The program, administered by the Oklahoma Department of Commerce in partnership with the Oklahoma Finance Authorities, provides targeted incentives to help existing Oklahoma companies modernize, expand operations, and invest in innovation. This year, 38 companies across 17 counties received funding.
Senator Kristen Thompson, R-Edmond, serves as Co-Chair of the Legislative Evaluation and Development (LEAD) Committee, which is tasked with reviewing financing for individual incentive packages and providing oversight of economic development investments made by the state.
“This is exactly the kind of return taxpayers deserve,” said Thompson. “Through the LEAD Committee, we’re focused on making sure every dollar the state invests is backed by real data, real jobs, and real impact. The Innovation Expansion Program is a model of what smart, results-driven economic development should look like.”
The 2024 OIEP cycle received 158 applications, with funding awarded to 38 companies creating jobs with an average wage of $34.88 per hour. Participating businesses must maintain job creation commitments for at least 36 months, ensuring sustained impact.
To learn more about the Innovation Expansion Program, visit: okcommerce.gov/oiep
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