PIERRE – The state's Board of Economic Development approved four loans Tuesday totaling nearly $8 million from South Dakota’s low-interest business pool.
They are: a $900,000 loan to R and R Holdings, parent company of Watertown-based Glacial Lakes Rubber and Plastics, which makes shoe soles; a $1.696 million loan to the Vermillion Area Chamber and Development Company, which is constructing a building for Innovative Proteins; a $1.755 million loan to Doyle Family Land Co., a Sioux Falls-based manufacturer of Diamond Mowers; and a $3,600,000 loan to JMo Holdings, the parent of Sterling Computers Corp. in North Sioux City.
The goal for the Vermillion project is to extract protein from yellow peas, according to Scott Stern, commissioner of the Governor’s Office of Economic Development. “It’s going to diversify our commodities,” he said. “This is a new protein source.”