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State board approves $3.7 million in loans to businesses • South Dakota Searchlight [1]
['Searchlight Staff', 'More From Author', '- March']
Date: 2024-03
A state board approved three loans Wednesday worth a total of $3.7 million, supporting $9.7 million in capital investments and a projected 35 full-time jobs.
The Board of Economic Development approved the loans, which will be administered by the Governor’s Office of Economic Development. The office announced the loan approvals in a news release.
Southern Sun LLC, of Huron, was approved for a $1.7 million Revolving Economic Development and Initiative (REDI) loan and an SD Works loan for $1.3 million. The loans will help finance the sunflower seed company’s effort to move its seed roasting capacity in-house to South Dakota. A projected 21 full-time jobs will be created.
Centerville Manufacturing, LLC, of Centerville, was approved for a $675,000 REDI loan. The machining shop will use the loan to help construct a building and purchase equipment. A projected 14 jobs will be created when the company is up and running.
The REDI Fund offers low-interest loans to promote economic growth and job creation, covering up to 45% of a project’s cost. Projects can include land purchases, site improvements, building costs, or machinery and equipment purchases.
The SD Works program offers loans to businesses for construction, buying equipment, and general expenses.
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