The department may

(1) make loans to eligible applicants under Alaska Stat. § 44.33.950 – 44.33.990 to be used for working capital, equipment, construction, or other commercial purposes by a business located in the state;

Terms Used In Alaska Statutes 44.33.955

  • Amortization: Paying off a loan by regular installments.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Bequest: Property gifted by will.
  • Devise: To gift property by will.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(2) receive, take, hold, and administer any appropriation, transfer, gift, grant, bequest, devise, or donation of money for the fund;
(3) establish amortization plans for repayment of loans, including extensions of the terms of loans;
(4) allow an assumption of a loan if

(A) the applicant meets the requirements established under this section; and
(B) approval of the assumption would be consistent with the purposes of Alaska Stat. § 44.33.950 – 44.33.990;
(5) establish the rate of interest for loans consistent with law;
(6) charge and collect fees for services provided under Alaska Stat. § 44.33.950 -44.33.990;
(7) adopt regulations under Alaska Stat. Chapter 44.62 necessary to carry out the provisions of Alaska Stat. § 44.33.950 – 44.33.990, including regulations to establish reasonable fees for services provided; and
(8) designate agents and delegate powers as necessary to the agents.
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