Areas Served: Statewide Alaska
The objective of the Agricultural Revolving Loan Fund (ARLF) is to promote the development of agriculture as an industry throughout the State of Alaska by means of moderate interest rate loans.
Uses of Funds – SHORT TERM – loans to finance annual operating expenses such as seed, feed, fertlizer, harvesting or planting activities.
– CHATTEL – loans to purchase equipment or livestock.
– FARM DEVELOPMENT – loans to purchase real property and construct non-residential improvements for agricultural purposes.
– IRRIGATION – loans to purchase and install irrigation systems.
– PRODUCT PROCESSING – loans to build and equip facilities to process Alaska agricultural products.
– CLEARING – loans to provide for land clearing.
Total outstanding balances of ARLF loans for a borrower may not exceed $1,000,000.
Interest rates range from 3% to 4.5%.
APPLICATION PROCEDURE Loan applications must be submitted on ARLF forms.
Required information provided on forms other than those provided by ARLF are subject to ARLF Loan Officer review.
Applications are processed and reviewed by the ARLF staff.
Completed applications are submitted to the Board of Agriculture and Conservation (BAC) for consideration monthly.
ELIGIBILITY Loans may be made to individuals, partnerships, joint ventures, corporations or other business entities.
Proof of current Alaska residency must be provided by applicants at loan closing.
A statement of Agricultural and other business experience with evidence of necessary related skills and training is required.
CONDITIONS Loan funds may only be used for agricultural production or processing operations in Alaska.
Loans may not exceed 75% of the value of the collateral, less existing liens.
COLLATERAL Loans must be secured by adequate collateral as appraised by the ARLF or an independent appraiser.
Collateral for consideration may include land, improvements, machinery, equipment, crops, or livestock.
Property insurance, naming ARLF as loss payee, is required on buildings and all vehicles, machinery, equipment and livestock that are stored in buildings and used as collateral.
PAYMENT TERMS Loan terms, including payment terms, will be based on applicant’s ability to service the loan.
Payment terms may be monthly, quarterly, semi-annual, annual or variable.
Contact InformationState of Alaska Division of Agriculture
Address: 1800 Glenn Highway, Suite 12
City: Palmer
State: Alaska
Website:
http://dnr.alaska.gov/ag/ag_arlf.htm
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