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State makes loans to help companies grow

Wednesday, June 11, 2014

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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.

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