Oklahoma Innovation Expansion Program applications to open March 31
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).
Applications for the 2025 funding cycle open Monday, March 31, and will close Friday, April 11, at 5 pm.
OIEP provides a monthly payroll tax rebate that can be used to offset some of the cost of capital improvements, including equipment, fixtures, machinery, or property improvements, that strengthen the supply chain or target new markets.
OIEP applicants must have a total annual payroll of $625,000 or more and the capital expenditure must be at least $50,000. The maximum award is $150,000. Applicants cannot spend towards the project until receiving the award letter. Read the full list of requirements on Commerce’s website.
Several Chickasha manufacturers have utilized OIEP in previous years, including HSI Sensing, Baity Screw Machine Products, and Royal Filter.
The EDC encourages businesses interested in this program to familiarize themselves with the program requirements and to prepare company and project information (as described in the program FAQ) as soon as possible.
The Oklahoma Innovation Expansion Program is neither funded nor administered by the Chickasha Economic Development Council. This article is for the information and benefit of local businesses.
