S.D. panel OKs loans, payments to businesses

Capitol News Bureau
KELO Money

The state Board of Economic Development has agreed to several more low-interest loans and tax-incentive payments to South Dakota businesses.

The three loans came from state government’s REDI (Revolving Economic Development Initiative) program:

L&E Holdings LLC $3,299,175 loan at 2% interest with a 5-year maturity, to help finance an expansion of Silencer Central into Tea, with 45 jobs expected.

Midstates, Inc. $1,490,872 loan at 2% interest with a 5-year maturity, to help finance an equipment expansion in Aberdeen.

Watertown Development Corp. $897,696 loan at 2% with a 5-year maturity, for a building expansion to accommodate Dakota Tube, with 45 jobs expected.


The state board also approved three businesses for reimbursements on some of the sales taxes being paid on their projects, from state government’s reinvestment payment program (RPP):

Full Circle Dairy LLC up to $850,000, but not to exceed 100% of the eligible taxes actually paid, for a 7,000-head dairy in Turner County, with 35 jobs expected. The company agreed to sign the payment rights over to Turner County.

Nutrien Ag Solutions Inc up to $67,500, but not to exceed 50% of the eligible taxes actually paid, for an expansion into Vermillion, with six jobs expected.

Redstone Feeders LLC up to $1,530,000, but not to exceed 100% of the eligible taxes actually paid, for a 10,000-head dairy in Kingsbury County, with 51 jobs expected. The company agreed to sign the payment rights over to Kingsbury County.

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