Elevate Rapid City creates loans for local businesses amid COVID-19 outbreak
RAPID CITY, S.D. — Elevate Rapid City is known for promoting and helping local business around the area, but they may have just gone above and beyond.
Elevate Rapid City is making $750,000 available through a new Emergency Bridge Loan Program that aims at helping small business owners in Rapid City that are experiencing economic hardship because of COVID-19.
These loans, that will be serviced by West River Business Center, can give local businesses up to $15,000.
“These are difficult times for all of us, but especially for our small businesses” said Tom Johnson, President and CEO for Elevate Rapid City. “We’re facing the challenge together. We know these small loan dollars aren’t nearly enough to help everyone, but we’ve got to be creative and we’ve got to help our neighbors in this time of need. Elevate wasn’t created to sit on the sidelines. So we’re not. 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 or state assistance.”
The loan assistance isn’t designed to be the only way of assisting small businesses, which is why eligibility is linked pursuant to other financial services. The loans are intended to be short-term debt loans, not grants.
The loans require repayment by the approved applicant from long term financial resources like the Small Business Administration as they help businesses in the next 45 days.
“Elevate’s mission is to elevate the Rapid City Region for everyone, “said David Lust, Board Chairman for Elevate Rapid City. “Although we know this puts some of our traditional loan fund dollars at a higher risk, the benefits to the community in this time of crisis are much greater.”
For more information and to see the requirements, you can visit Elevate Rapid City’s website.