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State funds $25M to boost economy

State funds $25M to boost economy

By Scout Nelson

To boost economic growth, the Governor’s Office of Economic Development and the Economic Development Finance Authority in South Dakota have approved a series of financial supports for local businesses. This strategic funding includes six loans and two grants, alongside two bond resolutions, reflecting a robust investment in the state’s future.

Governor Kristi Noem highlighted the impact of these initiatives, stating, “The Governor’s Office of Economic Development is proud of the role they play in helping these companies grow.” This statement underscores the state's commitment to nurturing business expansion and economic prosperity.

Among the approved projects, Plainview Dairy, LLC near Toronto, was authorized for up to $25 million in Livestock Nutrient Management bonds. This funding aims to support waste management and disposal efforts at a new dairy, showcasing the state's focus on sustainable agricultural practices. Wildrose Dairy, LLC in Brandt will receive up to $4.8 million for expansion-related waste management.

Other beneficiaries include Midstates, Inc. in Aberdeen, which received an $800,000 loan to upgrade its printing equipment, and JMP Design and Catering in Madison, which was awarded $549,696 to construct a new event venue.

RF Holdings, LLC in Watertown received $364,000 to aid in the construction of a new facility for Active Heating, Inc., indicating a broader scope of business development supported by the state.

Further enriching the state’s infrastructure, the City of Canton received a $423,000 grant to extend street and infrastructure within the Canton Industrial Park, enhancing local connectivity and business operations.

These measures not only facilitate immediate business needs but also lay the groundwork for continued economic resilience and job creation in South Dakota. Governor Noem’s administration, through these targeted financial interventions, is making a calculated effort to foster an environment where businesses can thrive and contribute significantly to the regional economy.

Photo Credit -gettyimages-d-keine

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Categories: South Dakota, Business, Government & Policy

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