# Plain-English Summary: REDI Loan and South Dakota Jobs Grant Program Changes The Governor's Office of Economic Development has streamlined its loan administration procedures and updated technical references in two economic development programs. For REDI (Revolving Economic Development and Initiative) loans, the maximum loan amount increases from $1 million to $3 million, and the office gains clearer authority to handle loan closing details like adjusting collateral requirements, approving minor cost increases (up to 5%), and allowing partial lien releases—while the Board of Economic Development retains final approval authority. The rules also restructure how loan terms and interest rates are set, moving interest rate details into a new separate section and slightly modifying borrower notification requirements to specifically include changes in ownership of 10% or more of the business. Additionally, the rules update statutory references throughout the South Dakota Jobs grant program to reflect current law and clarify GOED's administrative responsibilities in processing applications and managing grants on behalf of the Board.
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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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