Legislature(2017 - 2018)
2018-01-24 Senate Journal
Full Journal pdf2018-01-24 Senate Journal Page 1813 SB 157 SENATE BILL NO. 157 BY THE SENATE RULES COMMITTEE BY REQUEST OF THE GOVERNOR, entitled: "An Act relating to the Alaska microloan revolving loan fund and loans from the fund." 2018-01-24 Senate Journal Page 1814 was read the first time and referred to the Labor and Commerce and Finance Committees. The following fiscal information was published today: Fiscal Note No. 1, zero, Department of Commerce, Community and Economic Development Governor's transmittal letter dated January 23: Dear President Kelly, Under the authority of Article III, Section 18, of the Alaska Constitution, I am transmitting a bill relating to the Alaska microloan revolving fund. The Alaska microloan revolving fund exists to assist state residents with small business venture loans to facilitate entrepreneurial enterprise throughout the state, with a specific policy emphasis on job creation in rural communities. This bill would improve the program by allowing a loan term for up to 15 years (as opposed to the current six years) and increase the interest rate from one percentage point above the prime rate to two percentage points above the prime rate. Further, the minimum interest rate would be modified to not less than four percent a year (rather than the current six percent a year). The maximum interest rate would remain eight percent a year. These changes will allow the program to incentivize the startup and expansion of small and micro businesses, growing the small business sector while still protecting the state’s financial interests. I urge your prompt and favorable action on this measure to create a Stronger Alaska. Sincerely, /s/ Bill Walker Governor