Revolving Economic Development & Initiative (REDI) Fund « Back to Search Results
Revolving Economic Development & Initiative (REDI) Fund

Category: Business Incentives


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
South Dakota Governor's Office of Economic Development
Assistant Finance Director
Phone: (605) 773-GOED
Cassidy.Kulesa@sdreadytowork.com
http://sdreadytowork.com/REDILoans