The federal Economic Development Administration is investing $3 million in the Rapid City Economic Development Foundation, according to an announcement Wednesday by the U.S. Commerce Department.
The money will be matched with $4.5 million in local funds to build a new business incubator facility in Rapid City at the corner of East Main Street and East Boulevard, which has been designated an Opportunity Zone under provisions of the federal Tax Cuts and Jobs Act.
Wednesday's announcement included a comment from U.S. Secretary of Commerce Wilbur Ross.
“The Trump Administration is working diligently to support entrepreneurship and innovation, especially in the neglected areas of the country identified as Tax Cuts and Jobs Act Opportunity Zones,” Ross said. “This investment in a Rapid City business incubator will help provide the area’s fledgling manufacturing and tech businesses with the assistance they need to grow and thrive, and catalyze further investment in the area.”
The incubator, which will be a second location for Ascent Innovation, will aim to promote sustainable manufacturing and technology-based businesses, capitalizing on ties to the South Dakota School of Mines & Technology and Western Dakota Tech.
The project was made possible by the regional planning efforts led by the Black Hills Council of Local Governments, Wednesday's announcement said. The EDA funded the completion of the council's Comprehensive Economic Development Strategy 2014-2019.