PIERRE, S.D. – The Governor’s Office of Economic Development Board of Economic Development approved multiple loans totaling more than $5.6 million at their monthly meeting. These projects will reflect a capital investment total of over $15.1 million.
“These businesses are working to expand, and I am excited that GOED is able to assist them,” said GOED Commissioner Chris Schilken. “From manufacturing opportunities to caring for children, these three projects will bring over 70 full-time jobs to South Dakota.”
DeGeest Corporation is a third-generation manufacturing steel works business. The Tea business was approved for a Revolving Economic Development and Initiative (REDI) loan for $3.5 million and a SD Works loan for $950,000. The loans will assist with the purchase of equipment and allow the business to expand its automation department. The installation of up-to 40 robots will support DeGeest’s automation integration plans. Forty-three full-time jobs are projected to be created from this expansion.
Innovative Materials and Processes, Inc. and IMP Properties of Rapid City, a synthesis and processing company, was approved for a REDI loan in the amount of $617,828 and a SD Works loan for $176,522. Funding will assist with building and site improvements, allowing various manufacturing opportunities from government agencies and other commercial entities. Nineteen full-time jobs are projected from this development.
Little Learners, LLC is a state-licensed childcare facility in Mitchell. Owner Kayla Lux was approved for a SD Works loan in the amount of $400,000. Funding will assist with the purchase of an 18,444 square foot building to expand the business and provide after-school childcare. A total of 14 full-time jobs are projected to be created due to this expansion.