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 68:01:02:05 - Equity contribution

An applicant must provide an equity contribution of a minimum of 10 percent of the total project costs as determined by the authority.

In-kind contributions and completed work may be applied toward the equity contribution and total project costs if, in the judgment of the authority and the USDA RD, such in-kind contributions and work completed contribute sufficiently to the current project.

The equity requirement may be waived by a two-thirds vote of the authority, with the approval of USDA RD.

General Authority: SDCL 1-16B-14(4).

Law Implemented: SDCL 1-16B-43, 1-16B-44.