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(a) The proceeds of the loan may be used by the borrower for working capital, equipment, construction costs, or other commercial purposes relating to the borrower's business.
(b) A loan may not be made to pay costs which were incurred by the borrower more than six months before the loan application was filed with the department, except that the department may waive this restriction if:
(1) the applicant shows that the application of this restriction would result in undue hardship for the applicant; and
(2) the applicant is a good financial risk.
(c) A loan will not be approved for refinancing long-term debt. Interim or construction financing is not considered long-term debt if the term is less than the longer of 12 months or the length of actual construction and the earliest promissory note or other document evidencing the creation of the debt was executed less than six months before receipt of the application by the department, except that the department may waive these restrictions if:
(1) the applicant shows that the application of these restrictions would result in undue hardship for the applicant; and
(2) the applicant is a good financial risk.
(d) The department will make a loan only if it results in the creation of new jobs or retention of existing jobs in the eligible community.
History: Eff. 2/8/2001, Register 158
Authority: AS 44.88.600
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Last modified 7/05/2006