Sec. 45.81.260. Eligibility for loans.
A person is eligible for a loan under AS 45.81.200 – 45.81.290 if (1) the person can establish or demonstrate good character, capacity for financial responsibility, ability to provide sufficient collateral and knowledge of Alaska economic conditions; (2) the person is a resident of the state; and (3) in the judgment of the Department of […]
Sec. 45.81.290. Definition.
In AS 45.81.200 – 45.81.290, “commissioner” means the commissioner of commerce, community, and economic development.
Sec. 45.81.050. Definition.
For purposes of AS 45.81.010 – 45.81.050, “department” means the Department of Commerce, Community, and Economic Development.
Sec. 45.81.100. Creation of a tourism revolving fund.
(a) There is created in the Department of Commerce, Community, and Economic Development a tourism revolving fund. All principal and interest payments, and money chargeable to principal or interest that is collected through liquidation by foreclosure or other process on loans made under AS 45.81.100 – 45.81.190, shall be paid into the tourism revolving fund. […]
Sec. 45.81.110. Special account established.
(a) There is established as a special account within the tourism revolving fund the foreclosure expense account. This account is established as a reserve from fund equity. (b) The commissioner of commerce, community, and economic development may expend money credited to the foreclosure expense account when necessary to protect the state’s security interest in collateral […]
Sec. 45.81.010. New business incentive fund.
There is established in the department the new business incentive fund. Up to $3,000,000 may be appropriated to the fund each fiscal year. The department may use money in the fund for new business incentive grants. On June 30 of each fiscal year, the unexpended and unobligated balance in the fund lapses into the general […]
Sec. 45.81.020. Eligibility for grants.
(a) A new business or a business that is opening a new branch in the state is eligible for a new business incentive grant if (1) the business is primarily engaged in manufacturing a product for export outside of the state; (2) the business will not directly compete with an existing business that is located […]
Sec. 45.81.030. Use of grant money.
After awarding a new business incentive grant, the department may pay money from the grant to the recipient business only as reimbursement for one or more of the following costs incurred and paid by the business: (1) cost of relocating key personnel and of moving and installing equipment and initial inventory; (2) up to 50 […]
Sec. 45.81.040. Grant conditions.
(a) A business that receives a new business incentive grant must be operating on the date the grant is awarded and must continue to operate in the state for at least five years after the date the grant is awarded or must, within 90 days after ceasing to operate, repay the grant money together with […]