State makes loans to help companies grow
Wednesday, June 11, 2014
Article by Rapid City Journal
Three business projects that will create new employment in eastern South Dakota received approval for $4 million in low-interest government loans Tuesday from the state Board of Economic Development.
The money comes the state Revolving Economic Development Initiative fund.
DBI Holdings Inc. will get a REDI loan of $2,178,000 to acquire a manufacturing building at Watertown and build an addition of 45,000 square feet. Total cost for the DBI project is $4,941,112 and the equivalent of 115 full-time jobs would be created. Dakota Bodies Inc. makes work-truck bodies, parts and accessories.
JMo Holdings Inc. won approval for a REDI loan of $1,125,000 for purchasing land and constructing a building at Dakota Dunes for an information technology business. Total cost for the JMo project is $2,500,000 and 57 jobs are expected to be created.
Rosenbauer South Dakota will get a REDI loan of $990,000 for an expansion of its fire-truck manufacturing facility at Lyons. The project will add 22,500 square feet. Total cost is $2,628,141 and 30 new jobs are expected.
A fourth company received an additional REDI loan. Satern Properties of North Sioux City received the board’s approval in May for a $220,000 loan. The board loaned another $27,500 to the company Thursday. Satern is purchasing a building of 10,000 square feet for office space and manufacturing.
The board also made a $200,000 grant to the Glacial Lakes Area Development group’s revolving loan fund at Britton; an $84,000 grant for staff funding to the Brookings Economic Development Corp.; and a $139,502 grant for staff funding to the Mitchell Area Development Corp.