AIDEA Loans Alaska
Alaska USA has partnered with Alaska Industrial Development & Export Authority (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.
Differences between guaranteed and participated loans
Guaranteed AIDEA loan
- Is designed to assist small to medium- sized Alaska businesses.
- Can make financing, refinancing, and working capital loans possible for borrowers who otherwise might not be able to obtain commercial financing.
- Is available to eligible Alaska businesses for real property, tangible personal property, working capital, and export transactions.
Participated AIDEA loan
- Offers long-term financing to Alaska businesses for a new or existing project, or for the refinancing of existing loans.
- Provides financing for a large variety of commercial facilities from office buildings, warehouses, and retail establishments to hotels, fishing vessels, and manufacturing facilities.
Through its partnership with AIDEA, Alaska USA is able to provide business members with larger loans that have longer maturity periods than regular term loans.
Fees – Depending on the type of loan and program, application fees, commitment fees, and third party fees apply. In addition, late payment fees will be assessed on all term loans.
Financing – The amount of financing depends on your qualifications. AIDEA is authorized to guarantee up to 80% of an approved loan (not to exceed $1 million). Under the loan participation program, AIDEA will participate up to 90% of the project.
Terms – Are based on guidelines set by the AIDEA, and vary according to the loan type and the program used.