Imagine doing business in a state with no corporate income tax, no personal income tax, no business inventory tax, and no personal property tax. If that is not enough to make you think about doing business in South Dakota, consider that we can offer you several financing incentives that make growing your business a reality. Click on the following links to learn more:
Opportunity Capture Fund
Elevate Rapid City has the ability to tap into local incentive dollars for companies relocating/expanding and creating primary jobs in the Rapid City area. These funds can be used for a variety of needs, including training, infrastructure, equipment, and direct incentive grants for consideration on job creation.
The Rapid Fund
The Rapid Fund has the flexibility to assist businesses with a variety of needs. It funds the financing gap between what a business needs to expand and what the business has secured through its lender or other sources. The Rapid Fund may also be used to guarantee a loan.
West River Revolving Loan Fund
The revolving loan can provide small business gap financing, as well as help businesses develop strength to be eligible for bank financing.
The SBA 504 is a low down-payment, fixed interest rate, long-term loan to provide financing for fixed assets.
Through Rural Electric Economic Development (REED) this loan fund assists projects that promote growth and contribute to job, business, and infrastructure improvements.
The REDI Fund finances fixed assets – land, building, equipment (take-out financing only).
Tax Incentive-Based Programs
Sales and use tax rebates.
SD Works Program
The SD Works Program finances up to $1,000,000 in equipment, permanent working capital, interim construction (not permanent financing), fixed assets.
The SD MicroLoan finances between $1,000 to $100,000 in equipment, fixed assets, permanent working capital at a low fixed interest rate.
Workforce Development Grant
Matching funds up to $1,000 per employee for training expenses for new employees or a new skill/upgrade for an existing employee. The minimum wage requirement is $15/hour.
Matching funds up to $2,000 per intern (high school or college) for STEM or manufacturing and accounting internships. The minimum pay is $10/hr. Deadlines to apply: March 31st, July 15th, November 15th.
South Dakota’s low cost of doing business and aggressive financing programs can have a substantial effect on your bottom line. When combined with incentives from the community, region and other sources, a Rapid City, SD location just makes good bottom-line sense.