Emergency Loans for Juneau Businesses

Please note this page is provided for the LOAN program if you are looking for the GRANT program please navigate to the Business Sustainability Grant page.

Emergency Loans for Juneau Businesses

CBJ Assembly has funded the Juneau Economic Development Council resources for loans for small businesses in Juneau negatively impacted by Covid19.

CBJ Resolution 2888 states: “The purpose of the loans administered by JEDC are to provide small businesses with working capital to bridge the time before federal or state monies are available. The absence of State or Federal assistance does not absolve the business owner for the responsibility to repay the loan.”

Find the complete resoution on the CBJ Website

 

Do you fit the following criteria?

 
  1. Your business is physically located in Juneau.
  2. Your business is current with CBJ Sales Tax.
  3. Your business is current with property tax.
  4. Your business had 25 or fewer employees during the first quarter of 2020.
  5. COVID-19 has adversely impacted your business.
(5/08)
UPDATE ON APPLICATIONS
 

**We are still accepting applications. We consider applications on a first-come, first-serve basis. We are nearing the $3 million threshold. We will continue lending until we have completely exhausted the resources available.** 

 

 

If you meet the criteria for the loan please continue to the application.

 

FAQ for Loan Recipients

When is my first payment due?
Answer: Payments are deferred for six months from the date of the loan. Well before the time of your first payment, you will receive instructions on how to make your monthly payment.
 
Can I pay back my loan now? 
Answer: Yes. If you would like to pay all or part of your loan, you may do so at any time by mailing a check to:
JEDC Emergency Loan Program
612 West Willoughby Avenue
Juneau, Alaska 99801
Please place your loan number on the check for processing.
 
Does having a loan through JEDC make us ineligible for federal COVID-19 assistance? 
Answer: No. The emergency loans do not have any link to other federal aid so having a loan with JEDC should have no adverse impact on eligibility for other programs.
 
 

Juneau COVID-19 Emergency Small Business Loan Conditions

       
  TERM The maximum loan term is 30 months.  
 
 
  INTEREST The interest rate for a loan shall not exceed 2%. Loans paid back
within twelve months will pay zero percent interest (interest payments will
be refunded).
 
 
 
  LOAN AMOUNT A business with ten or fewer employees is eligible for a maximum loan amount of $25,000. A business with eleven or more employees is eligible for a maximum loan amount of $50,000. Employee count comes from the first quarter report of 2020. Loans may be made in one or two disbursements. Second disbursement will be subject to basic assessment of borrower capacity to pay/financial need.  
 
 
  SMALL BUSINESS A business with more than 25 employees during the first quarter of 2020 is not eligible for a loan. A business must demonstrate it is adversely impacted by COVID-19 pandemic.  
 
 
  ENTITY TYPES Any business entity is eligible, including but not limited to a for profit, a nonprofit, and a limited liability company, if the business was registered as a business in Alaska on January 1, 2020, and had a physical presence in Juneau, Alaska, on March 1, 2020.  
 
 
  MULTIPLE LOANS No more than one loan may be extended to a business. A loan provided to a parent or subsidiary business disqualifies all other related parent or subsidiary businesses from qualifying for a loan.  
 
 
  COLLATERAL No collateral is required to secure the loan.  
 
 
  SALES AND PROPERTY TAX COMPLIANCE A business with any sales or property tax delinquency as of March 1, 2020, is not eligible for a loan. A business that is fully compliant with a confession of judgment payment plan is eligible.  
 
 
  EXCEPTIONS JEDC, after receiving direction from the Manager, has the authority to make reasonable exceptions that match the intent of this emergency loan program.  
 
 
  LOAN PAYMENT DEFERRAL A business may elect to defer the first twelve months of payments.