State councils approve  million in bonds, loans, business grants • South Dakota Searchlight
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State councils approve $87 million in bonds, loans, business grants • South Dakota Searchlight

State boards on Wednesday approved two loans, one grant and four bonds totaling $87 million.

The Economic Development Council and the Office of Economic Development Finance approved the aid, which will be administered by the Governor’s Office of Economic Development. The office announced the approvals in a news release. The state aid will support private projects with a total cost of $236 million and create a projected 119 jobs.

A $6.75 million Revolving Economic Development Initiative (REDI) loan was awarded to JH Investment in Vermillion. Masaba Inc., a mining, construction and aggregates manufacturer, will use the loan to build a new manufacturing facility. Both companies are registered in public corporate documents to Jerad Higman, CEO of Masaba. REDI Fund offers low-interest loans to promote economic growth and job creation, covering up to 45% of project costs. Projects may include land purchases, site improvements, construction costs or purchases of machinery and equipment.

Masaba Inc. has also been approved to receive a Reinvestment Payment Program grant of up to $315,000. The program offers grants to companies to cover the initial costs of relocating or expanding their operations or upgrading equipment.

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Sweat Zone Gym in Aberdeen has been awarded a $106,172 SD Works loan. The loan will be used to build and equip a new business. SD Works Program offers loans to businesses for construction purposes, equipment purchases and general expenses.

Four companies have been authorized to issue livestock nutrient management bonds of up to $20 million each to build plants that convert manure into renewable natural gas.

The four companies are:

  • Brookings Biogas of Hamlin and Brookings Counties.
  • Lakeside Biogas in Roberts County.
  • Five Shots RNG from Lincoln County.
  • Moccasin Creek Random Number Generator in Brown County.

This Livestock Nutrient Management Bonds The program issues tax-exempt bonds to buyers — usually local banks — who set the repayment terms and interest rates for the company lending the money.