FOR IMMEDIATE RELEASE
April 15, 2018
Help for Small Businesses Passes the Alaska House
HB 304 Features Needed Changes to the Microloan Revolving Fund to Assist Small and Micro Businesses in Alaska
Juneau – Today, the Alaska House of Representatives unanimously passed legislation to improve a program intended to help in the startup and expansion of small and micro businesses in Alaska. The Alaska Microloan Program was created to help small businesses get access to needed capital. House Bill 304 was put forward by Alaska Governor Bill Walker and carried on the House floor today by Representative Tiffany Zulkosky (D-Bethel), who issued the following statement.
“Owing a successful small business is the dream of thousands of Alaskans, and this bill will help make some of those dreams come true,” said Rep. Zulkosky. “I was honored to help guide this bill through the House. As lawmakers go into legislative overtime to work on long-term fiscal solutions, I believe it is entirely appropriate for us to dedicate some time to this simple bill that will help many of our small businesses. I am hopeful the Senate will agree and move quickly to pass House Bill 304.”
HB 304 changes the Alaska microloan revolving fund to allow loan terms up to 15 years as opposed to the current 6-year limit. The bill also changes the minimum interest rate to not less than four percent a year from the current six percent minimum rate. The maximum loan amount remains unchanged at $35,000 for a person or up to $70,000 for two or more persons.
House Bill 304 passed the Alaska House of Representatives today by a vote of 40-0. The bill will now be sent to the Alaska State Senate for consideration.
For more information, please contact Grace Singh in Rep. Zulkosky’s office at (907) 465-6576.