SB 300 Summary

• Requires the Alaska Industrial Development and Export Authority (AIDEA) to consider the interests of local governments impacted by its activities when exercising its powers and sharing benefits from those activities.

• Establishes an incentive rate rebate program allowing AIDEA to reduce loan participation interest rates by up to one percent for borrowers meeting job creation, rural development, or economic development criteria, with rebates capped at five percent of total loan participations and limited to five years.

• Clarifies that "operate" development projects includes operation by the authority, its agents, or persons under agreements with other project owners, and "own" includes partial ownership of development projects.

• Increases maximum loan amounts from the rural development initiative fund to $150,000 per individual (from $100,000) and $300,000 for multiple persons (from $200,000) for businesses in remote communities.

• Reduces minimum interest rates for rural development loans from six percent to four percent annually.