Economic development failure

Madison is losing a manufacturing business:

Dakota Vinyl Extrusions closed its doors last week, which should give Madison and Lake County officials extra incentive to bring new jobs to Madison.

Dakota Vinyl, which opened with big promises just last year, never really got off the ground. Even at its peak, the company probably didn't employ more than a dozen workers.

And yes they were funded by South Dakota taxpayers:

Dakota Vinyl worked with the state to secure start-up capital through an economic development loan program. Bill Even, director of the South Dakota Governor's Office of Economic Development, said the state is bucking a national manufacturing decline.

So did the state get its money back? If not, who benefited by this?