# Plain-English Summary: GOED Economic Development Rules Update The Governor's Office of Economic Development is streamlining how it manages loans and grants from two state funds: the Revolving Economic Development and Initiative (REDI) fund and the South Dakota Jobs grant program. REDI loans are increasing from a $1 million cap to $3 million, and the office is clarifying which staff decisions the agency can make on its own (like preparing loan agreements and handling minor cost increases) versus decisions that require board approval (like awarding funds). The rules also clean up outdated references and remove several old programs that are no longer used, while establishing clearer procedures for how businesses apply for and receive South Dakota Jobs grants based on job creation and economic impact.
AI-generated from the proposed rule text — verify against the official documents.
The effect of the rules will be to streamline the administration of, and to clarify the Governor’s Office of Economic Development staff’s authority with respect to, loans from the Revolving Economic Development and Initiative (REDI) fund, and to make technical corrections to statutory references relating to the South Dakota Jobs grant program.
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