February 03, 2009 – Economic Impact From REI Services Tops $300 Million In 2008
Rural Enterprises of Oklahoma, Inc. (REI) has released its year-end report on activities and impact during 2008. We are very pleased to announce that the financial impact from our services in 2008 was over $300 million and over 6,000 people were served, said Tom Seth Smith, President & CEO. This is even more significant in consideration of todays struggling economy and a lot of the credit for our success goes to our network of partners helping us carry out our programs statewide.
The financial impact of all REI services totaled $341,936,914 for the year and 6,867 clients were assisted through the organizations wide range of services. REIs client base includes those assisted with business financing, space and equipment needs, incentives for homebuyers, workshops and training and tax credit programs.
Highlights of the economic impact are as follows:
- $58,455,108 in business financing was secured for 52 Oklahoma businesses
- Total project impact over $259 million through tax credit programs for small businesses
- A 67 percent increase was reported in number of families served through homebuyer assistance programs. Last year, 257 families were assisted with the purchase of a home, up by 100 from the previous year. Loans secured for homebuyers totaled $24,108,511.
- The Womens Business Center (WBC) of REI provided training to 3,318 small business owners. The WBC is funded in part by the U. S. Small Business Administration and services are available statewide from two REI office locations, Durant and Oklahoma City.
- The Native American Business Enterprise Center (NABEC) assisted 84 businesses, affecting 208 jobs. NABEC, located at REIs Tulsa office, is focused on serving minority entrepreneurs.
- Last year, 30 jobs were affected through international trade assistance and a boundary extension of Foreign Trade Zone #227, Durant, was accomplished to serve the Ardmore area.
- Business incubators affected 376 jobs and in 2008, REI completed the Food Enterprise Center in Durant. Often referred to as a kitchen incubator, this fully equipped commercial kitchen is designed to help food-related businesses produce and market their products on a larger scale.
We hope our positive report will serve as a reminder to Oklahoma entrepreneurs that even in tough economic times, there is help and assistance available, said Smith. With good programs and great partnerships, we are seeing good things happening across the state in the lives of our families, in the business community and in the local economy.
REI has over 25-years of experience in providing business and community assistance services. Its mission is to create jobs through a diversity of economic development programs. Services are available statewide from five locations: Durant, Alva, Lawton, Oklahoma City and Tulsa.
Call 800-658-2823 for more information.