The Oklahoma Department of Commerce said Monday that dozens of businesses around the state have been chosen to receive financing to help them expand and create an estimated 767 new jobs.
The Oklahoma Innovation Expansion Program (OIEP) was created to support high-impact new capital investment across a broad range of industries to help diversify the state’s economy, lead to new product development, and/or increase capacity at Oklahoma’s existing companies.
What is the Oklahoma Innovation Expansion Program?
Following an application process that lasted from April 4 to 15, grant applicants for the Oklahoma Innovation Expansion Program were selected.
According to a press statement, the agency received 163 project financing applications. A total of 125 people were chosen for rewards ranging from $25,000 to $150,000.
The total amount awarded was $9.241 million.
According to the agency, the funds will enable more than $58 million in planned growth projects. The overall payroll effect on the state should be in the amount of $35.4 million once employment is generated.
“We are very pleased to announce this significant round of OIEP funding to assist businesses and continue to grow our own here in Oklahoma,” said Commerce Executive Director Brent Kisling.
“Every dollar in OIEP funding leverages $5.28 in private sector funds to complete projects, giving the state a great return on investment while giving Oklahoma businesses a unique opportunity to diversify their operations.”
The OIEP was established to assist “high-impact” capital investment across a wide variety of businesses, according to the press release. The state’s economy will be diversified, new product development will be boosted, and current enterprises’ capacity will be increased.
The program will be administered by the Commerce Department in collaboration with the Oklahoma Development Finance Authority and the Oklahoma Tax Commission. The Oklahoma Manufacturing Alliance will also contribute.
“It’s critical that we foster innovation and support new manufacturing investment,” said OMA President Dave Rowland. “The OIEP is a critical tool for encouraging the adoption of new technologies, developing a highly skilled workforce, and assisting state companies in remaining globally competitive.”
The Commerce Department’s website has a complete list of grant recipients.
What is the OIEP Applicant Criteria?
Projects had to be creative, lead to supply chain resilience, or be developed to target new markets to be eligible for an award. Companies had to have a minimum annual payroll of $625,000 and a minimum capital investment of $50,000 to be eligible.
When examining applications, Commerce looked at things including applicant firms’ capital investments, the number of current and planned new employment, and the average income provided to workers. A net positive benefit to the state was required of all projects.
According to the press release, the OIEP will offer monthly cash payments in the form of payroll tax refunds to assist businesses in growing and expanding.
The Oklahoma Economic Development Pooled Finance Act provides funding for the OIEP. Participating enterprises will be expected to provide quarterly reports certifying employment numbers and expenditures, as well as proof of machinery and equipment acquisition and installation.
