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.
Criteria for Loan Approval
- Create new quality job opportunities as a result of business start-up, business expansion, or business relocation from outside Rapid City and its platting jurisdiction. 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. Direct competition with existing local businesses for local sales or services will be reviewed by the Loan Committee.
- Develop industries such as manufacturing, fabrication, processing, select service industries and regional wholesale businesses.
- Meet the goals and objectives of developing technology-based economic development.