This is how you help local businesses expand in South Dakota without giving a handout;
Gov. Dennis Daugaard recently announced the state Board of Water and Natural Resources has approved an $860,000 low-interest loan from the Solid Waste Management Program for Millennium Recycling in Sioux Falls to purchase equipment.
“These funds will help Millennium Recycling obtain equipment to accept additional recyclables, which will reduce the waste stream to regional landfills,” Daugaard said.
The project involves adding equipment to allow Millennium Recycling to sort plastic containers, such as milk, juice and broth cartons, for recycling. Additionally, Millennium will reconfigure sections of its single-stream recycling process to add the new capability and increase the efficiency of its operation.
The estimated cost of the equipment is nearly $1.2 million. The loan terms are 2.25 percent interest for 10 years.
Giving low interest, or even no interest loans to businesses that are beneficial to citizens is the smart way to go. When you give a loan instead of a handout, it is sending a message to taxpayers that this business intends to be around for awhile and make good on the loan, and better yet, improving our quality of life.