COVID-19 Economic Recovery Resource Portal For Business Emergency & Business Assistance Loans Program Eligible Applicants Economic Injury Disaster Loans (EIDL) Provides up to $1.5 million in guaranteed loans to businesses suffering substantial economic injury as a result of a Presidentially declared disaster. No collateral requirement for loans of less than $50,000 Payment of principal and interest able to be deferred for up to one year Small business concerns Private nonprofit organizations Small agricultural cooperatives SBA Express Bridge Loans Provides an expedited business loan of up to $25,000 to businesses who already have a relationship with an SBA Express Lender in order to provide liquidity while waiting for a decision on or disbursement of EIDL funding. Bridge Loan repaid in full or in part by the proceeds of the EIDL Small business concerns Private nonprofit organizations Small agricultural cooperatives Division of Investments - Microloan Program Provides up to $35,000 to individuals, or $70,000 to two persons or more, in loans for working capital, equipment, construction, or commercial purposes for small businesses located in Alaska. Maximum term of twelve months Interest rate fixed at the time of loan approval One or more applicants must have been an Alaska resident for the 12 months preceding the date of application Division of Investments - Rural Development Initiative Fund Provides up to $100,000 to individuals, or $300,000 to two persons or more, in fixed rate loans for businesses in rural communities in order to create or retain jobs. These loans can be made for working capital, equipment, construction or other commercial purposes 25-year maximum loan term Cannot be used to pay costs incurred more than 6 months prior to application One or more applicants opening or operating businesses in communities with: Populations of 5,000 or less which are not connected by road or rail to Anchorage or Fairbanks Populations of 2,000 or less that is connected by road or rail to Anchorage or Fairbanks Division of Investments - Small Business Economic Development Loan Fund Provides up to $300,000 in fixed rate loans to small businesses to finance start-up businesses and business expansion in the event private financing is unavailable. Applicants for these loans much supply a turn down letter from a lender listing the reason(s) for denial and all approved loans must go toward business endeavors that will result in the creation or retention of jobs that would be lost to eligible communities. Loan interests rates may be no greater than 6% Maximum terms of 20 years for fixed asset loans and 5 years for working capital loans Businesses classified as “small businesses” according to the Small Business Administration generally with: 500 or fewer employees Net worth of less than $6 million Average net income after federal taxes for the preceding two years less than $2 million -and- Operate in communities with a population of less than 30,000 AIDEA Business & Export Assistance Loan Guarantee Program Provides up to $1,000,000 in loan guarantees to Alaskan small– and medium-sized businesses for real property, tangible personal property, working capital, and export transactions. AIDEA is authorized to guarantee up to a 80% of a loan originated in eligible financial institutions with guarantees extending to the principle balance, accrued interest, and liquidation expenses. Terms of loan guarantees vary with type. Small– and medium-sized Alaskan owned and operated businesses: Able to cover 20% of the loan cost Otherwise unable to obtain commercial financing Agricultural Revolving Loan Fund (ARLF) Provides up to $1 million in fixed rate, moderate interest loans to Alaskan residents to promote the development of agriculture as an industry throughout the State. ARLF loans can be used to cover annual operating expenses, equipment or livestock purchases, real property purchases, construction costs association with non-residential improvements for agricultural purchases, costs associated with the purchasing and installation of irrigation systems, building and equipping facilities to process Alaska agricultural products, and land clearing expenses. Loan terms, including payment terms, will be based on appli-cant's ability to service the loan Payment terms may be monthly, quarterly, semi-annual, annual or variable Loans may not exceed 75% of the value of the collateral, less existing liens A statement of Agricultural and other business experience with evidence of necessary related skills and training is required Individuals Partnerships Joint ventures Corporations Other business entities Division of Investments – Commercial Charter Fisheries Loan Provides affordable, fixed-rate loans of up to $200,000 over as much as a 15-year term for the purchase of permits or gear as well as vessel refinancing to promote Alaskan ownership of charter halibut permits Loans may not be made to pay costs that were incurred more than 12 months prior to the receipt of the loan application. Applicants must have received a letter of denial from a financial institution or confirmation that approval of a loan from a financial institution is contingent on the approval of the applicant’s funding request. Individuals who: Have been Alaska residents for the 24 consecutive months preceding the date of application Do not have any child support arrearage Can adequately secure the loan, including a priority lien, and the items financed