Alaska: Business & Commercial Loans and Lines of Credit

Term Loans

Benefits

• Save money with competitive rates
• Grow your business with a variety of options
• Secured and unsecured loans

More loan options

• USDA Rural Development loans
• Alaska Industrial Development Economic Authority loans

Resources

• Business loan rates
• Business loan calculator
• Business forms for download

Need extra cash, a new location, or the latest equipment for your business? Make your plans happen with competitive rates on term loans from Alaska USA.

Secured and unsecured loans can help your business grow

Alaska USA offers business and commercial loans secured with cash, inventory, equipment, securities, or real estate. Unsecured term loans are also available.

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Choose the financing and term that’s right for your business

Financing – The amount of financing depends on the loan type, as follows:

• Cash, equipment, or securities loans – $2,500 and up (please note that if you are a sole proprietor and your financing request is under $50,000, you should apply for an Alaska USA consumer loan).
• Inventory loans – $5,000 and up
• Real estate loans – $50,000 and up
• Unsecured loans – $2,500 to $100,000

Terms – Terms also vary according to loan type:

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• Cash – Varies based on the purpose for the cash; typically one year
• Inventory – One year
• Equipment – New: seven years; Used: five years
• Securities – One year
• Real Estate – Up to 15 years (maximum amortization of 25 years)
• Unsecured – Three years
• Aircraft – 10 years
• Vessels – 10 to 15 years

The details

Prepayment – None. Pay your regular monthly payment or pay in full at any time without penalty.
Autopay – You may choose to set up autopay from another Alaska USA account to ensure that your loan payment is made on time.
Fees – Depending on the type of loan, there may be a commitment fee and third party fees. In addition, late payment fees are assessed for all term loans.

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Documentation for larger loans – For requests greater than $250,000, the following paperwork is necessary:

• Copy of business license, Partnership Agreement, Articles of Organization and Operating Agreement (LLC), Articles of Incorporation, and Bylaws (Corp).
• Past three (3) years complete business tax returns and past two (2) years personal tax returns.
• Most recent year-end personal and business financial statements, including a balance sheet and profit and loss statement.
• Current interim financial statement, including a balance sheet and profit and loss statement.
• Copies of any pertinent lease or contracts.
• For new or expanding businesses, a detailed business plan that includes projected income and expenses for the next 12 months.
• If buying property, provide a copy of the earnest money agreement.
• If buying or offering real property as collateral, legal description of the property and copies of any previous appraisals and environmental reports.

https://www.alaskausa.org/business/loans.asp