| Description: |
1. SMALL BUSINESS ECONOMIC DEVELOPMENT REVOLVING LOAN FUND Loans in the range of $10,000 to $300,000 for periods of up to 20 years may be available for qualified industrial or commercial ventures. The interest rate is Prime minus 4%, no less than 4%, and is fixed at the time of loan approval.
2. RURAL DEVELOPMENT INITIATIVE FUND Loans of up to $200,000 for periods of up to 25 years may be available to qualified businesses for working capital, equipment, construction or other commercial purposes. Interest rate is fixed at time of loan approval, 1% below the prime rate, not to be less than 6%. Applicable fees and expenses must be paid by the applicant.
3. ALASKA MUNICIPAL BOND BANK AUTHORITY Provides direct loans with no set loan limit to organized local governments in need of capital project financing. Interest rates depend on the national market for tax exempt bond issues.
4. RURAL ALASKA INVESTMENT AND FINANCE ALASKA VILLAGE INITIATIVES, INC. This program provides direct loans ranging from $10,000 to $150,000. Eligible uses include land, facility and equipment acquisition, construction and expansion, business acquisition, purchase of supplies, and working capital and start-up costs.
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| Eligibility Requirements: |
1. Must be a new or expanding business with an industrial or commercial project located in an eligible area (affected by high unemployment, low average income, etc.). Required application and loan fees apply. Additional private, non-public financing is required.
2. Businesses must be located in an eligible community and must meet job creation/retention requirements. Non-state funding is also required.
3. Must be an organized local government with $75 million to $500 million in outstanding bonds or revenue bonds during a fiscal year.
4. Must be an eligible rural individual or organization. Rural is defined to exclude the cities of Anchorage, Fairbanks, and Juneau. |
