State officials want to boost economic development in rural areas.
Oklahoma Department of Commerce Executive Director Brent Kisling said they’re working on freeing up funds from the Quick Action Closing Fund.
"We are filing rules on a rural set-aside within the closing fund program. We’re just taking a small portion of it, and for a portion of the year, if you’re in a smaller community, you can access those dollars more directly," Kisling said.
The Quick Action Closing Fund was set up by the legislature in 2011. Usually, the governor can tap the fund when incentive payments are expected to be the deciding factor in a business deciding whether to locate in Oklahoma.
"We’re trying to find a way to redesign the program a little bit, just tweak it a little bit, to where Burlington and Guymon and smaller communities could compete for those dollars. Because it might be a project that’s a huge impact in that community but maybe can’t compete with 1,000 jobs being added at Boeing or American Airlines," Kisling said.
Lawmakers added $19 million to the fund this year, up from $4 million last year.
