Oklahoma Innovation Expansion Program 2023 applications to open
The 2023 Oklahoma Innovation Expansion Program application period will open Monday, April 3 and will close Friday, April 14.
The Oklahoma Innovation Expansion Program (OIEP) makes $15 million in funding available to qualifying companies across the state. 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. In addition to encouraging new capital investment, these awards support existing jobs and the creation of new jobs. The program is administered by the Oklahoma Department of Commerce (Commerce) and the Oklahoma Development Finance Authority (ODFA).
During the 2022 application period, Commerce received 163 submissions for project funding. Of those applications, 125 projects received awards ranging from $25,000 to $150,000 with the total awards funding reaching $9.241 million. Royal Filter Manufacturing in Chickasha is one of these recipients. The funding will facilitate $58.065 million in projects. These companies plan to create 767 jobs with a total payroll of $35.4 million.
This incentive makes monthly cash payment awards in the form of payroll tax rebates to help companies grow and offset the cost of capital expenditures incurred through business expansion investments in Oklahoma.
- Lower the cost of a capital project
- Improve return on investment
- Increase the scope of a planned expansion
- Enhance ability to finance a project
Application information and program eligibility, as well as any other information, can be found on the OIEP website.
