30 manufacturers to get `Reboot' funds
Oklahoma's Department of Commerce hopes to "reboot" 30 manufacturing companies selected to receive a total of $5 million through a new program.
Ma n u f a c t u r i n g R e b o o t P r o g r a m f u n d s wi l l c o me from the Governor's Quick Action Closing Fund, which was ori gi nally designed t o help manufacturers develop new projects and expand. Each recipient will receive between $ 2 5 , 0 0 0 a n d $ 1 5 0 , 0 0 0 depending on t heir market potential and the long-term impact of the new production capabilities on Oklahoma's economy.
Priority was given to companies that produce products for the health care industry. Funds can be used for new machinery, computer-aided manufacturing equipment or software, and for payroll and training for employees.
T h e C o m m e r c e Department said more than 300 companies applied f or t he Manufacturing Reboot Program. The f i r s t awards were announced late Tuesday and include Rapid Application Group (RAG), IMMY, Parrish Ent e r p r i s e s a nd Cosmetic Specialty Labs.
R A G , a B r o k e n A r r o w c o mpany whi c h n o r mal l y develops and supplies parts for the aerospace, energy and health care industries, shifted gears and i s today working to design, develop, test and manufacture t wo different types of adaptable, reusable masks for health care professionals, first responders, and veterans.
"This i s a crisis that needs a s ol uti on r i ght 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."
T o s u p p o r t t h e Manufacturing Reboot
Program, Boeing Corp's Oklahoma City office volunteered to forgo $1 million it was previously awarded through the Quick Action Closing Fund. In 2018, Gov. Kevin Stitt offered the funds to Boeing for construction of a highbay facility to support the B-52 bomber programs and future projects.
"We still have plans to start construction on the facility in 2020, but since construction has not started just yet, we felt these funds could be better served to help small businesses in the state during these unprecedented times," said Boeing spokeswoman Tracey Budz.
O t h e r c o m p a n i e s receiving Manufacturing Reboot Program f unds i ncl ude Newell Coach a n d Ah r b e r g Mi l l i n g . Ot h e r r e c i p i e n t s wi l l b e a n n o u n c e d o n c e c o n t r a c t s a r e s i g n e d a n d d e l i v e r e d t o t h e Commerce Department.
The agency also said this week it will launch a second new funding program to counter the effects of the COVID-19 pandemic. The
Oklahoma Bounce Back Assistance Program will support new capital investment across a broader range of industries.
Using funds from the O k l a h o ma E c o n o mi c D e v e l o p me n t P o o l e d F i n a n c e Act , c o mpanies can receive between $50,000 and $150,000. A p p l i c a t i o n s c a n b e submitted to www.okcommerce.gov/bounceback and are due by May 8.
Recipients of Reboot Program or Quality Jobs Program f unds are not eligible.