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The AMC’s Revolving Loan Fund (RLF) addresses lending barriers within the industry by offering collateral support for borrowers who do not qualify for traditional loans and by leveraging capital to support rural and underserved communities interested in mariculture.

For more information about the RLF, please contact:

Jamey Young
Revolving Loan Fund Officer
jamey@southeastconference.org

To apply for a loan with one of the initial lending partners, please use the links below:
Lending partnership agreements are being finalized. Application links will go live soon!

The RLF complements other funding programs around the State of Alaska, including the Alaska Mariculture Alliance’s Mariculture Incentive Grant Program (MIGP), which has a second round of funding going live on October 15, 2024.

Overview

The Revolving Loan Fund program offers flexibility in its collateralization aspects, maximizes borrowing amounts, complements current funding programs around the State of Alaska, and creates partnerships to grow the mariculture industry in Alaska. The fund is a financial resource tool to create quality jobs and careers for Alaskans, and to encourage more commerce with Alaska-based business while protecting Alaska’s environment, indispensable cultural resources, and economic future. The fund will help stimulate private lending institutions’ involvement in underserved geographies by targeting 50% of total RLF funds to indigenous and underserved communities. Where possible, funds will be utilized in conjunction with other public or private monies to fund the development of a mariculture sector in Alaska.

Contact Information

Looking for more information or want to be connected with a lending partner? Please email the Revolving Loan Fund Officer, Jamey Young, at jamey@southeastconference.org.

Lending Partners

Initial lending partners include Northrim Bank, Tongass Federal Credit Union, and Spruce Root, with additional partners expected to join in the future. Prospective borrowers can encourage their current lenders, if preferred, to talk to SEC about joining the RLF program.

Interest Rates

In accordance with EDA requirements, the interest rate may not be less than the lower of four percent (4%) or 75 percent (75%) of the prime interest rate listed in the Wall Street Journal. The interest rates are set by each lending partner based on current market conditions and overall credit quality and risk factors.  The interest rate offered by partnering lenders should be lower than what would be offered without collateral support, given that a portion of the collateral is essentially cash and represents the lowest risk to the lender.

Timeline & Eligibility

The RLF will launch in Fall 2024 and continue after the AMC grant sunsets in September 2026.

Eligible businesses include for-profits, start-up businesses, Alaska Native owned start-ups and businesses, and cooperatives. Loans may be intended for production and processing of mariculture products, business expansions, business retention, farms and producers, retail, commercial, service, industrial, and manufacturer operations in relation to the Alaska mariculture industry.

Start-ups and first-time farmers may be required to provide additional information including personal financial statements, business plans and projections, and resumes; approved technical training courses may also be required.

At least 25% of funds and services are targeted directly towards underserved communities and an additional 25% to Alaska Native entities. If there is insufficient demand to meet these lending targets, the RLF will redirect funds with preference continuously being given to Alaska Native entities, underserved communities, and the broader mariculture industry – in this order. The RLF will conduct outreach and awareness efforts to help stimulate demand.