The Oklahoma Department of Commerce , alongside Governor Kevin Stitt, announced the creation of the Oklahoma Manufacturing Reboot Program which will address the negative effects the COVID-19 pandemic has had on Oklahoma businesses, specifically manufacturers. Awards will range from $25,000 to $150,000, depending on market potential and long-term impact of the new production capabilities on Oklahoma’s economy.
“We know how critical it is that we help Oklahoma businesses during this unprecedented time,” said Governor Kevin Stitt. “Moving these funds to assist Oklahoma manufacturers, and support innovative ideas, will help keep hardworking Oklahomans employed and able to support their families while also boosting our economy during a difficult time.”
The program utilizes up to $5 million from the Governor’s Quick Action Closing Fund to assist Oklahoma manufacturers as they retool to develop new products and/or expand current capabilities. It is available to Oklahoma manufacturing companies with NAICS codes 311111-339999. All manufacturing NAICS are eligible, however examples include manufacturers of:
- Medical device equipment
- Personal protective equipment
- Hygiene products, disinfecting equipment, and filtering equipment
- Water treatment equipment
- Food and pharmaceuticals
- Supporting critical industries identified by the U.S. Department of Homeland Security including telecommunications, chemicals, transportation equipment, etc.
While all projects that are net benefit to the state will be eligible, priority will be given to companies producing products for the healthcare industry such as medical devices, personal protection equipment or pharmaceuticals.
“Not only has the COVID-19 pandemic placed a significant strain on our economy, it has also highlighted the need for innovative manufacturing, particularly when it comes to medical devices and PPE,” said Sean Kouplen, Oklahoma Secretary of Commerce and Workforce Development. “This incentive will spur innovation and forward thinking to help Oklahoma companies rebuild viability and hopefully promote job and economic growth.”
To apply, companies will submit an application to Commerce at https://www.okcommerce.gov/reboot. After submitted applications are reviewed, Commerce staff will reach out to eligible companies.
Funding can be used for purchase of machinery, purchase of CAD/CAM equipment or software, payroll and/or training for new and/or existing employees. Participating businesses will be required to provide quarterly reports verifying employment levels and expenditures.
Source: Commerce Department