The Division of Economic Development serves as a lender of last resort offering direct lending in commercial fishing, fisheries enhancement, capstone avionics, small business and rural development.
The Alaska Industrial Development and Export Authority (AIDEA) through its Loan Participation program provides permanent financing, both taxable and tax-exempt, to borrowers through a qualified originator for the purpose of acquiring commercial real estate or equipment. The program provides the benefit of long-term fixed or variable rate financing on the portion of the loan purchased by AIDEA. Projects must be in Alaska and cover a wide variety of commercial facilities from hotels and office buildings to warehouses and manufacturing plants.
Grants/loans and equity partnering:
The Commercial Fishing and Agriculture Bank provides loans to fishing, tourism, natural resources, and agriculture-based projects.
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 the Alaska Industrial Development and Export Authority's Development Finance program is able to participate as an equity partner by using its ability to develop, own (in part or in whole) and operate basic installations and facilities within the state. These projects cover a wide variety of purposes including industrial roads; ports; airports; energy infrastructure; resource extraction; transportation; value-added processing; tourism and other public use facilities. These projects must advance the economic well-being and prosperity of an area within Alaska and generate adequate revenues to repay the bonds sold to finance the project. In all instances, the state recovers its investment and a modest rate of return through user fees and/or leases negotiated with the company utilizing the facilities.
Five communities - Valdez, St. Paul, Fairbanks, Kodiak, and Anchorage - have been granted foreign-trade status.
Alaska State Contact:
Division of Economic Development
Alaska Department of Commerce, Community and Economic Development
550 West 7th Avenue, Suite 1770
Anchorage, AK 99501
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.