S.D. Admin. R. 68:01:02:02

Current through Register Vol. 51, page 56, November 4, 2024

Section 68:01:02:02 - Eligibility requirements

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.

S.D. Admin. R. 68:01:02:02

16 SDR 158, effective 3/25/1990; 21 SDR 14, effective 8/3/1994; 27 SDR 66, effective 1/4/2001.

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

Law Implemented: SDCL 1-16B-3, 1-16B-37, 1-16B-41, 1-16B-44.