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The Board of Economic Development has lowerd the rate on new REDI Fund loans.


Capital One Ribbon Cutting
Gov. Dennis Daugaard, members of the South Dakota congressional delegation, and local offiicals help welcome Capital One to South Dakota during a ribbon-cutting ceremony.

Why Financial Services?

South Dakota has long been a competitive state for businesses, and companies in the financial services industry are no exception.

?South Dakota is a great place for financial service companies. Our state has set guidelines and regulations that has allowed this industry to flourish,? said GOED Commissioner Pat Costello. ?When you combine that with our incredible workforce, you have an almost unstoppable combination.?

South Dakota has an existing cluster of large financial service companies. Companies already operating in South Dakota include: Wells Fargo, Premier Bankcard, Green Tree, Citi, and Home Federal Bank.

Six-hundred new jobs in the financial services industry will soon find their places in Sioux Falls through two expansion projects at Capital One and TCF Bank.

Officials at Capital One held a ribbon-cutting ceremony at its new operation center yesterday. The expansion is part of Capital One?s acquisition of HCSB and is expected to create 400 new jobs in addition to the 400 current positions.

At TCF Bank, the company opened an operations call center in February, and will celebrate its grand opening next week. After some reorganizing at the bank, the company decided to expand its footprint in South Dakota and establish and operations center, bringing 200 additional jobs along.

"It is certainly exciting to see South Dakota grow, both in and out of this sector," said GOED Commissioner Pat Costello. "I look forward to continuing to welcome new companies to South Dakota and wish both TCF Bank and Capital One continued success in our state."

  Visiting Chinese
  Gov. Dennis Daugaard, center, with officials from the University of South Dakota and participants in USD's American Visitng Institute for Chinese Real Estate Entrepreneurs.

The Governor?s Office of Economic Development took advantage of the second opportunity in recent months to pitch investment and entrepreneurial opportunities to Chinese business leaders ? this time on South Dakota ground.

A contingency of 35 business and real estate developers from China visited South Dakota in late April to attend the American Visiting Institute for Chinese Real Estate Entrepreneurs at the University of South Dakota.

The visiting students spent four days participating in lectures, tours and programs on topics from private equity funds to the EB5 program. The program included a formal presentation from the GOED.

?This was really a great opportunity for us to showcase South Dakota,? said Pat Costello, GOED Commissioner. ?We had previously established relationships with about a half dozen of our visiting guests on our trade mission to China earlier this year, so furthering those relationships and cultivating new ones was an invaluable experience.?

Costello went on to say that the learning went both ways.

?For us, it was great to learn more about what kind of investments these individuals are interested in making. Having them here also gave us the opportunity to show how great South Dakota can be and everything we have to offer.?

This is a publication of the Governor's Office of Economic Development. Commissioner-Pat Costello; Deputy Commissioner-Cody Byrum; Marketing and Public Relations Director-Mary Lehecka Nelson; Editor and Designer-Jennifer Lambley. © Copyright 2012