Business Incentives

Revolving Economic Development & Initiative (REDI) Fund

Giving new meaning to the phrase "ready, willing and able." The REDI (Revolving Economic Development and Initiative) Fund is designed to help promote job growth in South Dakota. This low-interest loan fund is available to start-up firms, businesses that are expanding or relocating and local economic development corporations.

Revolving Economic Development & Initiative (REDI) Fund:

  • Provides permanent financing for land, buildings, machinery, and equipment
  • 2 percent fixed interest rate available to start-ups or expansions
  • 10-to 20-year amortization, based on useful life of assets financed
  • Five-year balloon
  • Take-out financing
  • Minimum 10 percent equity contribution; REDI Fund loan amount may not exceed 45 percent of total project costs
  • Job creation is a factor in determining loan amout - must meet program minimum wage and benefit requirements
  • 1 percent origination fee

Program administered by the Board of Economic Development

Contacts

Cassidy Kulesa

Assistant Finance Director

South Dakota Governor's Office of Economic Development

Phone: (605) 773-GOED

Cassidy.Kulesa@sdreadytowork.com

http://sdreadytowork.com/REDILoans

Category: Business Incentives

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