House Bill No. 2407 establishes the Oklahoma Main Street Grant Program Revolving Fund, which will be managed by the Oklahoma Department of Commerce. The fund will consist of all appropriated or designated monies and is intended to support the preservation and development of Oklahoma's main streets. To qualify for a grant, designated Main Streets must apply using a form prescribed by the Department of Commerce and meet specific requirements, including maintaining their designation as a qualified Main Street. If a Main Street loses its designation, it will be removed from the grant program, and any available funds will be reallocated to other qualified applicants.

The bill appropriates $2 million from the General Revenue Fund for the fiscal year ending June 30, 2026, to support the Oklahoma Main Street Grant Program. The act is set to take effect on July 1, 2025, and includes an emergency clause to ensure its immediate implementation upon passage and approval.