| State: |
SD |
| Incentive Type: |
Cash Grants and Financing Incentives |
| Incentive Title: |
Direct Loans |
| Description: |
1. REVOLVING ECONOMIC DEVELOPMENT & INITIATIVE (REDI) FUND: Low interest loans available from the State to help businesses with start-up, expansion or relocation costs. The REDI Fund will provide up to 45% of the project's costs.
2. AGRICULTURAL PROCESSING AND EXPORT (APEX) LOAN PROGRAM: Loan program designed to help companies in communties with populations less than 25,000. Maximum loan amount is $150,000 and may cover up to 75% of the project's cost. Loans are for agricultural processing businesses. |
| Eligibility Requirements: |
1. For profity businesses and local economic development corporations are eligible to apply. Companies are required to provide matching funds and also be able to show a 10% equity interest before applying for a loan from the Board of Economic Development. Funds may be used for the purchase of land and site improvements, construction costs, purchase and installation of equipment and costs associated with construction.
2. For profit businesses and local economic development corporations are eligible to apply. Business must provide matching funds and have a 10% equity stake. Funds may be used for the acquisition of land and buildings, acquisition and installation of machinery and equipment and other costs associated with construction. |
| Geographic Restrictions: |
Statewide |
| Granting Authority: |
SD Board of Economic Development |
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