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The Department of Commerce, Community, and Economic Development offices are closed to the public at this time. We are still open for business and encourage you to contact us via phone or email.

Banking

Business and Industrial Development Corporations (BIDCO) Act

The BIDCO ACT AS 10.13 was passed by Alaska's Legislature to promote economic development by encouraging the formation of a business entity whose purpose would be to provide financial and management assistance for other businesses in the state. The regulations related to AS 10.13 are 3 AAC 233.

The Division provides for licensing, regulation, and enforcement to enable a BIDCO to satisfy the eligibility requirements for participating in programs that further the purposes of BIDCOs; to prevent fraud, conflict of interest, and mismanagement; and to promote competent management, accurate record keeping, and appropriate communication with shareholder.

An application to the Division shall provide information on the directors, officers, and controlling persons of the applicant. The application must also set a business plan, with at least 10 years of detailed financial projections. An applicant must demonstrate to the satisfaction of the division that the applicant has raised sufficient capital so that:

    1. The net worth of the BIDCO is expected to be adequate, in the context of its business plan, to support the BIDCO's management team and to achieve an appropriate spreading of the risk involved in the BIDCO's provisions of financing assistance.
    2. The BIDCO has a reasonable promise of being a viable, ongoing BIDCO, satisfying the basic objectives of its business plan and achieving long-term financial success.

Additional historical annual reports are available by request at financialinstitutions@alaska.gov.