JKEDC Offers Loans For New And Existing Businesses
The Board of the Jackson-Kadoka Economic Development Corporation (JKEDC) conducted its regularly scheduled, monthly meeting on Dec. 4, 2019. Board members attending the meeting included JoBeth Eisenbraun, Donna Enders, Brian Hundertmark, Lonny Johnston, Rusty Olney and Eileen Stolley. Board member Julie Hermann was unable to attend the meeting.
The meeting was called to order and the Board approved minutes from the October meeting and the agenda for the December meeting.
Eisenbraun, JKEDC executive director, provided financial reports and balances for the operational and revolving loan accounts as of Nov. 30. For each of the three borrowers that utilized funds from the revolving loan account, she provided a payment history, balance due and forecasted the date of full repayment.
The revolving loan was made possible through monies received by the U.S. Department of Agriculture (USDA) through appropriations funded by the American Recovery and Reinvestment Act (ARRA) of 2009. The USDA Rural Development (USDA-RD), distributed $19,389,942 nationwide for Rural Business Development Grants (RBDG).
According to a South Dakota Rural Development Coordinator, “with the assistance of a South Dakota UDSA RBDG, the [JKEDC] is closer to its vision of assisting residents and businesses in achieving their full potential to increase economic security. The grant will allow the development corporation to establish a revolving loan fund to grow and retain local businesses.
South Dakota received $524,583 in RBDG funds and distributed the monies through seven grants. In 2012, the JKEDC received a RBDG grant and, subsequently, developed a revolving loan program. In her reports, Eisenbraun reported an account balance of approximately $45,000 in current funds, available for qualified applicants. Loan applicants may apply for funding for a business startup or the expansion of an existing business within the community. Applications are reviewed and subject to approval by an independent loan board of volunteers and its current members are Gene Christianson, Belinda Mitchell, Brandon Rock, Ruby Sanftner and Trevor Williams. The JKEDC website at www.growkadoka.com provides more information, a means of which to initiate contact and obtain further information on the application process.
Discussion turned to other matters within the community and Johnson commented on one business advertisement sign in very poor condition, adding “it is an eyesore.” According to Stolley, “it violates city sign ordinances.” Olney, JKEDC director, reported another business advertisement sign in very poor condition along a state highway; however, the sign sits within the city limits and the state considers it a city matter. Stolley noted that the city recently commenced work with the Central South Dakota Enhancement District to update the city ordinances allowing the city to address the issue of signage within the city limits, amongst others, including more distinct definitions of what constitutes a violation of city ordinances and the means to enforce ordinances.
Hundertmark reminded Board members of plans by the Kadoka weekend of Dec. 6-8. The KCBA will host a chili cookoff contest and offer s’mores on Friday at the Kadoka Volunteer Fire Department (KVFD). Friday events also include Christmas caroling through town, a Parade of Trees at the Pearl Hotel and a live nativity scene in front of the KVFD. The Kadoka City Bar will hold an ugly sweater party Friday evening and Cody Hullinger is slated to provide musical entertainment. A snowman building contest is scheduled for Saturday—weather permitting or, better said, weather providing—in the city park. At the city auditorium, a gingerbread house building contest will be hosted with prizes for different age divisions. On Sunday, bingo will be held at the auditorium in addition to the arrival of Mr. and Mrs. Claus. One Saturday and Sunday, the Kadoka Area Schools will host musicals at 6 p.m. and 4 p.m., respectively.
Olney provided an update regarding liability insurance secured by the JKEDC for project properties. The properties obtained by the JKEDC were cleared of uninhabitable structures then sold for the costs incurred by the JKEDC to raze buildings on the lot, haul away debris then backfill and level the property. The JKEDC operates as a 501(c)(3) nonprofit corporation and maintains an accounting of each property for the purpose of tracking the expenditures incurred to provide a build ready site. Olney stated that the agent for the policy, Jim Fugate, informed him that it would be necessary to cancel the BankWest insurance policy for property liabilities as the JKEDC owns no properties at the present time. In other insurance matters, Olney informed the Board of the renewal of a professional liability policy to provide coverage for the volunteers acting on behalf of both the JKEDC board and lending board for an annual cost of $1,119.
Olney also spoke of the state Department of Transportation’s decision to sell state owned railway lines including the line that passes through Kadoka. The current obstacle for the westward expansion of the rail line from Draper is the line crossing over Interstate 90.
In other community matters, Enders informed Board members that Deb Moor, librarian for the Jackson County Library, plans to retire next year. Enders noted the need to hire and train a new employee.
Eisenbraun provided a report of KCBA plans for a Shop Local campaign this spring. Also, the weather caused postponement of Small Business Saturday, traditionally held on the Saturday following Thanksgiving. Fromm’s Hardware plans to conduct Small Business Saturday on Dec. 7. Eisenbraun also noted that there are no homes for sale in Kadoka, which continues to present challenges for persons wishing to locate to the area.
The JKEDC normally conducts its meetings on the first Wednesday of each month; however, the first Wednesday in January 2020, falls on New Year’s Day. Therefore, the next JKEDC meeting is scheduled for Jan. 8, 2020 at 6 p.m. in the community room at Gateway Apartments. The public is encouraged and invited to attend the meetings.
Check out the attached minutes in this week’s Legals section on page 8 of the Kadoka Press.