Oklahoma Innovation Expansion Program

Description

Oklahoma Innovation Expansion Program (OIEP)
Applications will open on April 4^th and close on April 15^th and can be found at www.okcommerce.gov/OIEP. 

• This program makes monthly cash payment awards in the form of payroll tax rebates to help existing companies grow and boost business expansion investments in Oklahoma.
• It is for new projects which​ must be innovative projects that expand capabilities of an existing company, lead to supply chain resiliency, or designed to target new markets.
• In order to be eligible, a company must have a minimum annual payroll of $625,000 with a minimum capital investment of $50,000.
• The award maximum for OIEP is $150,000, however companies with projects that exceed that amount should contact ODOC as they may be eligible for other programs.
• When reviewing the applications, they will take into consideration:
  • Amount of capital investment from the company
  • The ratio of private sector dollars leveraged from OIEP awards
  • Number of existing jobs
  • Number of projected new jobs
  • Average wages paid to employees
  • Projects must provide a net positive benefit for the state.