TURNING “ONE DAY” INTO TODAY: OIEP IN ACTION

March 3, 2026 by Daniel Castaneda

BY CATHLENA SPENCER

On February the 13^th in the Grow Ada Community Room, a group of local business owners and community leaders gathered to discuss something more than just balance sheets and equipment lists; they were there to talk about the enduring spirit and vital energy of Oklahoma’s economy. Jeremy Stoner from the Oklahoma Finance Authorities stood before them to tell the story of the Oklahoma Innovation Expansion Program (OIEP), a journey that began in the spring of 2020. He vividly recalled the moment the NBA shut down, and the world seemed to follow suit, sparking a desperate question among state leaders: how do we keep our people employed? What emerged was not a hunt for the next out-of-state giant, but a commitment to the “mega project” already living within our borders, the existing small businesses that provide eighty percent of our state’s new jobs.

The OIEP is built on the belief that a little bit of help can go a long way in turning a local business’s “one-day” dream into a “today” reality. By providing monthly cash payments to award recipients, the program effectively lowers the net cost of a capital project, such as a plant expansion or a significant equipment purchase. For instance, a $50,000 investment might be offset by a $25,000 award, making it significantly easier for a local shop to pull the trigger on a new project that increases capacity or improves cash flow for future bank financing. This isn’t just about moving numbers on a ledger; it’s about giving Oklahoma businesses the tools to take contracts back from out-of-state competitors and become more competitive on a national stage.

Beyond the physical machines, Jeremy highlighted a human element that many often overlook: the “cool factor” of modern technology. New equipment like CNC machines, automated welders, or advanced robotics does more than just speed up a production line. It serves as a powerful recruitment tool for the next generation of talent. Younger workers, especially those with career tech certifications, are often uninterested in working on the thirty-year-old equipment their grandfathers used. By investing in innovation, Ada’s businesses are not just growing, they are ensuring their workforce remains vibrant and sustainable for decades to come.

The proof of this program’s success is found in the staggering results from the 2025 cycle. Across the state, there were 266 applications with an incredible 87% approval rate. These approved projects represented over $130 million in new capital investment, leading to the creation of 1,266 new jobs and pumping more than $68 million in new payroll into our local economies. For those in and around Pontotoc County, there is an even more specialized layer of support called the Rapid Community Response Program (RCRP). Born from the departure of Michelin, this fund provides a “bonus” pool of resources for businesses in the surrounding labor shed, including Pontotoc, Coal, Johnston, Murray, and Garvin counties. In our region, the typical payroll requirement of $625,000 is halved to $312,500, opening the door for even more small, homegrown enterprises to benefit.

Local success stories are already emerging, such as a local hauling company, which retrofitted their hauling trucks to increase efficiency. By converting to belly dumps and reducing unloading times from fifteen minutes to just four, they were able to stop losing contracts and become more aggressive in their bidding. This kind of innovation, whether it involves AI or simply a smarter way to move product, is exactly what the program seeks to fund. It is about finding that one bizarre or unique solution that helps a business finally turn the corner toward major growth.

For those ready to take the next step, the path forward requires careful timing and preparation. The application for OIEP is entirely online and will open at 8 a.m. on Monday, March 30, 2026, closing strictly at 5 p.m. on Friday, April 10, 2026. To be eligible, your project must involve a minimum capital investment of $50,000, and your business must be in good standing with the state. It is vital to remember the “but for” test: the state wants to know that this incentive is what makes your project possible, so you must not spend any money on the project until you have received your award notification, typically around the beginning of May.

This program is a team sport, involving the Department of Commerce, the Tax Commission, and the Oklahoma Manufacturing Alliance, all pulling in the same direction to help you succeed. If you have a vision for a project that is innovative, strengthens your supply chain, or opens new markets, now is the time to start gathering your payroll data and project quotes. We encourage you to visit okcommerce.gov/oiep to review the requirements and prepare your application. Let’s continue to make Ada and Pontotoc County the best place in Oklahoma to grow a business and raise a family.

For additional questions or more information, contact Carol Ervin at cervin@growada.com