AK SB302

Establishes the Alaska Microloan Revolving Fund within the Department of Commerce, Community, and Economic Development to provide small business loans funded by appropriations, gifts, donations, loan repayments, and foreclosure collections.

Authorizes loans of up to $35,000 to a single person or up to $70,000 to two or more persons for working capital, equipment, construction, or other commercial purposes for businesses located in Alaska.

Sets loan terms at a maximum of six years with interest rates between six and eight percent per year (or prime rate plus one percentage point, whichever is lower), and requires collateral acceptable to the commissioner.

Requires applicants to be Alaska residents for 12 consecutive months prior to application and provide matching funds from nonstate sources; prohibits loans to persons with past due child support obligations.

Establishes a foreclosure expense account within the fund to cover costs of protecting the state's security interest in collateral and foreclosure proceedings, with the department responsible for disposing of foreclosed property in the state's best interest.