Two South Dakota agri-business projects get state’s financial backing

Capitol News Bureau
KELO Money

PIERRE, S.D. (KELO) — The state Value Added Finance Authority unanimously agreed to provide financing Thursday for two agricultural projects planned in South Dakota.

Both developments meet eligibility criteria, according to Terri LaBrie, the program’s administrator in the Governor’s Office of Economic Development.

Riverview LLP, of Morris Minnesota, applied for up to $25 million in state-backed livestock nutrient management bonds for the solid waste disposal portion of an 11,000-cow dairy the business proposes to build in Clark County near Raymond. The project is similar to a Riverview dairy project in Hamlin County.

FIMCO, Inc., from North Sioux City, applied for up to $4.5 million in agribusiness bonds for expanding its facility and adding equipment to make more products in-house. The company specializes in manufacturing lawn and garden sprayers.

The authority members also voted 7-0 to allow the office’s commissioner, Steve Westra, to defer payments and interest for three months for borrowers who can demonstrate their business has been affected by the COVID-19 coronavirus pandemic. The commissioner also would have authority to collect only interest from those borrowers for the three months after that.  

“I think this is a great idea,” authority member Jim Doolittle of Belle Fourche said.

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