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 provide financing assistance to business projects in Alaska by purchasing participation in loans originated by financial institutions for the financing of taxable facilities, such as retail stores, hotels, office buildings, plants and equipment, and specific tax-exempt project facilities.

Resource Provided:

AIDEA can purchase up to 90% of the loan or up to $20,000,000 (whichever is less) from the financial institution originating the loan. The total loan amount cannot exceed 75% of the value of the collateral offered as security for the loan.

Eligibility:

Financially feasible business projects located in Alaska.

Alaska Program Status:

AIDEA had approximately $368.2 million outstanding in loans as of June 30, 2009.

Comments:

Borrowers apply at a financial institution for a loan. The financial institution, after approval of the loan, applies to AIDEA for participation in the loan. The application to AIDEA must be accompanied by a $1,000 non-refundable application, which is credited toward the commitment fee if the loan participation is approved and accepted. Other fees include a 1% commitment fee on AIDEA's portion of the loan. Terms can be up to 15 years for personal property or 25 years for real property, not to exceed 75% of the remaining economic life of the collateral. Both fixed and variable interest rates are available.

Program Contact:  (Primary Contact listed first.)

Christine Anderson, Deputy Director
Alaska Industrial Development and Export Authority (AIDEA)
Department of Commerce, Community, and Economic Development
813 W. Northern Lights Blvd.
Anchorage, AK 99503
Phone: (907) 771-3000 (888) 300-8534
Fax: (907) 771-3044
e-mail: canderson@aidea.org
Web site: http://www.aidea.org/programloanpart.html