Section 3.74.010. Application process.

	(a)  To apply for a loan under AS 44.33.950 - 44.33.990 for working capital, equipment, construction, or other commercial purposes, the applicant shall file with the department  
		(1) a completed application for a microloan revolving loan, on a form provided by the department;  
		(2) a completed residency questionnaire, on a form provided by the department;  
		(3) a letter of intent stating the amount requested and intended use consistent with AS 44.33.950 - 44.33.990 of the proposed loan money, on a form provided by the department;  
		(4) a schedule of acceptable collateral, including collateral now owned and other collateral to be acquired with the loan proceeds, on a form provided by the department;  
		(5) an individual financial statement consisting of a current balance sheet and a profit and loss statement, on a form provided by the department;  
		(6) a statement of projected income and expenses for the following year's operating plan, on a form provided by the department;  
		(7) a signed credit authorization, on a form provided by the department;  
		(8) a consent to release information, on a form provided by the department;  
		(9) copies of the applicant's federal income tax returns for the preceding three years, and for additional years if necessary to establish eligibility;  
		(10) copies of purchase agreements, estimates, invoices, or other documentation regarding the intended use of loan proceeds;  
		(11) the application fee required by 3 AAC 74.055(b); and  
		(12) any other information requested by the department needed to process the loan application.  
	(b)  The department may process loan requests without the information described in (a) of this section if the department determines that the information is not necessary for making the lending decision.  

Authorities

44.33.955

Notes

Reference

3 AAC 74.015
3 AAC 74.070

Authority

AS 44.33.955

History

Eff. 11/3/2012, Register 204