Any entrepreneur with a good idea and lack of start-up funds should be quite intrigued by this announcement I received from the Rapid City Economic Development Partnership.
More than $2 million has already been allocated to the Black Hills Regional Angel Fund LLC, according to a news release. The money will be distributed to small businesses in Rapid City and the surrounding area that need some financing to get started.
"This angel fund will allow us to provide local entrepreneurs with start-up capital so they can secure additional funding resources to get off the ground," Benjamin Snow, president of the Rapid City Economic Development Partnership, stated in the release. "We've operated our grant and loan program with much success and this gives us another important economic development tool to encourage the growth of small businesses."
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The Angel Fund is being launched by The Rapid City Economic Development Partnership and the South Dakota Enterprise Institute.
It is completely funded with local money from accredited private investors in the Black Hills, the release stated.
People can apply for investment capital by contacting the Rapid City Economic Development Partnership at 605-343-1880, the Small Business Development Center at 605-394-5311 or the Enterprise Institute at 605-697-5015.