Other Alaska Loan Sources

Loan Programsort descending
Agricultural Revolving Loan Fund Program

The objective of the Agricultural Revolving Loan Fund is to promote the development of agriculture as an industry throughout the State by means of moderate interest rate loans. Find out more...

Contact Information

State of Alaska Division of Agriculture
1800 Glenn Highway, Suite 12
Palmer, Alaska 99645
Phone: 907-745-7200
Fax: 907-745-7112

Alaska Capstone Avionics Loan Program

Providing long-term, low interest loans for purchase and installation of Capstone avionics equipment for aircraft that operate substantially in Alaska. Find Out More...

Contact Information

Division of Economic Development
Department of Commerce, Community and Economic Development
P.O. Box 34159
Juneau, AK 99803-4159
Phone: (907) 465-2510 or (800) 478-LOAN
Fax: (907) 465-2103
Web site: http://www.commerce.state.ak.us/investments

Alaska Commercial Fishing and Agriculture Bank

CFAB's authority and mission is to provide financing to Alaskan residents involved in commercial fishing, agriculture, tourism, and other resource-based industries in Alaska.  The Alaska Commercial Fishing and Agriculture Bank was established as a private member owned cooperative by a special Alaska statute, and began operations in 1980.  Borrowers have the opportunity to participate in CFAB's annual financial results through a partial refund of interest paid. CFAB is controlled by a Board of Directors whose members are elected by and from among its stockholders.

Contact Information

Alaska Commercial Fishing and Agriculture Bank
3040 Lakeshore Drive
Anchorage, AK 99517
Phone: (907) 276-2007 or (800) 544-2228
Fax: (907) 279-7913
e-mail: cfabanch@gci.net

Alaska Growth Capital

Alaska Growth Capital provides financing for all business needs including construction lending, working capital facilities, equipment purchases and leasehold improvements. They also participate in the SBA and USDA loan guarantee programs. Loans range from $100,000 to $10,000,000 and normally have terms from 3 to 25 years. Interest rates depend on the risk level of the business and each financing package is customized to meet the needs of the business. Alaska Growth Capital also delivers financial consulting in limited circumstances.

Alaska Growth Capital can finance any business within the state, but focuses on businesses that are expanding Alaska's economy. The primary criteria for consideration includes the following: - Dedicated and experienced management - Past performance - Current economic viability of the business - Competitive advantages

Contact Information

Alaska Growth Capital
3301 C Street, Suite 100
Anchorage, AK 99503-5965
Phone: (907) 339-6760 or (888) 315-4904
Fax: (907) 339-6771

Alaska Industrial Development and Export Authority (AIDEA) Loan Participation Program

Banks and credit unions have partnered with AIDEA to offer loans for businesses located in the state of Alaska. The loans can be guaranteed or participated, and can be secured with accounts receivable, inventory, equipment, or real estate. The purpose of AIDEA is to promote the general prosperity and economic welfare of the people of Alaska and to create additional employment opportunities.

Financially feasible business projects that are located in Alaska or Alaska businesses exporting goods and services to foreign countries qualify. Alaskan individual residents must hold majority ownership of the Alaska business. Note: Except for the Development Finance Program, the request for financing assistance must come from a financial institution.The Loan Participation Program provides long-term financing to Alaska businesses for new or existing projects, or for the refinancing of existing loans. The Loan Participation Program has been highly successful since its inception in the early 1980’s. This program has helped diversify the Alaskan economy by providing financing for a large variety of commercial facilities ranging from office buildings, warehouses and retail establishments to hotels, fishing vessels and manufacturing facilities.

AIDEA is not a direct lender, but through the Loan Participation Program, AIDEA purchases a portion of a loan that is sponsored and originated by an eligible financial institution. In most cases the interest rate on the AIDEA portion of the loan is slightly lower than the rate on the bank’s portion. The term of the AIDEA portion of the loan can also exceed the term of the bank portion. This can result in lower scheduled payments for the borrower.

AIDEA provides fully amortizing, long term financing. (Up to 15 years for personal property or 25 years for real property; the maximum loan-to-value is 75%.)

  • AIDEA offers either a fixed or variable interest rate.
  • The term of the AIDEA portion of the loan can exceed the bank’s term, thereby lowering the scheduled payments.
  • AIDEA provides a secondary long-term market for eligible financial institutions.
  • The originating financial institution retains a portion of the loan and also services the entire loan (i.e., payments are made to the bank, not to AIDEA).
  • The project must be in Alaska.

The first step is to contact one of AIDEA’s eligible financial institutions, so talk with your bank or credit union or one of the Alaska loan providers listed under Other Alaska Loan Programs.

Contact Information

Alaska Industrial Development and Export Authority (AIDEA)
Department of Commerce, Community, and Economic Development
813 W. Northern Lights Blvd.
Anchorage, AK 99503
Phone: (907) 771-3000
Fax: (907) 771-3044
Web site: http://www.aidea.org/programs.html
Toll-Free in-state only: (888) 300-8534

 

Alaska Pacific Bank

Loan application available on-line: www.alaskapacificbank.com

301 North Franklin
Juneau, AK 99801
907-586-1010

2094 Jordan Avenue
Juneau, AK 99801
907-586-1010

315 Lincoln St., Suite 206
Juneau, AK 99801
907-586-1010

410 Mission Street
Ketchikan, AK 99901 
907-225-6146

2442 Tongass Avenue
Ketchikan, AK 99901 
907-225-4545

 

Alaska USA Federal Credit Union

Loan application available on-line:

www.alaskausa.org

8181 Glacier Highway
Juneau, Alaska 99801

Account Questions Call:
1-800-524-9094

3033 Vintage Blvd
Juneau, AK 99801
Tel: 907-523-7501

631 W. Willoughby Suite 101
Juneau, AK 99801
907-

2417 Tongass Avenue Suite A
Ketchikan, AK 99901
Tel: 907-228-3301

Micro-Branch
500 Mission Street Ketchikan

Assistance Provider Interest Rate Reduction Program

A loan program for housing that is occupied by a live-in care provider, who provides assistance in activities of daily living for individuals with either a physical or mental disability (the "Occupants"). The loan may be for the acquisition, acquisition with rehabilitation and/or improvement of an existing property, or long-term financing of a construction loan for new housing with at least two occupants residing in the housing. The interest rate is adjusted based on the number of occupants residing in the housing.

Contact Information

Alaska Housing Finance Corporation
4300 Boniface Parkway 99504
PO Box 101020
Anchorage, AK 99510-1020
907-338-6100
800-478-AHFC (2432) outside Anchorage, but within Alaska
Fax: 907-338-9218

Business and Industry Guaranteed Loans

Applicant may be an individual, partnership, LLC, for-profit or non-profit corporation, cooperative, or Alaska Native entity. The project must be in a rural area or city of less than 50,000 population.

Loan guarantees of up to 90% of the loan amount. Loans may be up to $25,000,000. Loans can be used for financing business construction, conversion, and modernization as well as for equipment, facilities, machinery, supplies, debt restructure, transfer of ownership, and working capital. Projects which create or save jobs have the highest priority. The borrower works with a lender, then the borrower and lender jointly apply for a loan guarantee. There is a one-time loan guarantee fee of 1% or 2% and an annual servicing fee (currently 0.25%).

Contact Information

Rural Development
U.S. Department of Agriculture
800 W. Evergreen, Suite 201
Palmer, AK 99645
Phone: (907) 761-7722
Fax: (907) 761-7793
Web site: http://www.rurdev.usda.gov

Banks and credit unions have partnered with USDA to offer loans for businesses located in communities outside the Municipality of Anchorage. The loans are guaranteed by the USDA and can be secured with accounts receivable, inventory, equipment, furniture and fixtures, or real estate. The purpose of USDA loans is to create and maintain employment and improve the economic climate in rural communities.

Commercial Fishing Revolving Loan Fund

Providing long-term, low interest loans to promote the development of predominantly resident fisheries, and continued maintenance of commercial fishing vessels and gear for the purpose of improving the quality of Alaska seafood products.

Loan Programs:

  • Engine Fuel Efficiency Upgrade
  • Limited Entry Permit Purchase
  • Loan Assumption
  • Product Quality Improvement
  • Purchase of Quota Share
  • Refinance of Existing Commercial Fishing Program Loans
  • Refinance of Vessel or Gear
  • Tax Obligation
  • Tender Vessel Product Quality Improvement
  • Vessel Purchase
  • Vessel Upgrade or Gear Purchase/Upgrade

Contact Information

Division of Economic Development
Department of Commerce, Community and Economic Development
P.O. Box 34159
Juneau, AK 99803-4159
Phone: (907) 465-2510 or (800) 478-LOAN
Fax: (907) 465-2103
Web site: http://www.commerce.state.ak.us/investments

Evergreen Business Capital

The SBA 504 loan serves healthy, growing small to mid-sized businesses. It is available to individual business owners or multiple owners partnering on a project. To qualify, a business must be a for-profit enterprise, occupy 51% of an existing building or 60% of a newly constructed building and meet a least one goal around job creation, public policy, or community development through the project.

Evergreen is a private, nonprofit organization authorized by the U.S. Small Business Administration as a Certified Development Company. It serves as an intermediary for the SBA 504 Loan Program. SBA 504 loans offer a low-down-payment, long-term, low-interest-rate solution for the purchase of commercial real estate and equipment. Business owners can use 504 loans for land and building purchases, new construction or renovation, leasehold improvements and purchases of heavy machinery, equipment and commercial vessels. They can also be used for soft costs such as title searches, attorney’s fees, appraisals, etc. By partnering with lenders to provide partial funding, Evergreen reduces their risk. 

Contact Information

Evergreen Business Capital
PO Box 3673
Palmer, AK 99645-3673
Phone: (907) 746-5047
Fax: (907) 745-8504

Federal Business Grant and Service Industry Assistance

Eligible companies can receive between $22,500 and $75,000 in Federal Business Grant Funds from the U.S. Department of Commerce to help the company mitigate the injury imports of like or similar products are causing to their bottom line.  NWTAAC Project Managers will work with the company’s management team to develop and submit to the Department of Commerce a strategic plan.  Once approved, the company can begin implementation of project(s) that will strengthen its competitive position.  Eligible business include any U. S. manufacturing, agriculture, service or seafood operation experiencing injury from imports, as well as firms who service companies that have lost customers due to outsourcing or imports. Applicant companies must have been in business for at least 2 years. Applicant’s sales, production, or employment must be declining due, in part, to competition from imports.

Contact Information

1200 Westlake Avenue North, Suite 802
Seattle, WA 98109
Phone:206-622-2730
Toll free:800-667-8087
Fax:206-622-1105
Email: NWTAAC@nwtaac.org

First Bank Alaska

Loan application available on-line:

www.firstbankak.com

 

PO Box 7920
331 Dock Street
Ketchikan, AK 99901
Fax: (907) 228-4291
Account Questions Call: 1-800-478-6101

 

2503 Tongass Ave.
Ketchikan, AK 99901
 907-228-4235

Third & Main Streets
Craig, AK 99921
907-826-3254

224 Brueger
Wrangell, AK 99929
907-874-3363

103 North Nordic Dr
Petersburg, AK 99833
907-772-4277

203 Lake Street
Sitka, AK 99835
907-747-6636

3075 Vintage Park Blvd
Juneau, AK 99801
907-790-2929

605 W. Willoughby Ave.
Juneau, AK 99801
907-586-8001

First Bank Financial Center – Commercial Loan Center
2030 Sea Level Drive, Suite 100
Tel: 907-228-4237 or 1-888-220-4446

First National Bank of Alaska

 

Loan application available on-line: www.fnbalaska.com

840 W. 10th Street
PO Box 21248
Juneau, Alaska 99802-1248
(907) 586-5500

Account Questions Call:
1-800-856-4FNB (4362)

238 Front Street
PO Box 21667
Juneau, Alaska 99802-1667
907-586-5400 

215 Main Street
PO Box 70
Haines, AK 99827
(907) 766-6100

8990 Glacier Hwy.
PO Box 32539
Juneau, Alaska 99803-2539
907-790-8000

318 Lincoln Street
PO Box 1070 
Sitka, Alaska 99835-1070
907-747-7000

Fisheries Finance Program

The Fisheries Finance Program (FFP) provides long-term financing or refinancing of the cost of purchase, construction or reconstruction of fishing vessels, shoreside facilities, aquaculture and mariculture facilities and acquisition of vessel or facility equipment. Vessel loans must be capacity neutral. The FFP also provides loans for upgrades to improve collection and reporting of fisheries data, to reduce bycatch, to improve selectivity or reduce adverse impacts of fishing gear, or to improve safety. The loan amount cannot exceed 80% of the eligible project cost. Loans are long-term, fixed rate with interest rates 2% over the U.S. Treasury’s cost of funds. Applicant must be a U.S. citizen with a good earnings record, net worth and liquidity. The applicant must have at least a 3-year history of owning or operating the fishing project or operating a comparable project.

Contact Information

NOAA Financial Services Branch, NW Region
7600 Sand Point Way NE
BIN C15700, Bldg 1
Seattle, WA 98115
Email: NW.Finance@noaa.gov
PH: (206) 526-6122
FX: (206) 526-6306

Halibut Sablefish Quota Share Loan Program (HSQS)

The HSQS program provides long-term loans to individual fishermen for the purchase or refinancing of Alaska Halibut and Sablefish Quota Shares (IFQ). The loan amount cannot exceed 80% of the purchase price. Loans are long-term, fixed rate with interest rates 2% over the U.S. Treasury’s cost of funds. Loan maturities are up to 25 years. Loans cannot extend a borrower beyond 50,000 lbs. of quota shares. Applicant must be a U.S. citizen with a good earnings record, net worth and liquidity. The applicant must have or be able to obtain a Transfer Eligibility Certificate (TEC), cannot own more than 50,000 lbs. of quota shares and cannot own a vessel larger than 60 feet LOA.

Contact Information

NOAA Financial Services Branch, NW Region
7600 Sand Point Way NE
BIN C15700, Bldg 1
Seattle, WA 98115
Email: NW.Finance@noaa.gov
PH: (206) 526-6122
FX: (206) 526-6306

Indian Loan Guaranty Program

For-profit and non-profit enterprises at least 51% owned and operated by Alaska Natives, American Indians, ANCSA corporations, and tribal entities recognized by federal statutes are eligible. Must actively operate the business on a day-to-day basis and invest 20% of its own resources in it. Applicant must furnish information on the number of jobs to be created and/or sustained and the number of jobs for Native Americans as well as secure a commitment for financing from a bank. Loan guarantees of up to $500,000 for individual Natives, and the program can guarantee loans of greater amounts for tribes, tribal enterprises, and ANCSA corporations. 80% and 90% guarantees are offered on commercial bank loans.

Contact Information

Office of Indian Energy and Economic Development

U.S. Department of the Interior
1011 East Tudor Rd., Suite 153
Anchorage, AK 99503
Phone: (907) 271-4018 or (800) 645-8465 x3x4
Fax: (907) 271-4015

KeyBank Alaska

Loan application available on-line: www.key.com

234 Seward Street
Juneau, AK 99801 
8800 Glacier Highway

New Account Questions Call:
1-888-539-4249 

8800 Glacier Highway
Juneau, AK 99801
907-790-5300

2501 Tongass Avenue
Ketchikan, AK 99901
907-225-4556

Multi-Family Loan Programs

Loans for multi-family properties of five or more units and special needs housing. Find out more...

Contact Information

Alaska Housing Finance Corporation
4300 Boniface Parkway 99504
PO Box 101020
Anchorage, AK 99510-1020
907-338-6100
800-478-AHFC (2432) outside Anchorage, but within Alaska
Fax: 907-338-9218

Rural Development Initiative Fund

Providing loans for working capital, equipment, construction or other commercial purposes to businesses located in a community with a population of 5,000 or less that will create or retain jobs in the community.  Loan amounts to $150,000 to one person businesses or up to $300,000 for two or more person businesses.  Maximum term is 25 years.

Contact Information

Division of Economic Development
Department of Commerce, Community and Economic Development
P.O. Box 34159
Juneau, AK 99803-4159
Phone: (907) 465-2510 or (800) 478-LOAN
Fax: (907) 465-2103
Web site: http://www.commerce.state.ak.us/investments

Rural Energy for America Program (REAP)

Provides grants and guaranteed loans to install renewable energy systems and/or undertake energy efficiency improvements to agricultural producers and small businesses in rural areas or city of less than 50,000 population. Grants can meet equity requirements concurrent with loan guarantee and must demonstrate financial need. Grants can be up to 25% of total project ($2,500 minimum to $500,000 maximum). Available for wind, solar, biomass, geothermal, hydroelectric, ocean and energy efficiency projects.  Loan guarantees of up to 85% of loan amount.

Contact Information

Rural Development
U.S. Department of Agriculture
800 W. Evergreen, Suite 201
Palmer, AK 99645
Phone: (907) 761-7722
Fax: (907) 761-7793
Web site: http://www.rurdev.usda.gov

Banks and credit unions have partnered with USDA to offer loans for businesses located in communities outside the Municipality of Anchorage. The loans are guaranteed by the USDA and can be secured with accounts receivable, inventory, equipment, furniture and fixtures, or real estate. The purpose of USDA loans is to create and maintain employment and improve the economic climate in rural communities.

SBA Guaranteed Loans

Eligible projects are business real estate, inventory purchases, machinery and equipment, leasehold improvements, working capital, and, in some circumstances, debt consolidation.

SBA loans are a special form of financing backed by the United States Government to help small businesses obtain the funding they need for permanent or seasonal working capital, accounts payable, inventory, leasehold improvements, machinery, equipment, the purchase of real estate, building renovation, construction, and more. SBA funds can also be used to start up a new business or to acquire or expand an existing business. Because SBA loans must be written to government standards, businesses must qualify to receive financing under their programs.  SBA borrowers must be for-profit and meet the established size standards, and there are some types of businesses that will not qualify for SBA financing.  If you have a new company, or you’re expanding an existing one, if you don’t have sufficient collateral to get your business in shape, or you can’t meet traditional lending criteria for some other reason, your bank can work with you to explore your options for SBA financing.

SBA 7(a) Term Loans: This loan program can help companies that are just beginning operations, that are expanding their existing operations, or that don’t meet traditional lending criteria for other reasons. Loan amounts can be as high as $2 million, with terms as long as 25 years, if the loan is for real estate.

SBAExpress Loans: These programs, technically part of the SBA 7(a) program, offer a streamlined application and closing process and are approved by bank loan officers without having to go through the extra step of an SBA review.  In addition, the SBA allows for unsecured loans under these programs, with dollar limitations that vary by program. Three types of loans are included in this program, each with different loan limits:

  • SBAExpress is designed to reduce the cost for smaller, less complex loans.  It has a maximum loan amount of $350,000.
  • Community Express was developed for business owners operating in low-to-moderate income areas, rural areas (which includes all of Southeast Alaska), and minority- and women-owned businesses.  This program has a maximum loan amount of $250,000, and the business owner is required to get Technical Assistance Training from the Alaska Small Business Development Center. This program is unique in that it is based on strong credit history but may not require collateral.
  • Patriot Express is designed for the military community and has a maximum loan amount of $500,000.  At least 51% of the business must be owned by a veteran (honorably discharged), active duty military personnel eligible for the military’s TAP, a Reservist, a member of the National Guard, or a spouse/widow/widower of one of these types of military personnel.

SBA 504 Term Loans: This is a long-term loan to help businesses obtain funds for land, buildings, machinery, and equipment with a minimum useful life of 10 years.  In general, the bank funds 50% of a project, the SBA, through a Certified Development Company, funds an additional 40%, and the borrower provides a 10% equity contribution (this requirement can be higher with special-purpose properties or start-up companies).  The SBA offers variable- or fixed-rate options and a maximum 20-year term.

Contact Information:

U.S. Small Business Administration
510 L St., Suite 310
Anchorage, AK 99501-1952
Phone: (800) 755-7034
Fax: (907) 271-4545

Small Business Economic Development Revolving Loan Fund

Long term loans of up to $300,000 for 5 to 20 years in eligible areas to businesses not able to obtain private financing for the entire project. Financing for the start-up and expansion of businesses that will create significant long-term employment.

Contact Information

Division of Economic Development
Department of Commerce, Community and Economic Development
P.O. Box 34159
Juneau, AK 99803-4159
Phone: (907) 465-2510 or (800) 478-LOAN
Fax: (907) 465-2103
Web site: http://www.commerce.state.ak.us/investments

Southeast Alaska Revolving Loan Fund

If you have a project that will create or retain jobs in Southeast Alaska, Juneau Economic Development Council could be the lender you've been looking for.

We are a non-profit financial institution created to fund development in Southeast Alaska.

It is often very difficult for new businesses and businesses in depressed industries to get the financing they need to get started and so Juneau Economic Development Council launched the Southeast Alaska Revolving Loan Fund in 1997 to bridge the gap between what banks will finance and what the business community needs. Our goal is to provide financing for viable projects that will create and retain quality jobs and help to diversify local economies in Southeast Alaska.

JEDC operates several community-based loan funds and one region wide loan program that serves smaller communities throughout Southeast Alaska. Our total loan capital is about $4 million with about half that for projects in Juneau.

We fill the gap between entrepreneurial and bank financing.

JEDC offers direct loans at a fixed rate and with terms that can be structured to fit a new business' cash flow. JEDC stretches its loan funds by lending cooperatively with commercial banks and other public loan programs to maximize available financing and arrange the overall best terms for its borrowers. JEDC can take a junior lien position in collateral provided there is sufficient collateral overall to secure its loans and the business' projected cash flow will support repayment in 3-5 years.

We provide hands-on assistance.

JEDC provides ongoing technical assistance to businesses in areas such as financial planning, marketing and operations. This means that start-ups have the best possible chance to survive, grow and succeed.

Financing criteria.

JEDC seeks to work with healthy companies that have excellent potential for growth, will provide increased employment in Southeast Alaska, and will help diversify our economy. The primary criteria we consider are the following:

  • Dedicated and experienced management
  • Past performance
  • Market strengths such as providing a new service or import substitution in Southeast Alaska
  • Current economic viability of the business
  • High potential for profitability
  • High potential for growth
  • Sufficient collateral and cash flow to service and secure the loan
  • Inability to obtain conventional financing at rates and terms that make the project viable.

 

Download Application Form (PDF)

Applications and other forms necessary for loans and other business services can be found at http://www.jedc.org/business.

Contact Information

Margaret O`Neal, Director of Operations
Juneau Economic Development Council
612 West Willoughby Avenue, Suite A
Juneau, AK 99801
Phone: (907) 523-2326
Fax: (907) 463-3929
e-mail: moneal@jedc.org
Web site: http://www.jedc.org/business/loanrlf

USDA Farm Service Agency

Farmers, including shell fish farmers, who have substantially participated in a farming operation for at least three but no more than ten years are eligible.  Woman and minority-owned agricultural business may qualify for beginning farmer or socially disadvantaged targeted loan funds with the Farm Service Agency. The USDA/Farm Service Agency makes both direct and guaranteed farm ownership and operating loans to family-size farmers and ranchers who cannot obtain financing from commercial credit sources. FSA loans can be used to purchase land, livestock, equipment, feed, seed and supplies. The loans can also be used to construct buildings or make farm improvements.  Farms financed include shell fish farms.

Contact Information

Alaska State Farm Service Agency
800 West Evergreen Ave., Suite 216
Palmer, AK 99645
(907) 761-7738 

Wells Fargo

Loan application available on-line:

www.wellsfargo.com

and

www.wellsfargoleasing.com

123 Seward Street
Juneau, Alaska 99801
(907) 789-9550

New Account Questions Call: 
1-866-838-5051 ext. 4499

 

1610 Anka Street
Juneau, AK 99901
907-780-5299

9150 Glacier Highway
Juneau, AK 99801
907-789-9550

300 Lincoln Street
Sitka, AK 99835
907- 747-3226

306 Main Street
Ketchikan, AK 99901
907-225-2184

4966 North Tongass Ave
Ketchikan, AK 99901 
907-247-7878

2415 Tongass Ave
Ketchikan, AK 99901
907-225-4141

115 Main Street
Wrangell, AK 99929
907-874-3341

201 N. Nordic Drive
Petersburg, AK 99833
907-772-3833

6th & Broadway
Skagway, AK 99840
907-983-2264

YWCA Anchorage Women’s Business Solutions

Women’s Business Solutions provides micro-loans up to $10,000 to credit worthy women for business start-up or expansion. Find out more...

Contact Information

YWCA Anchorage Women’s Business Solutions
324 E. 5th Avenue
Anchorage AK 99501
907-644-9611   Fax: 907-644-9650