Apply now to the Oklahoma Innovation Expansion Program
Applications are now open for the Oklahoma Innovation Expansion Program (OIEP), which will provide up to $15 million in funding to companies with new projects that lead to diversification, market expansion or supply chain resiliency.
Oklahoma Department of Commerce (OK Commerce) and Oklahoma Finance Authority officials will partner to administer between $25,000-$150,000 to qualifying companies across the state that have not yet spent money toward their proposed project prior to OIEP funding being approved. The one-year program leverages payroll tax rebates with private sector investments that promote a diversified and growing economy. The amount of funds awarded to each company are dependent on the amount that is revenue positive to the state, as well as the size of the company that is applying.
Companies must have a minimum annual payroll of $625,000 with a minimum capital investment of $50,000 to qualify for OIEP. OK Commerce will also consider the ratio of private sector dollars leveraged from program awards, the applicant’s number of existing and projected jobs, the average wages paid to employees and anticipated increases in sales because of the expansion project.
In 2022, more than 75% of the projects submitted to the program received funding worth a total of $9.241 million. Through this funding of 125 projects, companies projected more than 750 jobs would be created with a total payroll of nearly $36 million in varying sectors.
As a part of the program, each awarded company must complete quarterly reports that verify the employment levels and expenditures associated with its project, as well as verification of any purchase or installation of machinery or equipment.
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