PIERRE, S.D. (KELO) — A loan made from taxpayer dollars was forgiven Wednesday by the South Dakota Board of Economic Development.
Board members unanimously voted to forgive the $117,617 that IntraGlobal Biologics Inc. still owed on its value-added subfund loan.
The board had voted on March 10, 2021, to approve a one-year payment moratorium.
KELOLAND News has requested information about the original amount and date of the loan.
The company, based in Sisseton, received its South Dakota business certification on March 25, 2005. Its incorporators and original directors were James Schiltz of Sisseton; Richard Schiltz of Sisseton; and Marshall Brinton of Willmar, Minnesota.
Its purposes included developing, improving, marketing or acquiring drugs, serums or vaccines to be used in the treatment or cure of diseases, viral infections, bacterial infections, or other illnesses or biologic infections.
The business was an offshoot of Sisseton-based Schiltz Foods, which describes itself as “the largest goose producer in the Americas.”
The value-added subfund’s purpose is “to make loans for agricultural development, feasibility studies, or marketing studies for new innovative agricultural development projects,” according to the Governor’s Office of Economic Development.