If you are an entrepreneur with a good idea but lack start-up funds, the newly created Black Hills Regional Angel Fund, LLC, might help out.
"The Angel Fund was created to help people who have creative business ideas with high growth potential but need a boost to get started," said Benjamin Snow, president of the Rapid City Economic Development Partnership.
The Rapid City Economic Development Partnership, in conjunction with the South Dakota Enterprise Institute, launched the Angel Fund to support local entrepreneurs.
So far, the fund has received more than $2 million in donations and could reach $3 million in the near future, Snow said.
"These funds, often referred to as angel funds, play an important role in the financing chain of start-up companies in South Dakota," said Enterprise Institute Executive Director Tim Weelborg.
People can apply for investment capital from the Angel Fund 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.
All applications will be considered, Snow said. The more intriguing the idea, the more start-up money will be allocated.
It's likely that about a dozen entrepreneurs will receive money, so investors can support a wide diversity of ideas, he said.