A family fun park, eye care service and home health agency all knew exactly where to go when they needed financing the second-time-around to expand their businesses.  Rural Enterprises of Oklahoma, Inc. (REI) provided financial assistance the first time for capital so when it was time to expand their businesses they again called on REI. “There’s nothing we like better than hearing from our clients a second time, when they have a need to expand,” Tom Seth Smith, President/CEO said.  “We value the confidence our repeat clients have in us to help them to expand their businesses and create jobs.” … Continue reading →

The Women’s Business Center (WBC) of Rural Enterprises of Oklahoma, Inc. (REI) was invited by the U.S. Small Business Administration and Association of Women’s Business Centers to participate in the recent WBC training conference in Washington, D.C.  Participants were Dr. Barbara Rackley, Coordinator, Lori Smith, WBC Assistant, Shannon Mulkey, Human Resources Manager, Durant and Jennifer Edwards, Oklahoma City WBC Coordinator. The annual training is hosted by SBA’s Office of Women Business Ownership and mandated by Congress.  The goal of the conference is to train all SBA-funded women’s business center directors on program requirements.   According to the SBA, there are 75,053 … Continue reading →

Rural Enterprises of Oklahoma, Inc. (REI) is calling on all Oklahoma manufacturers to contact them about growing their business and expanding their markets.  The statewide economic development firm is strengthening its renewed focus to serve Oklahoma manufacturers regardless of their size or location. According to Tom Seth Smith, President & CEO, the amount of capital needed is not an issue because REI has flexible programs with lending capabilities ranging from $1,500 to over $10 million.  Loan funds can be utilized for purchase of real estate, equipment, working capital, furniture, fixtures and other business needs. REI has nearly 30 years of … Continue reading →

Oklahoma looks forward to new capital investments and the creation of jobs through the recent award received by Rural Enterprises of Oklahoma, Inc. (REI) to administer New Markets Tax Credits (NMTC) totaling $39 million.  REI has been authorized by the U. S. Treasury Department to administer the NMTC program which provides a 39 percent federal income tax credit for investments into qualifying businesses in low income communities. Over 250 applications for the NMTC incentive were submitted from across the nation and REI was the only Oklahoma organization successful in receiving authorization.  Previously, the organization received $136 million in tax credit … Continue reading →

For more than 20 years, the New Products Fair, founded by former Congressman Wes Watkins, has been inspiring the creativity of young and old alike. This year’s Fair was no exception with a total of $9,150 awarded to winners in the various divisions. Fair Grand Prize Winners were Paul Conrady, small business division, Edmond; Brian Burcham, open class, Yukon; and Kenneth McAfee, open class, Madill, OK. Conrady’s entry, Crimeseen.com is a crime solving social network that delivers e-mail notification of events reported in a specified area. A hardware and software system was Burcham’s winning entry. The MultiSensory Techynology Assisted Reader … Continue reading →

Gilmer J. Capps was among the graduates of the University of Oklahoma’s Economic Development Institute (OU/EDI) on November 18 in Kansas City, MO.  Capps is the Southwest Oklahoma field representative for Rural Enterprises of Oklahoma, Inc. (REI) a statewide economic development organization with a mission to stimulate the local economy and create jobs through business assistance services. OU/EDI is a three-session program, each one week long, providing a broad spectrum of advanced education for the economic development professional and is accredited by the International Economic Development Council. The Institute focuses on three major core areas, Business Retention & Expansion, Real … Continue reading →

Rural Enterprises of Oklahoma, Inc. (REI) has rolled out the Individual Development Account (IDA), a matched savings account program to help families purchase their first home or help entrepreneurs start or expand their business. Here is how the program works.  Participants make regular contributions to a supervised savings account for a minimum of six months.  REI matches $2 for every $1 saved, up to $2000.  This would potentially provide the participant up to $6000 total.  Eligibility for the program is based on household income and family size. “This is a wonderful opportunity that doesn’t come along very often,” said Tom … Continue reading →

You already know the drill: Swipe your credit card, tell the dispenser what kind of gas you want and start pumping. When your tank is full, pay for the gas, hop back in the driver’s seat and head for the open road. But that simple description raises more questions than it answers. How does the gas get to the car? The gasoline sold at service stations is stored underground in buried tanks that must to get to the gas dispenser and that is where Oklahoma entrepreneur, Richard Heck comes on the scene.  Heck’s Underground Service Company, Allen, OK makes sure … Continue reading →

Business incubators are commercial spaces designed to lower start-up costs for new and expanding businesses. Rural Enterprises of Oklahoma, Inc. (REI) has been managing incubators since the early 1980s and reports that the program continues to grow and graduate job-creating firms. Recent graduates of the program include Rosewood Designs, a manufacturer of custom logo watch dials, and Farris Electric, providing electrical contracting services. Farris Electric graduated from the incubator program when its phenomenal growth necessitated the construction of its own building. The business is now located in a new 5,000 square foot facility, employs 25 and is expanding into the … Continue reading →

Entrepreneurs young and old are encouraged to enter the New Product and Process Fair to be held November 4, 2010, from 2:00 p.m. – 6:00 p.m. on the campus of Moore Norman Technology Center, 13301 S. Penn Ave., Oklahoma City.  Application deadline is October 24.  Official rules and application form are available at www.newproductsfair.com. The Fair, founded over 20 years ago by former Oklahoma Congressman Wes Watkins,  is an excellent way for school and institutions of higher education to encourage their students to think out of the box, ignite their creativity and showcase their innovations.  But, you don’t have to be … Continue reading →