Commerce Releases Statistics from Oklahoma Innovation Expansion Program
1 Jun 2021
On April 27, the Oklahoma Department of Commerce (Commerce) opened applications for the Oklahoma Innovation Expansion Program (OIEP). Applications closed on Friday, May 7. During the application period, Commerce received 137 submissions requesting $24.7 million for projects. Of those applications, 108 projects received awards ranging from $25,000 to $150,000 with the total awards funding reaching $7.74 million. The funding will facilitate $49.6 million in projects. These companies plan to create 680 jobs with a total payroll of $28.5 million.
“We are excited to see the impact these companies and their projects will make on our state,” said Scott Mueller, Oklahoma Secretary of Commerce and Workforce Development. “This program is going to help Oklahoma companies diversify their operations and bring new opportunities to our state.”
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 or increase capacity at Oklahoma’s existing companies. The program is administered by the Oklahoma Commerce, the Oklahoma Development Finance Authority (ODFA), and the Oklahoma Tax Commission. The full list of OIEP recipients can be found on the Commerce website at www.okcommerce.gov/OIEP. The types of businesses awarded range from aerospace parts manufacturers to food processing facilities, and each proposed project will make a significant impact on their operations, often including the creation of additional jobs.