Brookings Manufacturer: South Dakota’s Business Climate and GOED Finance Programs to Thank for Success
This is the fourth in a series spotlighting South Dakota’s manufacturing industry during the 2nd annual SD Manufacturing Week.
Thursday, October 2, 2014
It’s safe to assume that for most business owners, a need to expand due to rapidly increasing business is a nice problem to have. That’s especially true when you’re able to find affordable financing to fund that business expansion, and for one South Dakota manufacturer, he’s had the pleasure of expanding not once, not twice, but three times. And each time he’s expanded, he’s used a REDI (Revolving Economic Development Initiative) Fund loan from the Governor’s Office of Economic Development (GOED).
“Since 2000, we have utilized the GOED’s REDI Fund loan program three times, including two expansions to our main building, totaling 80,000 square feet,” said Don Deibert, president of Counterpart, Inc. “The REDI Fund loan is attractive to business owners because you can get large capital for a small interest rate, and that’s huge.”
Deibert has been in the manufacturing industry for more than 30 years. He began his career at Daktronics, working in metal fabrication. As the company grew, and outsourcing became a way to keep up with demand along with advancement in technology, Deibert and his business partner, Jeff Jacobson, decided to branch out from Daktronics to become a manufacturer of the new products the company was looking for. And in December 1996, Counterpart began producing quality parts for local companies according to their unique specifications.
“Since opening in 1996, we have continuously stayed on top of technology,” Deibert said. “The technology we use today is world-class, and I think a lot of people would be surprised to know that. We are committed to providing quality training to our employees, and that definitely gives us a competitive edge.”
Deibert says his employees are trained both internally and outside the office. In fact, he frequently sends his new employees to Connecticut for training on the most advanced lasers and punch equipment in the industry.
“There’s actually a campus in Connecticut that our employees train at. The training they receive allows them to come back to Counterpart equipped with more skills and knowledge of how our equipment works. What that means for us, and ultimately our customers, is that we are producing a quality product, crafted by experts in the industry, and there’s a certain peace of mind in knowing that.”
But expansions and trainings aren’t all Deibert and Jacobson owe their success to. Doing business in South Dakota, according to Deibert, is irreplaceable.
“South Dakota’s tax structure has aided us in being successful,” said Deibert. “Of course you still have to work hard, but the no income tax is important. I’d say that’s one key factor that makes doing business here so attractive. It’s also easier to start and grow a business in South Dakota when you have the talented and dedicated workforce that we do along with all the resources the state of South Dakota makes available.”
For more information about Counterpart, Inc., visit www.counterpartfab.com.