South Dakota Administrative Rules
Title 68 - Tourism and State Development
Article 68:01 - Economic development finance authority
Chapter 68:01:02 - APEX loan program
Section 68:01:02:02 - Eligibility requirements
Current through Register Vol. 51, page 43, September 23, 2024
To be eligible for a loan under this chapter, an applicant must satisfy SDCL 1-16B-41 and be a for-profit business, a for-profit or nonprofit development corporation, or nonprofit business cooperative that is either a start-up business, an existing business, or the relocation of an existing business from out-of-state that will create new jobs in South Dakota and that will do the following:
(1) Export a minimum of 75 percent of its product to entities outside the state of South Dakota or replace an import;
(2) Provide employment opportunities for low-income persons or displaced farm families to the maximum extent practicable;
(3) Use a South Dakota grown or produced agricultural product as at least 50 percent of the raw material; and
(4) Locate in a municipality with a population less than 25,000, as listed according to the latest decennial census.
An applicant may request a waiver of subdivision (1), (3), or (4) by petitioning the authority; however, not more than two of the subdivisions may be waived for any one applicant. A two-thirds vote by the authority is necessary to approve a waiver.
General Authority: SDCL 1-16B-14(4).
Law Implemented: SDCL 1-16B-3, 1-16B-37, 1-16B-41, 1-16B-44.
