Press Room > 2004 :

REDI Fund Dollars Help Regional Revolving Loan Funds

RELEASE DATE: Wednesday, April 21, 2004

For More Information Contact: Mary Lehecka Nelson, 773-3301

Pierre, SD – Governor Mike Rounds’ plan to supplement regional revolving loan funds with $3 million from the REDI (Revolving Economic Development & Initiative) Fund continues as the Board of Economic Development approved the second $1 million at its April meeting.

West River Foundation for Economic and Community Development of Rapid City and Areawide Business Council of Yankton each received $500,000 to be loaned out to businesses in their districts. “This is a terrific use of the REDI Fund dollars,” Rounds said. “It’s one more way to enhance economic development across the state,” he said.

“This is an incredible vision on Governor Rounds’ part,” said Randy Morris, executive director of the West River Foundation. “It proves he is serious about economic development and change,” he added.

The Areawide Business Council, Inc. also appreciates the willingness of the State to partner with the regional revolving loan funds in order to make affordable business loans. “The REDI dollars will help ABC leverage $750,000 of Federal assistance and will also allow ABC to assist a variety of large and small business start-ups and expansions in the 14 county service area," said Rod Hartog, chairman, Areawide Business Council, Inc. Board of Directors.

Last month, First District Development Corporation (FDDC), located in Watertown, and Northeast South Dakota Economic Corporation (NESDEC), located in Sisseton also received $500,000 each for local revolving loan funds.