Elevate Rapid City provided 18 Bridge Loans for a total of $219,500.
The Elevate Rapid City Emergency Bridge Loan Program assisted small business owners located in the Rapid City area that experienced economic damage as a result of COVID-19. Loans were up to $15,000 per eligible business.
These short-term, interest-free working capital loans are intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured longer term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims or SBA assistance.
The Bridge Loan Program is not designed to be the primary source of assistance to affected small businesses, which is why eligibility is linked pursuant to other financial sources. Loans made under this program are short-term debt loans, not grants. The Elevate Rapid City Emergency Bridge Loans require repayment by the approved applicant from longer term financial resources like the SBA.