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Economic development board drops REDI fund rate
• PIERRE, S.D. (AP) -- Gov. Dennis Daugaard says the 3-percent interest rate on new loans from South Dakota's Revolving Economic Development & Initiative Fund is dropping to 2 percent. • Daugaard says he's pleased with the decision by the Board of Economic Development, which oversees the REDI Fund. He says he's optimistic the change will help stimulate South Dakota's economy. • The REDI Fund was created in 1987 under Gov. George Mickelson to diversify South Dakota's economy, increase capital investment and create stable jobs. The loan program is available to start-up firms, businesses that are expanding or relocating and local South Dakota economic development corporations. • The Daugaard administration says the program has created more than 30,000 jobs through 2011.
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