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 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.
