STATE’S OIEP APPLICATION PERIOD OPENS MARCH 31

PROGRAM WORKSHOP SLATED MARCH 5 IN MIAMI

MIAMI – The application period for the 2025 Oklahoma Innovation Expansion Program (OIEP) opens March 31 and local and state agencies are teaming up to host a workshop touting the benefits of the program.

The workshop, hosted by the Miami Area Economic Development Service, Inc., the Oklahoma Department of Commerce, and the Oklahoma Finance Authorities, will be held at 1 p.m. Wednesday, March 5, at the MAEDS office, 11 S. Main St. in Miami. The workshop is open to businesses in Ottawa, Craig, Delaware and Mayes counties. To register, contact Takisha Estes at the MAEDS office.

“The program makes $15 million in funding available to qualifying companies across the state,” said Shannon Duhon, MAEDS chief executive officer and president. “This program has helped numerous businesses right here in our area over the years with funding for expansion projects, equipment upgrades and job creation.

The Oklahoma Innovation Expansion Program 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 Finance Authorities.

The financial 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. Those incentives help:

• Lower the cost of a capital project.

• Improve return on investment.

• Increase the scope of a planned expansion.

During the 2024 application period, the Department of Commerce received 205 submissions for project funding. Of those applications, 180 projects received awards ranging from $25,000 to $150,000 with the total awards funding reaching $14.06 million. The funding will facilitate $52.7 million in capital expenditures. These companies plan to hire an additional 849 employees with a new payroll of $43.1 million.