Department of Commerce launches Oklahoma Bounce Back Assistance Program

OKLAHOMA CITY (KOKH) — The Oklahoma Department of Commerce announced funding awards for one business assistance program as well as the launch of a new program to help Oklahoma businesses affected by the coronavirus pandemic.

Commerce and Governor Kevin Stitt awarded contracts to more than 30 Oklahoma companies, including Cosmetic Specialty Labs, IMMY, Parrish Enterprises, and Rapid Application Group (RAG).

"This is a crisis that needs a solution right now. That's what we're doing," said Terry Hill, former medevac pilot and CEO of RAG. "It's just in our core DNA. If there's somebody that needs help, if we have the resources, we're going to give them everything that we can"

Because of the high level of interest and the quality of projects submitted in the Reboot program, Commerce developed the Oklahoma Bounce Back Assistance Program to continue to stimulate economic growth and combat the negative effects the COVID-19 pandemic has had on the state’s economy.

The Bounce Back program utilizes funds set aside by Oklahoma Economic Development Pooled Finance Act (62 OS 891.1 et seq) and therefore companies must meet eligibility requirements outlined in the statute.

This new assistance program will support high-impact new capital investment across a broader range of industries, that will diversify the state’s economy, lead to new product development or increase capacity at Oklahoma’s existing companies. In addition to encouraging new capital investment, these awards will support existing jobs and the creation of new jobs.

To apply, companies will submit an application to Commerce at www.okcommerce.gov/bounceback.

After submitted applications are reviewed, Commerce staff will reach out to eligible companies