Do you have a business idea, existing business or project that will create or retain jobs in Haines? You may qualify for the Haines Revolving Loan Fund.
The Haines Revolving Loan Fund is administered by the Juneau Economic Development Corp. Visit the Southeast Revolving Loan Fund page here to learn more about financial criteria, to download and application and find contact information for Margaret O’Neal, who administers the Haines Revolving Loan Fund.
More about the Haines Revolving Loan Fund
The Juneau Economic Development Council launched the Southeast Alaska Revolving Loan Fund in 1997 to bridge the gap between what banks will finance and what the business community needs. Haines designated funds in 1998 for JEDC to administer a Haines-specific revolving loan fund with the goal to “provide financing for viable projects that will create and retain quality jobs and help to diversify” Haines’ economy.
The Haines Revolving Loan Fund offer direct loans at a fixed rate and with terms that can be structured to fit a new business’ cash flow. JEDC stretches its loan funds by lending cooperatively with commercial banks and other public loan programs to maximize available financing and arrange the overall best terms for its borrowers. JEDC can take a junior lien position in collateral provided there is sufficient collateral overall to secure its loans and the business’ projected cash flow will support repayment in 3-5 years.
Examples of project funded by JEDC’s and other Southeast community revolving loan funds:
- A destination tour operator received a loan for greenhouse construction for landscape business and seasonal botanical garden tour
- A gift shop received a loan for a shop expansion
- A florist received a loan to increase inventory and payroll at startup
- A motel received a loan to assist with remodeling
- A startup sawmill received a loan to purchase the business and add a dry kiln
- A photography studio received a loan to purchase equipment and for working capital
- A daycare received a loan to purchase equipment