Administrative Agency:

State Agency: Department of Commerce, Community and Economic Development (DCCED), Division of Investments (DOI)

Program Goals:

To provide long-term, low-interest financing for the purchase and installation of Capstone avionics equipment for private and commercial aircraft that are substantially flown in Alaska.

Resource Provided:

Loans are available for the purchase and installation of Capstone avionics equipment for private and commercial aircraft that are substantially flown in Alaska. The applicant must sign a declaration certifying that the aircraft being upgraded has flown at least 51% of its flight hours in Alaska over the last 12 months. Collateral: Loans will be secured by a priority lien on the avionics being financed and by a lien on the aircraft receiving improvement.

Eligibility:

Aircraft being upgraded must be substantially operated in Alaska. Applicant must sign a declaration certifying that at least 51% of the aircraft's flight hours were in Alaska over the last 12 months. Applicant must provide copy of airworthiness certificate, copy of aircraft registration, and copy of last tax return.

Alaska Program Status:

The effective date of this program was July 1, 2007.

Comments:

Interest rate is 4%. There is a $50.00 non-refundable application fee. Maximum loan term is 10 years. Payment schedule is requested at closing and is either monthly, quarterly, semi-annual, or annual. Borrower is responsible for paying all direct costs incurred in processing the loan application, including but not limited to an aircraft preliminary title report and FAA recording fee.

Program Contact:  (Primary Contact listed first.)

Geoffrey B. Whistler, Loan Manager
Division of Investments
Department of Commerce, Community, and Economic Development
PO Box 34159
Juneau, AK 99803-4159
Phone: (907) 465-2510 (800) 478-5626
Fax: (907) 465-2103
e-mail: investments@alaska.gov
Web site: http://commerce.alaska.gov/investments