A thriving ecosystem of small businesses lies in Rapid City, South Dakota, many of which are family-owned and deeply rooted in the community. According to a recent study by OnDeck, South Dakota is ranked as the number one state with the highest percentage of family-owned businesses in the U.S., with an impressive 41.52%.

This study, which analyzed U.S. Census Bureau data, displays the pivotal role these family-owned enterprises play in the state's economy and highlights the support they receive from organizations like Elevate Rapid City.

https://www.ondeck.com/resources/states-metros-family-owned

How does Elevate support small businesses?

David Lust Accelerator Building

The DLAB supports small businesses by fostering a community of entrepreneurs who provide:

• Mutual support.
• Offering management assistance.
• Cost-effective space.
• A professional environment to encourage local business development.

With a state-of-the-art facility and resources from Elevate Rapid City, the Governor's Office of Economic Development West River Office, and the South Dakota Ellsworth Development Authority, the DLAB aims to fuel business growth, contribute to economic health, create job opportunities, and expand technological offerings in the region.

Business Advocacy

Elevate Rapid City supports small businesses by advocating for pro-business policies, focusing on job creation, infrastructure development, and enhancing the overall quality of life in western South Dakota. Through engagement with state representatives and candidates, Elevate Rapid City seeks to influence policy decisions that promote economic growth and support local businesses, providing voters with valuable information to make informed decisions on election day.

Business Retention and Incentives

Elevate Rapid City provides robust support for small businesses through its Outreach Program, offering financial assistance such as low-interest loans, grants, and technical support to local businesses seeking expansion. Additionally, Elevate Rapid City administers the Opportunity Capture Fund, which provides incentive dollars for companies creating primary jobs in the Rapid City area, while the Rapid Investment Fund bridges financing gaps and guarantees loans for businesses. Furthermore, Elevate's Downtown Façade Loan Program aims to revitalize downtown Rapid City, stimulate private sector investment, and promote job creation.

Elevate Rapid City supports small businesses in Rapid City, South Dakota, offering an array of resources, programs, and advocacy efforts to empower entrepreneurs and small businesses and drive economic prosperity in the region.

Explore the Elevate Rapid City website to find additional resources for your business!