Home / Oklahoma Innovation Expansion Program

Oklahoma Innovation Expansion Program

The Oklahoma Innovation Expansion Program (OIEP) makes $10 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. The funding will facilitate $58.065 million in projects. These companies plan to create 767 jobs with a total payroll of $35.4 million. 

NOTICE: The application period for OIEP began on April 4, 2022, and closed April 15, 2022. 

Applicants are strongly encouraged to read the following documents on this webpage before applying:

  1. Agreement for Potential Participation (this document is required to be attached to the application)
  2. Program Rules
  3. OIEP FAQ

Financial Incentive for Your Diversification, Expansion or Development

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

In April 2021, Governor Kevin Stitt announced the launch of the Oklahoma Innovation Expansion Program (OIEP), making $10 million in funding available to qualifying manufacturers across the state. Based on the success of the Oklahoma Bounce Back Assistance Program in 2020, OIEP was developed 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. 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).

Program Eligibility

For a business to be eligible for consideration into the program they must meet all of the following requirements:

  • 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 68O.S. §891.1 et. seq.;
  • 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

Program Details

Award Amounts

The maximum award amount for OIEP is $150,000 and will vary depending on the potential positive impact on Oklahoma’s economy.

Reporting Requirements

Participating businesses will be required to:

  • Provide quarterly reports verifying employment levels and expenditures.
  • Submit verification of purchase and installation of machinery and equipment.

Program Rules

Read the complete rules for program participation prior to applying.

Agreement for Potential Participation

Companies must download and sign the Agreement for Potential Participation and then upload a copy when applying.

Program FAQs

Frequently asked questions about the program will be posted here as they are developed.

Generally, companies participating in the OIEP must have an existing or projected payroll of $625,000 in order to participate, in addition to other requirements. Refer to the program rules for complete details.

A qualifying capital expenditure, as the term is used in the program, refers to money spent on the purchase of depreciable assets such as equipment, fixtures, machinery or improvements to property made by the business entity toward the new project. They do not include additional employee costs related to the new project, such as increased salary, wages or fringe benefits.

In filling out the Application, an applicant will want to be prepared to discuss or provide the following:

  • Company FEI number
  • Company NAICS code
  • If company remits withholding taxes through a third party, such as a PEO, and the identity of the third party
  • Most current fiscal year sales figures
  • Total Budget for new project
  • How much of the budget the company will contribute to the new project
  • A narrative description of the project
  • Number of persons currently employed by the company within Oklahoma
  • Average annual wage of current jobs in Oklahoma
  • Total current yearly payroll for the company in Oklahoma
  • Number of jobs to be created by the new project in Oklahoma
  • Average annual wage of the new jobs created by the project
  • Timeline for new job creation
  • Whether or not the company will create a qualifying health plan for new or existing jobs
  • Timeline for the new project
  • Whether or not the award would lead to diversification, new capabilities or expanded capabilities
  • A description as to how the award would lead to diversification, new capabilities or expanded capabilities
  • A completed copy of the Agreement for Potential Participation

No. Due to the inherent mobility of vehicles, a project based on the acquisition of vehicles does not create a sufficient benefit to the state for an award under the program.

Similar to the Quality Jobs Program, payroll for this incentive includes wages, overtime and bonuses.  It does not include benefits, unemployment insurance or other payroll costs. 

No, this the Oklahoma Innovation Expansion incentive is a rebate (not a grant) based on actual withholdings taxes associated with a company’s payroll. 

No, since this incentive operates as a rebate, it is paid after the company demonstrates performance of 10% spend in the first ninety days and is paid over the course of 12 months or until June, 2023.

Questions

For assistance, contact the Regional Development Specialist (RDS) who serves your region.

2022 Award Recipients

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. The funding will facilitate $58.065 million in projects. These companies plan to create 767 jobs with a total payroll of $35.4 million. 

CompanyCityOIEP Award
Aceco Valves, LLCMounds$25,000
ADCO Designs & Fixtures, inc.Beggs$30,000
Advanced Industrial Devices Company, LLCTulsa$110,000
Ahrberg Milling of Cushing, Inc.Cushing$65,000
Air Hygiene International, Inc.Broken Arrow$130,000
Aquestia USA Inc.Tulsa$30,000
ASC, Inc.Tulsa$150,000
Bakery BlingOklahoma City$100,000
BankOnIT Oklahoma City$150,000
Baskins Machined ProductsCollinsville$40,000
Bauman Machine IncOklahoma City$35,000
Bergey Windpower Co. LLCNorman$42,000
Blue Arc Metal Specialties, Inc.Claremore$30,000
Bluestem Integrated, LLCTulsa$60,000
BOARDMAN, L.L.C.Oklahoma City$125,000
Broce Manufacturing Co.Fairview$100,000
Candid Color Systems, IncOklahoma City$150,000
Canyon Oilfield Services, LLCElk City$50,000
Capital Aviation, Inc.Bethany$25,000
Centurion Health Systems (aka Mercy Regional Oklahoma)Owasso$80,000
Century, LLCOklahoma City$150,000
Choctaw Defense Manufacturing, LLCMcAlester$50,000
CMP CorporationOklahoma City$90,000
CNI Manufacturing LLCMarietta$50,000
Coulter & CompanyOwasso$90,000
Custom Mechanical Equipment, Inc.Ponca City$60,000
CVEC Fiber, LLCSeminole$150,000
Delaware Resource Group of Oklahoma LLCOklahoma City$45,000
Diamond Attachments, LLCAtoka$34,000
Diamond T Trailer ManufacturingRattan$70,000
Duncan Machine Products, Inc.Duncan$47,000
Dvorak Instruments Inc.Tulsa$25,000
Gavco PlasticsBroken Arrow$110,000
GoBob Pipe and Steel Sales, LLCMounds$28,600
Ground Zero Shelters Co.Perry$50,000
HEAVYBILT MFG INCCoalgate$50,000
Hero Flare LLCKellyville$50,000
Hiland DairyChandler$150,000
Hill Manufacturing & FabricationBroken Arrow$75,000
Infinite Composites, Inc.Tulsa$25,000
J&J SolutionsPerry$90,000
J. Price Energy Services, LLCMadill$100,000
Jetta CorpEdmond$150,000
Johnson Machine IncCollinsville$25,000
JP Consultants, LLCMadill$25,000
K&C ManufacturingPonca City$25,000
Kirby-Smith Machinery, Inc.Oklahoma City$150,000
KT Plastics, Inc.Calera$25,000
Layco Electric InnovationsTulsa$120,000
Lektron LED TechnologiesTulsa$70,000
Lippe Federal LLC (dba Federal Corporation)Oklahoma City$50,000
Mar-K Specialized ManufacturingOklahoma City$27,500
Maxcess Americas, Inc. - DBA FifeOklahoma City$150,000
MaxQ ResearchStillwater$25,000
McClarin PlasticsOklahoma City$60,000
McElroy Manufacturing Inc.Tulsa$150,000
Memorial Machine, IncTulsa$100,000
Metro Mechanical LLCTulsa$30,000
MidCentral ManufacturingOklahoma City$59,738
MJ&H Fabrication Ponca City$70,000
Molded Products, Inc.Broken Arrow$75,000
Moore Iron & Steel Corp.Yale$85,000
MTM Recognition CorporationOklahoma City$45,000
NEW VISION MANUFACTURING LLCMadill$150,000
Nitro-Lift Fabrication LLCTishomingo$30,000
No Man's Land Foods LLCEnid$84,000
OCV Control Valves, LLCTulsa$85,356
Oklahoma Folding Carton & Printing Inc.Minco$40,000
Oklahoma Interpak LLCMuskogee$30,000
PAS MROBristow$35,000
PDR/ Orchestrate, LLC (includes Prodigital Labs, LLC)Ardmore$50,000
Pelco Products, IncEdmond$150,000
Pelco Structural, LLCClaremore$150,000
Pepetools, Inc.Oklahoma City$35,000
Plantation Investments LLC dba Stroud SafetyOklahoma City$25,000
Platinum Arch Manufacturing and ConstructionStillwater$40,000
Platinum Cross Welding, Inc.Okemah$40,000
Precision Metal FabPonca City$55,000
Premium Beef Feeders, LLCLone Wolf$26,800
PRESCOR LLCTulsa$90,000
Preston Eastin Inc.Tulsa$80,000
PROCESS MANUFACTURING CO., INC.Tulsa$150,000
Pro-Fab, LLCOklahoma City$150,000
Proform Group Inc.Muskogee$150,000
Radial Engines LtdGuthrie$25,000
Rajon LLC dba Vertical AerospaceBristow$140,000
Red Devil, Inc.Pryor$150,000
REG OKLAHOMA ACQUISITIONS DBA SSI CARDSEdmond$60,000
RISE Manufacturing, LLCBroken Arrow$100,000
RL Hudson & CoBroken Arrow$150,000
Royal Filter Mfg. Co.Chickasha$30,000
Sagebrush Pipeline Equipment Co., LLCTulsa$56,900
Savage Equipment, Inc.Madill$120,000
Sawyer Mfg CompanyTulsa$95,000
SCHWAB & COMPANYOklahoma City$120,000
Selco Custom Time CorporationTulsa$35,000
Sertco IndustriesOkemah$30,000
Shen Te Enterprises, Inc.Tulsa$50,000
Sidwell SeedKremlin$25,000
SLIM HANEY MACHINING INC.Tulsa$100,000
Southwest Filter CompanyTulsa$30,000
Splash Sales LLC DBA Splash Truck SalesGuthrie$25,000
Sportchassis LlcClinton$55,000
Standard Panel LLCTulsa$35,000
T&D Fabrication, Inc.Drumright$45,000
Tactical Electronics & Military Supply, LLCBroken Arrow$125,000
TC Whilden Consulting Inc DBA Burleson Pump CoOklahoma City$25,000
texoma mfg llcDurant$60,000
The Jameson GroupOklahoma City$35,000
The Shutter Mill, Inc.Stillwater$30,000
THG Energy Solutions, LLCTulsa$50,000
Tomcat AviationMidwest City$50,000
Tri-Lift Services Inc.Crescent$65,000
True Sky Federal Credit UnionOklahoma City$150,000
Vacuworx Global, LLCTulsa$120,000
Value Added Products CoopAlva$50,000
ViaCore NutritionKingfisher$25,000
Victory Energy Operations LLCCollinsville$150,000
VMI INCCushing$25,000
Wako, LLCEnid$60,000
Western Industries CorporationOklahoma City$75,000
Zeeco, Inc.Broken Arrow$150,000
Search
Questions?
Follow Us

Questions? Contact us today.

Thank you for visiting the Oklahoma Department of Commerce.

The news from Oklahoma Now (now.okcommerce.gov) can now be found on the new and improved okcommerce.gov.

Read our latest business news here.