The South Dakota Board of Economic Development approved funding for two projects expected to bring a combined investment of more than $28 million while retaining 383 existing full-time employees across South Dakota.
The board approved a $500,000 SD Works legacy loan for the Madison Area Development Corporation to support the creation of a Perpetual Seed Fund Program. The pilot program will provide a long-term funding source to assist new founders and developers. By helping to establish growing businesses, GOED and Madison Area Development Corporation are partnering to support start-up entrepreneurship and economic development in the region.
The board also approved a Reinvestment Payment Program grant for Hydro Extrusion USA, LLC of Yankton supporting reinvestment at the company’s South Dakota facility. Based on the project application and staff recommendation, the board approved a reinvestment payment of up to $555,618. The reinvestment payment supports Hydro Extrusion USA’s continued commitment to modernizing and expanding its operations, helping retain jobs and strengthen South Dakota’s manufacturing sector.
The Economic Development Finance Authority passed the inducement resolution through the Livestock Nutrient Management Bond Program to recognize the project for Plainview Biogas near Toronto, an advanced dairy digester project designed to capture methane emissions from manure and convert them into carbon-negative renewable natural gas. The resolution recognizes the project’s tax-exempt qualified expenses of up to $40,300,000 for the $57 million project for which a bond issue may later be requested and presented to the Authority for consideration.
“These approvals reflect South Dakota’s commitment to fostering local innovation and supporting businesses that continue to reinvest in our state,” said Governor Rhoden. “By strengthening access to capital and encouraging reinvestment, we’re laying the groundwork for sustained economic growth and strong communities.”
“When communities and companies reinvest in South Dakota, it strengthens our workforce and creates long-term economic opportunity,” said GOED Commissioner Bill Even. “These projects demonstrate how strategic investments can support local development efforts while keeping established employers competitive and growing.”
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