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Alaska Provides Variety Of Business Loans To You

April 23rd, 2022

The Small Business Administration (SBA) of the United States had conducted a survey in which it was found that less than half of the ventures started between the years 1989 and 1992 were flourishing after a period of four years.

What goes behind a successful venture? A sound business plan, experience, personal traits, and finance of course.

Where do you get finance? Personal savings, borrowing form friends and family, or taking loans. The last one is quite popular among the aspiring entrepreneurs, one of reason being the easy availability of loans with wide choices, minus hassles.

How to Get a Loan in Alaska

Every financial institution has certain eligibility criteria as well as requirements to be fulfilled in order to qualify for a loan. Most of them ask for a copy of the blueprint for your business. Your credit records, your payment plan, the purpose of the loan, and securities or guarantees are the key elements for getting a loan.

Where to Get a Loan

Various organizations in Alaska specialize in giving loans and loan guarantees for all types of enterprises. The following are the prominent ones:

Alaska Division of Investments

It has eleven loan programs implemented under the Department of Commerce, Community, and Economic Development. Currently, it provides direct loans for fisheries sector, rural development, and for small businesses.

Alaska Industrial Development and Export Authority

The objective of Alaska Industrial Development and Export Authority (AIDEA) is to encourage economic prosperity and diversification in the state of Alaska. It provides funds for promoting exports.

Small Business Administration (SBA)

It provides loan guarantee under Basic 7 (a) loan program. The 504-loan program provides long-term loans for fixed assets while the 7 (m) loan program called ‘micro loan’ provides short-term loans worth up to $35,000.

The US Department Of Agriculture (USDA)

It is focused towards rural development. It provides loans and loan guarantees for businesses, water infrastructure, renewable energy, and others. The following are its loan and grant programs:

o Business and Industry Guaranteed Loans (B&I Guar.)

o Rural Business Enterprise Grants (RBEG)

o Rural Economic Development Loans (REDL)

o Rural Economic Development Grants (REDG)

o Intermediary Relending Program (IRP)

o Renewable Energy and Energy Efficiency Program (REEEP)

Thus, getting a loan in Alaska is easy. The financial institutions and banks, with their flexible loan programs, have opened an arena of opportunities for the aspiring entrepreneurs, both in urban and rural areas of Alaska.