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
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.”