SD board approves $1.67 million in loans to businesses

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The South Dakota Board of Economic Development approved two business loans totaling $1.67 million.

The loans are part of the South Dakota Works program, which is administered by the Governor’s Office of Economic Development.

The state Board of Economic Development approved two loans this week totaling $1.67 million from state government to businesses.

The board met Wednesday and approved a $900,000 South Dakota Works loan for Dakota Specialty Solutions to construct and purchase equipment for the agricultural science and chemical company’s new distribution center in Canton.

The board also approved a $769,724 South Dakota Works loan for Cypress Rail Solutions in Vermillion to purchase and renovate a facility to repair railcars. The facility is expected to service up