Alaska Direct Financial Incentives 2011
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 and Alaska Growth Capital.
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 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.
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 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.
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.
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