South Dakota continues to attract new expansions and groundbreakings with its pro-business policies and tapered response to the pandemic. United States Bureau of Economic Analysis (BEA) data from March 2021 found the state was growing faster than any other in the nation, with an annual rate of 9.9% in the fourth quarter of 2020.
The Reinvestment Payment Program: Provides rein- vestment payments to projects in excess of $20 million or with equipment upgrades in excess of $2 million.
South Dakota Jobs Program: Assists companies in offsetting the upfront costs associated with relocating or expanding operations and/or upgrading equipment in South Dakota.
South Dakota’s REDI (Revolving Economic Development and Initiative) Fund: Offers low-interest loans of up to 45% of a project’s total cost with a 10% minimum equity contribution.
Dakota Seeds: An internship program that can help establish a pipeline for future permanent employment. Qualifying businesses receive matching funds up to $2,000 per intern for internships in the Science, Technology, Engineering and Math (STEM) fields, as well as in manufacturing and accounting.
The GOED’s Workforce Development Program allows companies to access money to help train new and existing employees that require additional skills as the result of company growth. It funds up to 50% of eligible training expenses to businesses that meet certain wage and benefit criteria. The funds are awarded on a reimbursement basis, typically $500 per trainee.