REI has released its mid-year report on activities and impact from January through June, 2008. The financial impact from REIs business financing, tax credit and housing programs currently tops $46 million.
Compared to the organizations mid-year report last year, REI reports a 263 percent increase in business financing. The organizations down payment and closing cost assistance program for homebuyers showed a 17 percent increase and an increase of over 200 percent in the number of families assisted through its Employer-Assisted Housing Incentive.
REIs Womens Business Center reported a 78 percent increase in persons trained and counseled. Also during this reporting period, $7.8 million total investments have been secured through tax credit programs offered by REI.
This is a very encouraging report for us, said Tom Seth Smith, President & CEO. The impact numbers take on even more significance when we consider the economic unrest of today. Oklahoma is faring well and so are our clients.
REI services include business financing, assistance programs for homebuyers, management of commercial spaces for start-up or expanding businesses, equipment program for small manufacturers, training workshops of the Womens Business Center and Native American Business Enterprise Center and services of Foreign Trade Zone #227 in Durant. Smith said Oklahomas housing markets are doing well but with lenders tightening their standards, REIs housing programs are being utilized more than ever. The number of women and minority entrepreneurs utilizing REI services has increased because business owners are seeking training and education to help them improve their operations during economic uncertainty. The demand for business financing continues at a steady pace as entrepreneurs start a business or expand and diversify an existing business and Oklahoma banks continue to partner with REI to serve their customers and mitigate their risk.
Rural Enterprises of Oklahoma, Inc. is a statewide economic development firm with offices in Durant, Alva, Oklahoma City, Lawton and Tulsa.