Filed as: 68:02 Board of Economic Development
This package has had no recorded movement since September 10, 2025 and was never filed with the Secretary of State. State law sets no deadline for finishing a noticed rule, so it remains legally pending — but is inactive in practice.
The Governor's Office of Economic Development is streamlining its administration of REDI fund loans by giving staff clearer authority to handle routine loan processing tasks without board approval, such as adjusting collateral requirements, releasing minor liens, and closing loans that come in up to five percent over the originally approved amount (if costs genuinely increased and other lenders agree to match). The rules also increase the maximum REDI loan size from one million to three million dollars, allow borrowers to request loan extensions if they cannot refinance at reasonable rates, and require borrowers to notify the board within ten business days of major changes like ownership shifts of ten percent or more or management changes. Additionally, the rules clarify technical references to state law in the South Dakota Jobs grant program section to ensure consistency across the economic development framework.
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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