The Elevate Rapid City Child Care Loan and Grant Program is now available to child care providers located in the Rapid City area that are experiencing economic challenges as a result of COVID-19. Loans can be up to $12,500 per eligible business.
These short-term, interest-free working capital loans are intended to assist child care providers with working capital during the fall semester when schools are reopening and parents are trying to get back to work.
Elevate Rapid City has also partnered with United Way of the Black Hills to ensure that as part of each loan, providers will also have the protective equipment they need to ensure the safety of children. This means each loan will also include a $500 grant.
The loan program will be open to applications from September 2 through November 2, 2020. Priority will be given to those providers who can demonstrate the ability to repay and to those who have experienced hardship as a result of the ongoing COVID-19 crisis.
- Area: Rapid City area and surrounding areas.
- Qualified Applicant: Applications will be accepted from qualified child care providers that maintain a place of business in the Rapid City trade area. All qualified applicants must have suffered economic hardship as a result of the COVID-19 crisis. Qualified small business applicants must be an employer business with 1 to 50 employees.
- Amount: Up to $12,500 per eligible small business.
- Term: Up to 150 days. Extension may be given, at Elevate’s discretion for 30 additional days.
- Limitation: One loan may be made per eligible applicant. Bridge loans received MUST be paid in full.
- Interest Rate: Loans will be interest-free for the loan term (up to 150 days). The Interest rate will be 10% per annum on the unpaid balance thereafter, until the loan balance is repaid in full. Loan default is subject to a normal commercial collection process.
- Fee: None.
- Application Period: Applications will be accepted by qualified small businesses under this program through November 2, 2020, contingent on the availability of funds.
Required Information for Application
- Government issued personal identification of all individual applicants (driver’s license, state or federal ID).
- Federal Business tax returns for the last 2 completed years for all individual applicants.
- Personal tax returns for the last 2 completed years with attached Schedule C for all individual applicants, if available and where appropriate.
- Additional information that the applicant believes would assist the Loan Review Committee in making its decision (such as a loan summary), including why the business needs the loan.
- Certificate of License from Department of Social Services. *
- Certificate of Liability. *
* Elevate Rapid City may waive this requirement on a case-by-case basis