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 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.