{"data":{"id":"us-ak/as-44.88.610","jurisdiction":"us-ak","citation":"AS 44.88.610","heading":"Rural development loans.","body":"(a) The authority may use money from the rural development initiative fund to make loans of up to $150,000 to a person, or loans of up to $300,000 to two or more persons, to be used for working capital, equipment, construction, or other commercial purposes by a business located in a community with a population of 5,000 or less that is not connected by road or rail to Anchorage or Fairbanks, or with a population of 2,000 or less that is connected by road or rail to Anchorage or Fairbanks. For purposes of this subsection,\n(1) “community” means a city as defined in AS 29.71.800 or a place in the unorganized borough that is not incorporated as a city and in which 25 or more individuals reside as a social unit; and\n(2) “connected by road” does not include a connection by the Alaska marine highway system.\n(b) The authority shall require collateral for each loan made under this section and shall require that a reasonable amount of money from other nonstate sources be committed for use on any project or enterprise for which money from a loan will be used. The authority by regulation may establish other conditions for loans. The authority shall by regulation establish rates of interest that are not less than four percent a year and terms of repayment for loans made under this section.","path":["Title 44. State Government.","Chapter 88. Alaska Industrial Development and Export Authority.","Article 7. Rural Development Initiative Fund."],"source_url":"https://www.akleg.gov/basis/statutes.asp#44.88.610","current_through":"Alaska Statutes 2025 (34th Legislature, 2025-2026)","vintage":"","retrieved_at":"2026-09-02T06:19:34Z","sha256":"f7704230c660e1299d3475b297a29ddb79530dca8683dffd95a941f356386f7d","source_id":"us-ak","stale":false,"prev":"us-ak/as-44.88.600","next":"us-ak/as-44.88.620"},"notice":"GroundRules: Original legal text. Not legal advice."}