Loan Programs Alaska Capstone Avionics Loan Program General Requirements Aircraft being upgraded must be owned or leased by applicant. Aircraft being upgraded must be principally operated in Alaska. Applicant must sign a declaration certifying that the aircraft being upgraded has flown at least 51% of its flight hours in Alaska over the last 12 months. Applicant must provide a copy of the airworthiness certificate and aircraft registration. All aircraft must at a minimum, be equipped with a Automatic Dependent Surveillance - Broadcast (ADS-B) Avionics system or sign an Intent to Equip Agreement allowing up to 36-months from date of Promissory Note to equip aircraft with ADS-B. Provide a copy of each applicant's valid government issued identification at or before loan closing. Program Requirements Purchases - Loans may be made to purchase and install eligible Capstone avionics equipment in aircraft that are principally operated in Alaska. Avionics to be financed cannot have been purchased and installed more than 120 days prior to the date that a loan application is received by the Division of Economic Development. Collateral - Loans will be secured by a priority lien on the Capstone avionics being financed and by a lien on the aircraft receiving the improvements. Refinancing - Refinancing existing debt is not allowed. Eligible Avionics Equipment Automatic Dependent Surveillance - Broadcast (ADS-B) Avionics; GPS/WAAS navigation equipment; A moving map multifunction display (MFD); or Other equipment as determined by the Department of Commerce, Community, and Economic Development in consultation with the Department of Transportation and Public Facilities. Terms and Conditions Interest rate will be fixed at the time of loan approval. Current Interest Rates Maximum loan term is 10-years. Maximum loan amount is 80% of the cost. Borrower is responsible to pay all direct costs incurred in processing an application including the cost of obtaining an aircraft title report and any recording fees. Fees Application fee of $50.00. Closing costs include aircraft title search and FAA recording fee. Alaska Capstone Avionics Loan Application The following Alaska Capstone Avionics Loan Application pages are in PDF format. You will need Adobe Reader in order to view/print them. Acrobat Reader is distributed freely and available for download from Adobe®. Loan Application The Division of Economic Development, Department of Commerce, Community, and Economic Development complies with Title II of the Americans with Disabilities Act of 1990. This publication is available in alternative communication formats upon request. Please contact the Division of Economic Development at (907)465-2510 or TDD (907)465-5437 to make any necessary arrangements.