Section 3.102.110. Lending practices.

	(a)  The proceeds of the loan may be used by the applicant for purposes related to the project, business, or nonprofit activity. These purposes include working capital, equipment, construction, and other development costs. The loan can be used only for the purposes stated in the application.  
	(b)  The authority may make a loan under this chapter for only a portion of a project. The authority, in its discretion, shall determine the final value of the loan by evaluating the following:  
		(1) whether the application requirements of this chapter have been met;  
		(2) the applicant's credit rating;  
		(3) the economic and financial viability of the proposed project;  
		(4) the impact of the proposed loan on the $40,000,000 limit of AS 44.88.760;  
		(5) any other commercially reasonable underwriting criteria the authority, in its discretion, determines to be pertinent to the application, the nature of the applicant or of the proposed project.  
	(c)  An origination fee not to exceed one and one-half percent of the loan balance is due from the borrower at the time that a loan is made.  

Authorities

44.88.085;44.88.750;44.88.770

Notes

Authority

AS 44.88.085 AS 44.88.750 AS 44.88.770 Editor's note: Even though 3 AAC 102.110 was adopted and effective 3/29/2013, it was not published until Register 207, October 2013.

History

Eff. 3/29/2013, Register 207

References

3.102.110