Loan Assumption Programs
Administrative Agency:
State Agency: Department of Commerce, Community and Economic Development (DCCED), Division of Investments (DOI)
Program Goals:
To assist purchasers in the assumption of a loan of any of the following types:
- Alternative Energy
- Child-Care Facilities
- Commercial Fishing
- Historical District
- Veterans (single or multiple family dwelling loan or small business loan)
Resource Provided:
Assumption of an existing loan at existing terms, when it is determined to be in the best interest of the state.
Eligibility:
Applicants must establish good character, demonstrate a capacity for financial responsibility, establish the ability to provide sufficient collateral, and have knowledge of Alaska economic conditions. Other factors to be considered are the business potential for growth, the ability to repay the loan, and the potential to create more jobs and provide additional services to the community. If an existing loan is secured by a building which was built, purchased, or refinanced under the state's Small Business Loan Program (AS 45.95.010-080), that building must be at least 50% occupied by the prospective applicant. Individual applicants must be Alaska residents and 18 years or older. Corporations, partnerships, limited partnerships, or any other association of applicants must be 100% owned by residents of Alaska.
Program Contact: (Primary Contact listed first.)