authored by Richard Florida ("The Rise of the Creative Class"), confirms what many in the arts in Oklahoma have feared – the COVID-19 pandemic is taking a heavy toll on the state's arts and cultural industry. The report shows that between April 1 and July 31, 2020, Oklahoma experienced an estimated loss of 19,504 creative industry jobs and $606 million in sales of creative industry goods and services. Data indicates the fine and performing arts have been hit hardest by the pandemic, with losses disproportionate to other parts of the creative economy – representing up to 50 percent of jobs lost in some cases. Oklahoma Arts Council Executive Director Amber Sharples said without further relief for the arts sector, the data implies a grim outlook for Oklahoma. "This report verifies the dire circumstances facing our sector," Sharples said. "Artists and creative workers are out of jobs; performance venues, theaters, and festivals are shuttered; and, fundraising events are nearly impossible. As creative industries and occupations are essential to a healthy and growing Oklahoma economy, there is real

risk of long-term negative outcomes for our state. We must pursue all means necessary to provide relief to the arts industry so that our state can continue its Top Ten trajectory." The Economic Impact of Arts and Culture in Oklahoma Representing 2.3 percent of the state's gross domestic product (GDP), Oklahoma's arts and cultural sector is a sizable part of the state's economy (source: U.S. Bureau of Economic Analysis, 2017). A study released in 2017 showed that nonprofit arts and cultural organizations and their audiences in Oklahoma have significant economic impact, including: Producing $872.8 million in economic activity Supporting 29,165 jobs Generating $84.5 million in state and local tax revenue According to the authors of the Brookings Institution report, the creative sector is one of three key sectors that drive regional economies. The authors state that lasting damage to an area's creative sector will drastically undercut culture, wellbeing, and quality of life. The Brookings Institution report, "Lost Art: Measuring COVID-19's Devastating Impact on America's Creative Economy," is available for PHOTO PROVIDED From acclaimed stage productions in New York, to right here in Oklahoma, download at www.brookings.edu. many plays and musicals have been idled by the virus.

Citizens Bank of Edmond finalist for Finovate Award wide through this current crisis. Citizens Bank of Edmond This award proves that great inand Teslar Software, a provider novation is accessible to even of automated workflow and the smallest banks with the portfolio management tools most limited resources.” designed to help community fiPPP.bank has been a huge hit nancial institutions thrive, anwith business owners since it nounced last week that they was launched in late May. have been named as a finalist Within the first three days that for the second annual Finovate Castilla the site was live, it had 14,000 Awards. small business users. Today, it Citizens Bank of Edmond and Teslar Softward were recognized as has more than 230,000 pageviews to date. one of five finalists in the Best Fintech “We are proud to have been named Partnership category. The Best Fintech a 2020 Finovate Awards finalist for our Partnership Award is given to a financollaboration with Citizens Bank of Edcial institution and fintech company mond on PPP.bank,”said Joe Ehrhardt, who are working together to build a CEO and founder of Teslar Software. new, groundbreaking product and ac“This year has been incredibly tough for knowledges two organizations whose small businesses across our country, so partnership allows them to do somehelping them more seamlessly navigate thing together that is greater than the the complex PPP forgiveness process is sum of their parts. something we felt compelled to do. The fintech and bank were selected Supporting Main Street’s revival and for their launch of PPP.bank, a free contributing to the greater good will alwebsite that they created in collaboraways be a top priority for both Teslar tion with Mark Cuban to provide small businesses with assistance in navigating Software and Citizens Bank of Edthe U.S. Small Business Administration’s mond.” “The Finovate Awards highlight innoapplication for Paycheck Protection Program (PPP) forgiveness. With PPP.bank, vative ideas that are driving fintech forward,”said Greg Palmer, Vice President any borrower can get an estimate for of Finovate. “This is often accomplished the forgiveness of their PPP loans and by strong bank and fintech partnergenerate a PDF application to provide ships, as we’ve seen here with Teslar to their lender. To keep applicants’ inSoftware and Citizens Bank of Edmond, formation secure, this site does not which is why this Best Fintech Partnerhave a database. Data that is entered ship category is always so competitive. will not be kept, shared, sold or They identified a need to simplify the archived. complex PPP forgiveness process and “It is a great honor for Citizens Bank offered it to small businesses free of of Edmond to be the first Oklahomacharge and regardless of bank affiliabased company named as a finalist for the prestigious 2020 Finovate Awards,” tion. It’s a timely and well thought out plan that provides a sense of undersaid Jill Castilla, CEO and President of standing and organization to business Citizens Bank of Edmond. “In just 10 owners who are struggling from the days, PPP.bank was built and deployed pandemic, and the recognition as a Fiout of a desire to help small businesses novate Awards finalist is thoroughly desuccessfully navigate the complex PPP served.” forgiveness application without fees or Winners will be announced during Fiprivacy concerns. Citizens Bank of EdnovateFall Digital on Sept. 14. More on mond is proud to have partnered with the awards can be found here: Teslar Software and Mark Cuban who are visionary leaders with a shared pas- https://informaconnect.com/finovateindustry-awards/awards-categories/. sion for a thriving Main Street nation-


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