South Dakota board approves $1.67 million in loans to businesses

The state Board of Economic Development approved two loans last week totaling $1.67 million from state government to businesses.

The board met Wednesday and approved a $900,000 South Dakota Works loan for Dakota Specialty Solutions to construct and purchase equipment for the agricultural science and chemical companys new distribution center in Canton.

The board also approved a $769,724 South Dakota Works loan for Cypress Rail Solutions in Vermillion to purchase and renovate a facility to repair railcars. The facility is expected to service up to 25 cars each week, according to a press release.

The loan programs are administered by the Governors Office of Economic Development.

These projects highlight the diversity and strength of South Dakotas economy, Commissioner Bill Even said in the release. They support two critical industries, transportation and agriculture, while creating good jobs and driving steady growth in local communities.

The South Dakota Works program offers loans to businesses for uses including construction, buying equipment and general expenses. The loans are typically less than $1 million.

The board has approved nine loans from the program so far this year totaling $6.25 million.