South Dakota is eliminating the APEX (Agriculture Processing and Export) loan program, which provided financing to agriculture-based businesses in small towns. The program funds are being transferred to the Board of Economic Development's broader REDI (Revolving Economic Development Initiative) fund, which will continue supporting similar projects under existing authority. This repeals all 20 sections of rules governing APEX loan eligibility, application procedures, loan amounts (previously capped at $250,000), equity requirements, and loan terms.
AI-generated from the proposed rule text — verify against the official documents.
The reason for proposed repeal of the rules is due to the sunset of the APEX loan program following the transfer of program funds to the Revolving Economic Development and Initiative (REDI) fund under the Board of Economic Development (BED). The BED will retain authority to support similar projects going forward under its existing authority.
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