The Oklahoma Department of Commerce announced today that the agency received a record 329 applications for the 2026 Oklahoma Innovation Expansion Program (OIEP). Projects were approved at 262 companies, which will create 1,211 jobs and generate $68 million in new payroll and a projected $510 million in increased sales over the next 12 months.
“The backbone of economic growth isn’t just billion-dollar projects, it’s our small businesses and local entrepreneurs,” said Oklahoma Department of Commerce CEO John Budd. “We want to invest in companies that invest in our state, which is why 70% of our incentives go toward existing Oklahoma companies. In the seven-year history of OIEP, the program has been incredibly successful in encouraging new capital investment from companies, creating thousands of jobs while also supporting existing ones.”
The approved projects represent $79.3 million in capital investment across 75 communities in Oklahoma, with a projected economic impact of $317.5 million. The awards primarily support new equipment investments and construction projects at small businesses like Pelco Structural in Claremore. Pelco Structural is a family-owned business that specializes in steel pole manufacturing.
“Commerce continues to invest in small businesses like ours, and that makes it a great time to manufacture in Oklahoma,” said Brandon Parduhn, President of Pelco Structural. “Support through the 2026 Oklahoma Innovation Expansion Program will allow us to re-tool our press brake, improving forming accuracy, reducing setup times and expanding the range of products we can efficiently produce. Investments like this strengthen Oklahoma manufacturing and help family-owned companies like ours continue to grow.”
OIEP is administered by Commerce and the Oklahoma Development Finance Authority (ODFA) and was created to support high-impact new capital investment across a broad range of industries, helping diversify the state’s economy and leading to new product development or increased capacity at Oklahoma’s existing companies. Businesses that participated in the 2025 round of OIEP created 967 new jobs and generated more than $52 million in new payroll.
To see a full list and map of the 2026 award recipients, click here.
