Okla. Innovation Expansion Program opens applications March 31 - April 11, 2025
OKLAHOMA CITY (KFOR) - The Oklahoma Innovation Expansion Program (OIEP) kicked off the application period for 2025 beginning March 31 - April 11 to qualifying companies across the state.
According to OIEP, $15 million is available in funding supporting high-impact new capital investments to help diversify the state’s economy or increase Oklahoma's existing companies.
The application period for 2025 OIEP is set to open Monday, March 31, 2025, and close on Friday, April 11, 2025, at 5 p.m., says OIEP officials.
Financial Incentive for Your Diversification, Expansion or Development:
This incentive makes monthly cash payment awards in the form of payroll tax rebates.
- Lower the cost of a capital project
- Improve return on investment
- Increase the scope of a planned expansion
- Enhance ability to finance a project
Program Eligibility:
- 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
OIEP says, the program is operated by the Oklahoma Department of Commerce and the Oklahoma Development Finance Authority.
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