OKLAHOMA (OBV) – Oklahoma companies can apply for Oklahoma Innovation Expansion Program (OIEP) funds, but the application deadline is coming up soon.
Qualifying companies have until April 14 to apply OIEP funding. The program has $15 million in funding available to companies across the state.
The Oklahoma Department of Commerce and the Oklahoma Development Finance Authority (ODFA) administer the program.
“OIEP supports high-impact new capital investment across a broad range of industries to help diversify the state’s economy, lead to new product development or increase capacity at Oklahoma’s existing companies,” Commerce Department officials said.
Awarded funds not only encourage capital investments and support existing jobs, they also help grow the workforce by funding new job creation.
The program provides monthly cash payment awards through payroll tax rebates to help companies grow and offset capital expenditure costs incurred through business investments in Oklahoma.
The maximum OIEP award amount is $150,000.
Gov. Kevin Stitt announced OIEP in April 2021, making $10 million available to qualifying Oklahoma manufacturers.
“Based on the success of the Oklahoma Bounce Back Assistance Program in 2020, OIEP was developed 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 or increase capacity at Oklahoma’s existing companies,” Commerce officials said.
Companies must meet the following requirements to be eligible for OIEP funds:
- Must be a “for-profit” business entity;
- The Project facility must be located in Oklahoma and the project requires a minimum capital expenditure of at least $50,000;
- Must currently have a minimum payroll at the project facility of at least $625,000 per year;
- Funds cannot have been spent toward the new project prior to the Company having received an award letter recommending approval of the new project from the Oklahoma Department of Commerce;
- The new project must either be an innovative project, a project that shortens or strengthens the supply chain for the product being manufactured, or it must be a project designed to target new markets;
- The business must not be participating in any of the Oklahoma Quality Jobs Act Programs and cannot take Investment Tax Credits while in the program;
- The Project must meet all other eligibility requirements for participation in the Oklahoma Economic Development Pooled Finance Act set forth in 62 O.S. §891.10;
- Businesses selected for participation in the program must spend at least 10% of the estimated project costs within ninety (90) days of executing a funding agreement with the Oklahoma Development Finance Authority
- Only projects where the net benefit rate of the project is sufficient to sustain a $25,000 award or greater shall be eligible for participation in the program.
- Business must meet all eligibility requirements and follow all program rules as set forth in the Oklahoma Innovation Expansion Program Rules document and as set forth in the Oklahoma Economic Development Pooled Finance Act