Southeast Alaska Revolving Loan Fund - JEDC
Southeast Alaska Revolving Loan Fund
If you have a project that will create or retain jobs in Southeast Alaska, Juneau Economic Development Council could be the lender you've been looking for.JEDC is a non-profit financial institution created to fund development in Southeast Alaska.It is often very difficult for new businesses and businesses in depressed industries to get the financing they need to get started and so Juneau Economic Development Council launched the Southeast Alaska Revolving Loan Fund in 1997 to bridge the gap between what banks will finance and what the business community needs. Their goal is to provide financing for viable projects that will create and retain quality jobs and help to diversify local economies in Southeast Alaska.
JEDC operates several community-based loan funds and one region wide loan program that serves smaller communities throughout Southeast Alaska. Their total loan capital is about $4 million.
Filling the gap between entrepreneurial and bank financing.
JEDC offers direct loans at a fixed rate and with terms that can be structured to fit a new business' cash flow. JEDC stretches its loan funds by lending cooperatively with commercial banks and other public loan programs to maximize available financing and arrange the overall best terms for its borrowers. JEDC can take a junior lien position in collateral provided there is sufficient collateral overall to secure its loans and the business' projected cash flow will support repayment in 3-5 years.
Hands-on assistance.
JEDC provides ongoing technical assistance to businesses in areas such as financial planning, marketing and operations. This means that start-ups have the best possible chance to survive, grow and succeed.
Financing criteria.
JEDC seeks to work with healthy companies that have excellent potential for growth, will provide increased employment in Southeast Alaska, and will help diversify our economy. The primary criteria we consider are the following:
- Dedicated and experienced management
- Past performance
- Market strengths such as providing a new service or import substitution in Southeast Alaska
- Current economic viability of the business
- High potential for profitability
- High potential for growth
- Sufficient collateral and cash flow to service and secure the loan
- Inability to obtain conventional financing at rates and terms that make the project viable.
Applications and other forms necessary for loans and other business services can be found at http://www.jedc.org.
Contact Information
Margaret O`Neal, Director of Operations
Juneau Economic Development Council
612 West Willoughby Avenue, Suite A
Juneau, AK 99801
Phone: (907) 523-2326
Fax: (907) 463-3929
e-mail: moneal@jedc.org
Web site: http://www.jedc.org
