Division of Economic Development

The Division of Economic Development, Department of Commerce, Community, and Economic Development complies with Title II of the Americans with Disabilities Act of 1990. This publication is available in alternative communication formats upon request. Please contact the Division of Economic Development at (907)465-2510 or TDD (907)465-5437 to make any necessary arrangements.

Financing Section

The Financing Section administers a portfolio of state loan programs, including Commercial Fishing, Fisheries Enhancement, Small Business Economic Development (SBED), Rural Development Initiative Fund, and Capstone Avionics. Assumptions on existing loans are also available on a number of loan programs. Please refer to each loan fund for details on eligibility and other terms.

Interest rates are set each quarter. Effective October 01, 2011, the interest rates are:

Fund	Rate	Authority
Alaska Capstone Avionics (Fixed at 4.0%)	4.0%	3 AAC 75.045(c)
Commercial Fishing (Prime + 2%, not to exceed 10.5%, not less than 3%)	5.5%	3 AAC 80.055(k)
Engine Fuel Efficiency Upgrade (Prime - 2%, not to exceed 10.5%, not less than 3%)	3.0%	3 AAC 80.055(k)
Fisheries Enhancement (Prime + 1%, not to exceed 9.5%, not less than 3%)	5.0%	3 AAC 81.055(k)
Product Quality Improvement (Prime - 2%, not to exceed 10.5%, not less than 3%)	3.0%	3 AAC 80.055(k)
Rural Development Initiative Fund (Prime - 1%, not less than 4%)	4.0%	3 AAC 99.865
Small Business Economic Development (Prime - 4%, not less than 4%)	4.0%	Board Delegation

These rates are in effect until changed, which will be no sooner than January 01, 2012. At that time, interest rates will be re-evaluated and may change.