Rapid Fund

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.

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