Friday, Sept. 9, 2011PIERRE, SD –The South Dakota Board of Economic Development is awarding BME Management, LLC an $87,673 loan to determine the feasibility of creating a renewable energy center that utilizes biomass to provide a sustainable source of combined heat and power in eastern South Dakota. This fall, BME Management will use the funds to study the possibility of developing sustainable renewable energy, to consider product applications, and to examine spin-off business opportunities. This loan is awarded out of the state’s Value-Added Ag Subfund. The Subfund, created in 1999, is specifically for the purpose of funding feasibility and marketing studies for potential value-added agriculture-based businesses. “The Board’s mission is to encourage economic growth and create jobs” said Chairman Jerry Prostrollo, Board of Economic Development. “Agriculture is one of South Dakota’s biggest industries. Projects like this one help us further encourage innovation and explore industry potential in this state.” In the past five years, the Board has approved more than $1,000,000 in Value-Added Ag Subfund loans. “These loans are really one of the first steps toward innovation development in South Dakota’s agriculture industry,” said Commissioner J. Pat Costello, Governor’s Office of Economic Development. “These studies help investors determine if a particular development or idea is feasible.” The South Dakota Board of Economic Development is comprised of thirteen board members from South Dakota’s private sector. Each is appointed by the Governor. The Board works to stimulate economic growth in South Dakota by approving loans from South Dakota’s Revolving Economic Development Initiative Fund and the Value-Added Ag Subfund. For more information, visit sdreadytowork.com -30-