Bel Brands, known for its signature mini cheese wheels encased in red wax, secured a state loan of up to $10 million through the Revolving Economic Development and Initiative (REDI) Fund. The financing tool provides low-interest, long-term loans for companies expanding or relocating in South Dakota.

The funding will support a 100,000-square-foot expansion of the company's Brookings plant, effectively doubling production capacity. Bel Brands had previously received $2.6 million in tax relief for the same project.

"We're supporting a major expansion in food production, investing in renewable energy, and fueling local economic development," said Gov. Larry Rhoden in a press release.

At the same meeting, the board approved up to $2.8 million in tax relief for Grant Solar LLC, which plans to construct a 585-acre solar facility in McCook County.

The incentive comes via the Reinvestment Payment Program, which refunds part of the state's sales and use taxes on construction costs. State officials say the program lowers barriers for capital-intensive projects and encourages investment in South Dakota's renewable energy sector.

In addition to the large-scale projects, the board awarded $7,500 to Ally Dakota Development, a firm with offices in Watertown and Rapid City that provides support for local business initiatives. The grant comes from the Economic Development Partnership Program, which funds staffing, programming, and community-level economic growth projects.

Taken together, the projects are expected to generate nearly $400 million in private investment while strengthening the state's long-term economic outlook. Officials emphasized that the incentives represent a balanced approach to growth, combining large-scale agribusiness expansion with renewable energy development and local entrepreneurship.