Administrative Agency:

Public Corporation of the State: Department of Commerce, Community and Economic Development (DCCED), Alaska Industrial Development and Export Authority (AIDEA)

Program Goals:

To help facilitate the financing of Alaskan small businesses and export of goods and services to foreign countries.

Resource Provided:

The Business and Export Assistance loan guarantee program provides financial institutions up to an 80% guarantee of the loan not to exceed $1 million. AIDEA's guarantee covers acquisition of real or personal property, refinancing, working capital, and export transactions. This program is targeted to assist businesses located in rural Alaska.

Eligibility:

Eligible businesses must be financially feasible business projects located in Alaska or an Alaskan businesses that exports goods and services to foreign countries. Alaskan individual residents must hold majority ownership of the Alaska business. Note: Except for the Development Finance Program, the request for financing assistance must come from a financial institution.

Alaska Program Status:

The outstanding balance of the AIDEA-guaranteed portion of loans as of June 30, 2008, was $768,352.

Comments:

Guarantee Requirements: To apply to AIDEA for a guarantee, a $200 non-refundable application fee is required. AIDEA charges a one-time guarantee fee of 2% on the guaranteed amount. An abbreviated application process is available for new loan guarantees of $100,000 or less. Loan terms range from one to twenty years depending upon the use of loan proceeds and collateral offered as security for the loan. The maximum interest rate that may be charged by the bank is prime rate plus 2.75%.

Program Contact:  (Primary Contact listed first.)

Christine Anderson, Deputy Director - Credit
Alaska Industrial Development and Export Authority (AIDEA)
Department of Commerce, Community, and Economic Development
813 W. Northern Lights Blvd.
Anchorage, AK 99503
Phone: (907) 271-3000 (888) 300-8534 (Alaska only)
Fax: (907) 271-3044
e-mail: canderson@aidea.org
Web site: http://www.aidea.org/programs.html