State board approves $3.7 million in business loans

PIERRE A state board approved three loans Wednesday worth a total of $3.7 million, supporting $9.7 million in capital investments and a projected 35 full-time jobs.
The Board of Economic Development approved the loans, which will be administered by the Governors Office of Economic Development. The office announced the loan approvals in a news release.
Southern Sun LLC, of Huron, was approved for a $1.7 million Revolving Economic Development and Initiative (REDI) loan and an SD Works loan for $1.3 million. The loans will help finance the sunflower seed companys effort to move its seed roasting capacity in-house to South Dakota. A projected 21 full-time jobs will be created.
Centerville Manufacturing, LLC, of Centerville, was approved for a $675,000 REDI loan. The machining shop will use the loan to help construct a building and purchase equipment. A projected 14 jobs will be created when the company is up and running.
The REDI Fund offers low-interest loans to promote economic growth and job creation, covering up to 45% of a projects cost. Projects can include land purchases, site improvements, building costs, or machinery and equipment purchases.
The SD Works program offers loans to businesses for construction, buying equipment, and general expenses.