Administrative Agency:

Nonprofit (Alaska): Tanana Chiefs Conference (TCC)

Program Goals:

To improve the potential for economic growth in rural areas.

Resource Provided:

Direct loans range from $1,000 to $100,000. Loan term is 1 to 15 years, depending on the project. No repayment penalty. Interest rate is 2% above the prime rate. A loan commitment fee of 2% will be assessed on the principal amount of each loan. Each applicant will normally be required to provide a minimum of 25% of the total cost of the project. Collateral will be obtained from the client in order to secure the loan. Adequate insurance will also be required.

Eligibility:

Sole proprietorships, partnerships, corporations, and cooperatives are eligible. In addition, any ANCSA corporation or Alaska Native Tribe operating a business in a rural area is eligible. The applicant must demonstrate that other financing is not available. Eligible uses are: - Equipment acquisition - Fishing - Hotel, motel, or bed & breakfast - Tourism - Inventory - Leasehold improvements - Purchase or construction of land/buildings - Working capital (excluding lines of credit) - Agricultural businesses - Golf courses - Racetracks

Program Contact:  (Primary Contact listed first.)

Margaret Matthew, Business Analyst
Tanana Chiefs Conference
122 First Avenue, Suite 600
Fairbanks, AK 99701-4897
Phone: (907) 452-8251 ext. 3438
Fax: (907) 459-3957
e-mail: margaret.matthew@tananachiefs.org