Oklahoma companies with plans to expand, diversify product lines or otherwise strengthen their market positions may benefit from funding made available this year through the Oklahoma Innovation Expansion Program.

According to the Oklahoma Department of Commerce, the program last year funded 125 projects proposed by numerous companies across the state, with expectations that their anticipated growth would result in creation of no fewer than 750 jobs and added payroll of at least $35 million.

Companies that benefited in 2022 ranged from Aceco Valves in the small community of Mounds, which received $25,000, to Zeeco Inc. in Broken Arrow, selected to receive $150,000.

Oklahoma City companies that received OIEP funding last year included Bakery Bling, which received $100,000; BankOnIT, $150,000; Bauman Machine Inc., $35,000; Boardman LLC, $125,000; Candid Color Systems, $150,000; Century LLC, $150,000; CMP Corp., $90,000; Delaware Resource Group, $45,000; Kirby-Smith Machinery, $150,000; Lippe Federal (doing business as Federal Corp.), $50,000; Mar-K Specialized Manufacturing, $27,500; Maxcess Americas (dba Fife), $150,000; McClarin Plastics, $60,000; MidCentral Manufacturing, $59,738; MTM Recognition Corp., $45,000; Pepetools Inc., $35,000; Plantation Investments (dba) Stroud Safety, $25,000; Pro-Fab, $150,000; Schwab & Co., $120,000; TC Whilden Consulting (dba Burleson Pump Co.), $25,000; The Jameson Group, $35,000; True Sky Federal Credit Union, $150,000; and Western Industries, $75,000.

In all, awards last year totaled $9.241 million. Commerce officials said the funding would facilitate more than $58 million in total investment by recipient companies. Types of companies ranged from aerospace parts manufacturers to food processing facilities.

Hoping for similar, if not better, results this year, the Commerce Department recently invited companies to put in for additional OIEP funding, with applications to be accepted April 3-14.

Some $15 million in funding will be available to qualifying Oklahoma companies, including those with a minimum annual payroll of $625,000 and a minimum capital investment of their own of $50,000.

“The one-year program leverages payroll tax rebates with private sector investments that promote a diversified and growing economy,” the department said.

Awards will range from $25,000 to $150,000, depending on prospects for positive return on investment to the state.

“Existing companies with new and innovative projects that lead to diversification, market expansion, or supply chain resiliency may apply for the OIEP,” the department said.

Selected businesses will be required to provide quarterly reports on how their projects progress.

In April 2021, Gov. Kevin Stitt announced the launch of the OIEP, making $10 million in initial funding available to qualifying manufacturers. The Commerce Department was given responsibility for administering the program in partnership with the Oklahoma Development Finance Authority and Oklahoma Tax Commission. The Oklahoma Manufacturing Alliance also lends support.