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(a) The authority will determine whether to approve an application for a real property or tangible personal property loan by evaluating
(1) whether the application requirements of AS 44.88.155 and 3 AAC 99.300 - 3 AAC 99.390 have been met;
(2) the applicant's credit standing;
(3) the economic and financial viability of the proposed project; and
(4) the impact the proposed loan would have on the loan portfolio of the authority on the concentration by industry area and geographic region, and on the concentration of loans to a single borrower and related obligors.
(b) If a loan application is approved, the authority will provide a loan commitment that is effective upon payment, by the applicant, of a commitment fee. The commitment fee is one percent of the principal amount of the authority's participation in the loan. A loan commitment is an agreement by the authority that it will participate in a loan to the applicant in an amount specified in the loan commitment under terms and conditions prescribed by the authority. The commitment fee is nonrefundable.
(c) The authority will, in its discretion, issue a loan commitment as described in (b) of this section for a term determined by the authority. Before expiration of the loan commitment term, the originator may request an extension of the loan commitment term for a subsequent period of 30 days if the authority has not funded the authority's participation in the loan. The authority will grant a loan commitment term extension effective upon receipt by the authority of a one-eighth (.125%) percent non-refundable fee. The authority will grant subsequent loan commitment term extensions for one or more additional 30-day periods effective upon receipt by the authority of an additional one-eighth (.125%) non-refundable fee.
History: In effect before 1988; am 1/11/88, Register 106; am 11/30/90, Register 118; am 11/1/99, Register 153; am 10/12/2004, Register 173
Authority: AS 44.88.080
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Last modified 7/05/2006