PIERRE, S.D. – The 3 percent interest rate on new loans from South Dakota’s Revolving Economic Development & Initiative (REDI) Fund will drop to 2 percent, effective immediately, Gov. Dennis Daugaard announced today.

The Board of Economic Development, which oversees the REDI Fund, made the decision.

“With market conditions in today’s economy constantly changing, periodically reviewing the rates and terms of our loan programs is essential to business development and growth,” Gov. Daugaard said. “I’m pleased by the board’s decision, and optimistic that this change in the finance charge will help stimulate South Dakota’s economy.”

For more information on the REDI Fund program, or any other financing program in the Governor’s Office of Economic Development, please visit www.sdreadytowork.com/finance

About the REDI Fund: Created in 1987 under the administration of Gov. George S. Mickelson, the REDI Fund aims to diversify South Dakota’s economy, increase capital investment, and create long-lasting, quality, stable jobs for South Dakotans.  The loan program is available to start-up firms, businesses that are expanding or relocating and local South Dakota economic development corporations. As of Dec. 31, 2011, the program had created more than 30,000 direct jobs.

About the Board of Economic Development: The Board of Economic Development is made up of 13 business and community leaders from across South Dakota. The group meets monthly, and meeting minutes can be found online at www.sdreadytowork.com/REDI.aspx

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