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$15/Hour Minimum Wage Required to Qualify for REDI Loans

South Dakota’s Board of Economic Development has raised the state’s minimum wage to $15 an hour… for businesses seeking 2% loans from the Revolving Economic Development and Initiative (REDI) Fund:

South Dakota businesses that receive low-interest loans from state government in the future will need to pay employees more competitive wages.

The state Board of Economic Development revised its policies Friday. The new standard is a $15 minimum wage. It had been $10.50 since 2012.

The board set a starting target of at least $20 per hour for most jobs and a $25 minimum for preferred jobs such as at engineering and technology firms [Bob Mercer, “S.D. Raises Wage Standards for Business Loans,” KELO-TV, 2021.10.22].

No, Bernie Sanders didn’t sneak into the meeting and steal the gavel from chairman Jeffory Erickson. That Watertown Republican über-banker agrees with Democratic Senator and non-voting Board of Economic Development member Reynold Nesiba that expecting businesses to pay at least $15 an hour is “a step [!} in the right direction.”

Perhaps Chairman Erickson should push to extend this minimum wage to all of South Dakota’s corporate handouts: if you’re not paying South Dakotans at least $15 an hour, you’re not producing enough economic benefit to justify taxpayer support.

3 Comments

  1. Mark Anderson 2021-10-26

    Well you know old Johnnie Thune likes to reminisce about his six dollar an hour job as a cook in 1978. WHOOPS, that would be almost $23 an hour now John. Republicans and bootstraps, you really have to wonder don’t you? If you can’t afford to run a business and pay living wages then close. Why continue slavery?

  2. Porter Lansing 2021-10-26

    Imagine if Senator Thune’s career revolved around and depended on coming up with new and innovative ideas to improve South Dakota.

  3. grudznick 2021-10-26

    It brings joy to grudznick’s ol’ belly when Mr. H agrees with something Governor Noem’s appendages do. Joy, I tell you!

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