Incentives are customized according to the needs of each business and are determined by job creation, service creation, revenue generation, and overall economic impact. They can include lower interest loans, relocation or training grants, special lease or construction terms, and tax refund credits. SEDC coordinates incentives with City, County, and State development partners.
Property Tax Abatement –Meade County has no real estate property tax for five years on new commercial structures or renovations over $30,000, including 4-plex and larger housing units.
Revolving Loan Funds – Attractive terms on permanent financing for working capital, fixed assets and real estate for for-profit businesses, both large and small. These funds are through the City of Sturgis, Meade County, and SEDC.
Loan Pool – SEDC partners with the City, County, and private lenders to offer attractive, flexible economic benefit packages.
Based on the type and number of new jobs, services or revenues created, as well as, the project’s total capital investment and a financial statement review, these incentives may be offered:
- Land to build a new facility.
- “At cost” building construction and lease back.
- Buy-down of lease cost on constructed facility.
- Lower cost, fixed rate financing of equipment and building.
- Relocation grants.
- Office space for key management during the project’s construction phase.
- Office space for initial interviewing of applicants.
For more information, call 605-347-4906 or click firstname.lastname@example.org.
REDI Fund – Permanent, low interest financing for land, building, equipment, and associated installation costs for start-ups or businesses that are expanding or relocating.
SBA 504 – Long-term, lower-cost, fixed-rate financing on fixed asset purchases (land, building, and equipment) to small for-profit businesses.
MicroLOAN – Working capital, equipment, real estate and other fixed asset project costs for small enterprises, such as main street and retail operations. Interest rate is 3%.
South Dakota Works – Working capital and interim construction needs on new buildings and equipment. Five year maximum term. Fixed rate, typically 1% less than the lead bank.
Workforce Training Grant – Up to 50% ($1,000 max) match grant for training expenses.
For more information, click http://sdreadytowork.com/
SEDC is an equal opportunity provider, employer and lender.