Recently, 177 Oklahoma companies received $14 million in investment from the Oklahoma Department of Commerce. One Sand Springs business was among those.
Applications for the Oklahoma Innovation Expansion Program (OIEP) were open April 1 through April 12, and during that time the Department of COmmerce received 205 applications for product funding. 180 projects at 177 companies were approved for between $25,000 and $150,000 in funding for a total of over $14 million.
“We are excited to announce the legacy companies that have been selected to participate in the 2024 Oklahoma Innovation Expansion Program,” said Jon Chiappe, Commerce Director of Research & Economic Analysis Services. “These awards will help existing companies grow and diversify, providing new job opportunities for Oklahomans and strengthening our state’s vast manufacturing sector.”
The goal of OIEP is to support high levels of new capital investment across several industries. This year’s awards will help companies move forward with $52.7 million in capital expenditures across the state, potentially creating 849 new jobs with an estimated payroll of over $43 million.
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One business was selected from Sand Springs, Naumann Machining Solutions. That machining company off Highway 97 will receive a total of $38,928. Nearby Sapulpa also saw two different businesses awarded: GasTech Engineering for $150,000 and Weamco for $108,000.
“The Finance Authority is excited to partner with the Commerce and the Oklahoma Tax Commission to help Oklahoma companies innovate and expand,” said Michael Davis, Executive Director of the Oklahoma Finance Authority. “OIEP is an excellent example of our state’s commitment to existing manufacturers and companies.”
Funding is disbursed in monthly cash payments via payroll tax rebates. The awarded projects had to be innovative projects expanding companies’ capabilities, leading to more resiliency in the supply chain, or had to target new markets.
To be eligible, a company must have met several requirements including a minimum annual payroll of $625,000 and a minimum capital investment of $50,000.
For more information on the program, visit www.okcommerce.gov/OIEP.
