Criteria for Loan Approval
- Creation of NEW QUALITY job opportunities as a result of business start-up, business expansion, or business relocation from outside Rapid City and its adjacent areas.
- A quality job is defined as long-term with above-average wages, fringe benefits, and working conditions for its specific job category.
- Create a capital investment.
- Diversify the local economy.
- Not create a competitive advantage for one business over another within a common market.
- Develop industries such as manufacturing, fabrication, processing, technology-based economic development, select service industries and regional wholesale businesses.
- Normally, at least one job created for each $5,000-$10,000 loaned.
- 10% minimum dollar participation by the applicant.
- 25% maximum dollar participation by the Rapid Fund.
- Minimum lending rate of 50% of the prime lending rate or 5%, whichever is less.
- Eligible for funding: fixed assets, equipment, leasehold improvements, and building construction and/or renovation.
Lets Make Things Happen
Elevate Rapid City is an investment in your business and the environment in which your business operates. No other business organization is as deeply connected to what is happening in the Rapid City community. And no other organization brings together the decision-makers and leaders who make things happen.