The Paycheck Protection Program has re-opened for both new and second round borrowers. This is a forgiveable loan available to all business types (non-profits, fishermen, sole proprietors, etc.). HEDC can offer help with your application. Apply through your bank.
As of Monday, August 31, 2020, business which previously received any amount of Payment Protection Program (PPP) or Economic Injury Disaster Loans (EIDL) are now eligible to apply for the AK CARES grant program. Secondary source income businesses are also eligible under the new expansion. The AK CARES grant program provides $5,000 to $100,000 in economic relief to businesses and commercial fishermen.
AK CARES grant applications must be submitted through the online portal at www.akcaresonline.org. HEDC is available to assist with applications at our 2nd Avenue office in Bell’s Store from Tuesday to Friday, 9am – 4pm.
As of today, Governor Mike Dunleavy submitted revisions to the Legislative Budget & Audit Committee to further expand eligibility to the AK CARES grant program. Under the new modifications, Alaska businesses which previously received Paycheck Protection Program (PPP) or Economic Injury Disaster Loans (EIDL) will qualify for funding. The previous $5,000 maximum PPP or EIDL restriction is set to be lifted. Alaska businesses which received PPP or EIDL will no longer have to pay back their EIDL & PPP amounts to qualify for the AK CARES grant. Furthermore, businesses which operate as a secondary source of income will become eligible under the new revisions. These changes are set to take place within the coming few weeks.
AK CARES grant applications can be made at www.akcaresonline.org. HEDC is available to assist businesses with their AK CARES grant applications. Our 2nd Avenue office in Bell’s Store is open Tuesday – Friday, 9am – 4pm.
HEDC will continue to update this page with resources as we compile them.
(last update April 16, 2020)
We can also provide some technical assistance with the resources below. Please call us at 766-3130 or email us with any questions or concerns. Below are the three main topics on this page; click below to jump to any of these sections on the page.
Assistance for Small Business and Entrepreneurs
State Economic Revitalization Efforts
Where to start? The following questions might help point you in the right direction. Do you need:
- Capital to cover the cost of retaining employees? Then the Paycheck Protection Program might be right for you.
- A quick infusion of a smaller amount of cash to cover you right now? You might want to look into an Emergency Economic Injury Grant. These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you must first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.
- To ease your fears about keeping up with payments on your current or potential SBA loan? The Small Business Debt Relief Program could help. This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law. Find complete details on each of these programs by downloading The Small Business Owner’s Guide to the CARES Act and read page 7.
- Just some quality, free counseling to help you navigate this uncertain economic time? Contact the Alaska Small Business Development Center or take part in their free, daily webinar to answer questions about all the options available to you.
This overview of the CARES Act for Small Businesses is a good recap of all the programs available.
The Alaska Small Business Development Center has created a COVID-19 Resource Center with guidance, updates and resources to help businesses and entrepreneurs adapt in an unpredictable situation. It includes On-Demand trainings (free through April), tips, news and more.
Spruce Root has a team of business coaches and advisers available for assistance.
- America’s Small Business Development Center COVID-19 Small Business Resources
- Interim Guidance for Businesses and Employers from Centers for Disease Control (CDC)
- Guidance on Preparing Workplaces for COVID-19 from Occupational Safety and Health Administration
- Coronavirus Tax Relief from the IRS
- Is COVID-19 killing your cash flow? 6 things you can do right now From Center from Inclusive Entrepreneurship
This information may change and will be updated based on legislation regarding Unemployment Insurance benefits. Pending federal legislation will loosen some restrictions on available unemployment benefits.
Frequently Asked Questions about unemployment benefits during the COVID-19 response from State of Alaska.
How to file for unemployment benefits from the State of Alaska.
Alaska Gov. Dunleavy’s 6 Point Economic Revitalizing Plan
Information sheet (March 20) from the Alaska Economic Revitalization Team
HEDC has compiled information and research regarding the two ballot propositions on the local election ballot asking voters if the borough should collect an additional 2 percent sales tax on retail alcohol and marijuana products.
You may download our memo here.
As this is a ballot proposition, Haines Economic Development Corp. board of directors does not take a position on whether it supports the proposition or not. Our aim is to make available information and research that may help voters make an informed decision using objective data and research from reliable sources.
For information on the ballot propositions from the borough, visit the 2019 Elections page here.
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 the loan administrator.
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
Thinking of starting a business? Want to expand your current business? Or maybe you need to up your game with marketing, accounting or other skills? There are several resources to assist entrepreneurs and business owners at any stage. Haines Economic Development Corporation can help point you in the right direction. Here are a few of the most established and helpful resources for Southeast and rural communities. We’ll keep adding resources as we discover them.
The Alaska Small Business Development Center (SBDC) is a great place to start whether your exploring a business idea or you want to improve your practical business skills. SBDC provides no-cost advising services and low cost educational programs to entrepreneurs looking to start or grow their small business. SBDC business advisors work with entrepreneurs in confidential, one-to-one sessions in the areas of management, marketing, sales, finance, accounting and other disciplines required for small business growth, expansion and innovation.
Spruce Root is partnered in growing the economic strength of Southeast Alaska by providing:
- Technical resources, mentoring and business coaching
- Business planning courses, entrepreneurial and small business training, and one-on-one business assistance
- Small business lending in Southeast Alaska
- Education and access to other funding sources and collaborative partnerships throughout the region.
Spruce Root services for small businesses include coaching, training and lending for startup enterprises, working capital, business expansion, leasehold improvements and other business capital needs – We’re flexible! We will consider any business loan opportunity that will promote the economic development of Southeast Alaska.
Alaska Division of Economic Development Rural Development Initiative Fund
Loan Program strives to provide private sector employment by financing the start-up and expansion of businesses that will create significant long-term employment.
The state Division of Economic Development has several loan programs including commercial fisheries, alternative energy projects in commercial buildings, developing mariculture businesses and a micro loan program.
In 2016, the Haines Chamber of Commerce conducted a “Business Retention and Expansion” study, created by by the Alaska Department of Commerce, Community, and Economic Development. According to the state’s Division of Economic Development, the BRE program “assists communities in analyzing the key drivers of their local economy, identifying opportunities to improve the business climate, and implementing strategies that grow and expand existing local business and industry.”