Over 50 Juneau businesses helped by loan program

    JEDC Executive Director Brian Holst.

    Juneau, Alaska (KINY) - About $375,000 in express loans have been put out on the street since the CBJ Assembly approved a small business loan program to help local business.

    Another 70 loans are still in the works.  About 10 businesses have been turned down.

    Some of the main reasons for denial were the businesses were not current with the sales tax and property taxes they owe the CBJ.

    Some had not been in business long enough to qualify.  The CBJ required all businesses who apply must be registered as a business with the state of Alaska on January 1, 2020.

    Juneau Economic Development Executive Director Brian Holst said they are very close to the limit of $3 million for local business.  They will continue to accept applications beyond the $3 million before they close down the application process.

    The express loan equals $7,500.  Some businesses have applied for a second round of loans.  Those loans are now being reviewed.

    There have been a total of 130 applications so far.

    Holst said Juneau was the only municipality in the state that offered a program like this.

    "There has been strong demand. Many people have a current need for cash.  Others are looking ahead knowing they can't meet the bills coming at them.  It is a huge sense of relief when they hear from us that their loan will be disbursed in just a matter of days."

    The loan is for 30 months at 2% interest.  If the loan is repaid within one year, there is no interest charged.

    Businesses with up to 10 employees can apply for up to $25,000.  Businesses with between 11 and 25 employees are eligible for up to $25,000.

    Businesses can go to jedc.org to learn more.

    More from News of the North

    Current Conditions

    Crude Oil Price