State Board of Economic Development Approves Nearly $10 Million in Investment for Vermillion and Canton Projects

South Dakota's Governor's Office of Economic Development promotes collaboration and growth, emphasizing partnerships between local businesses and organizations.

Northeast Radio SD News – South Dakota - The South Dakota Board of Economic Development has approved funding for two projects in Vermillion and Canton, collectively expected to generate nearly $10 million in investment and create approximately 29 new jobs across the state. The funding was approved through the SD Works Loan program.

Governor Larry Rhoden commented on the developments, stating, "These projects are great examples of what happens when businesses and communities work together. From Vermillion to Canton, South Dakota is Open for Opportunity, and we're helping that Opportunity grow in every corner of the state.”

The approved projects include:

·        Cypress Rail Solutions, LLC (Vermillion): The company was approved for an SD Works Loan of $769,724. The funding is designated for the purchase and renovation of a facility for railcar repair. The finished facility plans to service between 15 and 25 railcars each week.

·        Dakota Specialty Solutions, LLC (Canton): The company received an SD Works Loan of $900,000. This financing will be used to construct and equip a 27,000-square-foot new facility, designed for the manufacturing and packaging of agricultural products, as well as providing warehouse storage space.

GOED Commissioner Bill Even emphasized the economic impact of the approvals, noting, "These projects highlight the diversity and strength of South Dakota’s economy. They support two critical industries, transportation and agriculture, while creating good jobs and driving steady growth in local communities.”

The SD Works program is a flexible loan program offered by the state, providing working capital, fixed assets, and interim construction financing for businesses.