GOED Board of Economic Development approves REDI and RPP fund distribution

The South Dakota Governor’s Office of Economic Development Board of Economic Development approved multiple funding applications at its monthly meeting (Oct. 12, 2022).

The following Revolving Economic Development and Initiative (REDI) action was taken:

• A $2,500,000 loan was approved for Watertown Development Company for a new manufacturing facility.
• A $583,500 loan was approved for Phase Technologies of Rapid City for equipment.

The following Reinvestment Payment Program (RPP) action was taken:

• Brookings Biogas, LLC of Brookings and Deuel Counties was approved for $1,710,821.63 to construct an anerobic digestor plant.
• Gevo Net-Zero 1, LLC of Lake Preston was approved for $12,294,059 to construct a renewable fuel processing facility.
• Lakeside Biogas, LLC of Grant County was approved for $1,160,085.14 to construct an anerobic digestor plant.
• Phase Technologies, of Rapid City was approved for $54,000 for their sheet metal manufacturing equipment upgrades.

The GOED provides financing and incentives to meet the needs of both new and existing companies. For information, go to https://sdgoed.com/partners/financing-incentives/.