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Alaska Division of Investments
Department of Commerce,Community, and Economic
Development
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Available Loan Programs
• Rural Development Initiative Fund
• Small Business EconomicDevelopment
• Commercial Fishing Revolving LoanFund
Photos courtesy of: Division of Community and Business Development © #570316 Cordova and #570312 Seldovia
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Rural Development Initiative Fund
Goal
To provide privatesector employmentby financing the start-up and expansion ofbusinesses that will
create significant
long-term
employment.
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RDIF General Requirements
• Eligible Areas witha population of
– 5,000 or less, notconnected by roador rail to Anchorageor Fairbanks
– 2,000 or less,connected by roador rail to Anchorageor Fairbanks
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Small Business Economic
Development RLFGoal
Loans for the start up orexpansion of businessesthat will create or retain jobsin eligible areas.
Provide financing to smallbusinesses who are unableto obtain private financingfor entire project.
Non-public matching funds (atleast 50%)
Eligible in most areas exceptthe Municipality of Anchorage,the Borough/City of Juneau,and the Aleutians East Borough
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Commercial Fishing RLF
Goal
To promote thedevelopment ofpredominantly
resident fisheries, and
vessel & gear upgradefor the purpose ofimproving the quality
of Alaska seafoodproducts.
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Commercial Fishing
General Requirements
• Alaska resident for2 years
• No past due ChildSupport
• Recent fishingexperience inAlaska
• Economicdependence onfishing
Puffin photo courtesy of: DCCED, Alaska Division of Tourism © #3881
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Commercial Fishing
Terms and Conditions
• Maximum term 15 years
• Maximum individual loan amount is $300,000or less, varies by program
• Maximum Community Quota Entity (CQE) loanamount is $2,000,000 per community
• Interest rate
– Prime + 2% on most loan types
– Prime - 2% on Product Quality Upgrade loans
• Priority lien on item being purchased
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Loan Programs
• Limited EntryPermit purchases
Photo
courtesy of
Bruce D
Anderson
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Loan Programs
• Limited EntryPermit purchases
• Vessel
– Purchase
– Refinance
– Upgrade
Photo
courtesy of
Bruce D
Anderson
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• Limited EntryPermit purchases
• Vessel– Purchase
– Refinance
– Upgrade
• Gear
Photo
courtesy of
Bruce D
Anderson
Loan Programs
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• Limited EntryPermit purchases
• Vessel– Purchase
– Refinance
– Upgrade
• Gear
• IFQ purchases
Photo
courtesy of
Bruce D
Anderson
Loan Programs
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Loan Programs
• Limited EntryPermit purchases
• Vessel– Purchase
– Refinance
– Upgrade
• Gear
• IFQ purchases
• Product QualityImprovement
Photo
courtesy of
Bruce D
Anderson
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Loan Programs
• Limited EntryPermit purchases
• Vessel– Purchase
– Refinance
– Upgrade
• Gear
• IFQ purchases
• Product QualityImprovement
• Pay past dueIRS taxes
Photo
courtesy of
Bruce D
Anderson
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Tender
Product Quality Improvement• Effective 10-25-05
• Alaska residency for 2years
• Licensed Alaska tendervessels
• The only loan availableto non-harvestervessels in theCommercial FishingRLF
• Interest rate is 2%below prime
Photo courtesy of: DCCED, Alaska Division of Tourism, © #2487
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Community Quota Entity
• CQEs can purchase halibutor sablefish quota sharesout of the existing quotashare pool
• The quota shares must befished by residents of thecommunity
• Loan Program is similar toregular quota shareprogram
In 2004 NMFS revised the halibut and sablefish quota share program to
allow non-profit entities called CQEs to purchase and hold halibut and
sablefish IFQs.
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Community Quota Entity
• have a populationless than 1500
• have access tosaltwater
• lack of direct roadaccess
• had historicparticipation inhalibut or sablefishfisheries
42 rural Gulf of Alaska communities in Southeast,
Southcentral, and Southwest Alaska were identified as eligible
to form a CQE that:
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Community Quota Entity
• Craig - Prince of Wales IslandCommunity Holding Corp
• Hydaburg - HydaburgCommunity Holding Corp
• King Cove – Aleutia Inc
• Sand Point – Aleutia Inc
• Larsen Bay - Larsen BayDevelopment Corp
• Ouzinkie - Ouzinkie CommunityHolding Corp
• Pelican – Pelican Fishing Corp
• Perryville – Perryville CQE Inc
• Hoonah – Hoonah CommunityFisheries Corp
• Old Harbor – Cape Barnabas Inc
National Marine Fisheries Service approved CQEs are:
Photo courtesy of: DCCED, Alaska Division ofTourism, © Kurt Byers, #6690
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BUSINESS RESOURCES . . .http://www.commerce.state.ak.us/dca/edrg/EDRG.htm
• Searchable database forfunding, technical, and avariety of services
• Interactive on line orprintable
• inventory of programs andservices which can provideeconomic developmentassistance to Alaskancommunities, businesses,& individuals.
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ANOTHER BUSINESS RESOURCE . . .
On line at the Division of Investmentswww.commerce.state.ak.us/investments
• Great source ofinformation forentrepreneurs whowant to start orexpand a business inAlaska.
• Available on line orin print
• Also available on CD
Establishing A Business
In Alaska
13th
Edition
March 2006
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Alaska Division of Investments
OFFICES:
Anchorage: Atwood Building downtown
Juneau: Heritage Park in the Valley
1-800-478-LOAN
Please visit us at:
www.commerce.state.ak.us/investments
For information, loan applications, and news
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Thank you!
Photos courtesy of the Department of Commerce,
Community, and Economic Development