3 AAC 99.800. Application process

To apply for a small business economic development loan, an applicant shall file with the department

(1) a completed application for a small business economic development loan, on a form provided by the department;

(2) a letter of intent stating the amount of the loan and intended use of the money, on a form provided by the department;

(3) an individual financial statement from each individual applicant, including each member of a partnership or other association, or, if the applicant is a corporation, each individual owning 20 percent or more of any outstanding shares, on a form provided by the department;

(4) a business financial statement, on a form provided by the department;

(5) an actual statement of profit and loss, on a form provided by the department;

(6) a project statement of profit and loss, on a form provided by the department;

(7) a personal resume, on a form provided by the department;

(8) a business resume, on a form provided by the department;

(9) credit authorizations for at least three of the applicant's creditors, on forms provided by the department;

(10) authorizations to verify financial information, on forms provided by the department;

(11) an earnest money agreement, explaining all terms and conditions of the transaction, with original signatures by all parties;

(12) signed copies of the applicant's federal income tax returns for the preceding three years, including returns for each member of a partnership or other association; and

(13) any other information requested by the department to document eligibility.

History: Eff. 1/12/89, Register 109

Authority: AS 44.88.080

AS 44.88.085

AS 44.88.420

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