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 lending experience. “We have assisted a lot of Oklahoma manufacturers during that time, like a small veteran-owned manufacturing business in southeast Oklahoma specializing in turbine engine repair and overhaul for the aerospace industry,” Smith said. “Today, this company employs 14 and continues to expand its market.”
Recently, REI assisted a one-man, portable lumber sawmill operation. This entrepreneur needed machinery, equipment, inventory and working capital and the microloan program met the need. When this industrious entrepreneur is not sawing logs, he is building storage units or handcrafting rustic coffee tables, swing sets, dressers and other furniture.
An electric motor sales and service company in northeast Oklahoma needed to consolidate all of its services under one roof. REI in partnership with a local bank provided financial assistance for the company to purchase a 14,480 sq. ft. building allowing services to be available at one location. Currently, this business employs 15 full-time.
“Manufacturers have different needs and we have different lending programs to help meet those needs,” Smith said. “Manufacturing is the heartbeat of Oklahoma’s economy and REI is ready to help them grow, expand and create jobs. There’s just no need for any of them to go at it alone when there is help available.”