Alaska Direct Financial Incentives 2010 | Alaska Industrial Development and Export Authority, Alaska Growth Capital

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Alaska Direct Financial Incentives 2010

Alaska’s economic development, finance and tax organizations provide a range of incentive programs to initiate new business and commercial investment. Specific programs include loan programs, foreign trade zones, and grants/loans and equity partnering.

Area Development Online Research Desk (Feb/Mar 10)

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Loan Programs:
The Alaska Industrial Development and Export Authority provides financing to in-state businesses through its umbrella bond program. It assists businesses in securing long-term financing for capital projects and assists business and industry involved in international trade.

Grants/loans and equity partnering:
The Commercial Fishing and Agriculture Bank provides loans to fishing, tourism, natural resources, and agriculture-based projects. The Division of Investments provides loans to fishing enterprises and other small business ventures.

Alaska Growth Capital provides financing to nontraditional borrowers/businesses that use innovative technology, are in rural Alaska, and are minority-owned.

The state of Alaska, through Alaska Industrial Development and Export Authority (AIDEA), is able to participate as an equity partner in minerals development. In recent years, AIDEA has financed the transportation system, including the 52-mile road and upgrades to the port that serves the Red Dog Mine in northwest Alaska. AIDEA financed the remodeling and upgrading for the Skagway ore terminal that serves Yukon base-metal mines through the Alaska port city of Skagway. Additionally, AIDEA has assumed an equity interest in Alaska's only export coal terminal located in Seward. In all instances, the state recovers its investment and a modest rate of return through user fees negotiated with the mineral company using the facilities.

Foreign-trade zones:
Five communities — Valdez, St. Paul, Fairbanks, Kodiak, and Anchorage — have been granted foreign-trade status.

Alaska State Contact:
Joe Austerman, Acting Director
Office of Economic Development
Alaska Department of Commerce, Community and Economic Development
Office of Economic Development
550 West 7th Avenue, Suite 1770
Anchorage, AK 99501
(907) 269-8100

Incentive and tax information is provided to Area Development by each state’s economic development or commerce agency for information purposes only and is subject to revision at any time by the state government. Please contact the state agency directly for full requirements and offerings.

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