(a) The department may use money from the Alaska microloan revolving loan fund to make loans of up to $35,000 to a person or loans of up to $70,000 to two or more persons.

Terms Used In Alaska Statutes 44.33.965

  • action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(b) A loan under Alaska Stat. § 44.33.95044.33.990

(1) may not exceed a term of 12 years, except for extensions under Alaska Stat. § 44.33.955;
(2) may not bear interest at a rate greater than the prime rate, as defined in Alaska Stat. § 44.88.599, plus two percentage points, but that may not be less than four percent a year or more than eight percent a year;
(3) must be secured by collateral acceptable to the commissioner; and
(4) may not be made to a person who has a past due child support obligation established by court order or by the child support services agency under action to establish support duty; required notice” class=”unlinked-ref” datatype=”S” sessionyear=”2023″ statecd=”AK”>Alaska Stat. § 25.27.16025.27.220 at the time of application.