02/19/2018 03:15 PM House LABOR & COMMERCE

            HB 304-MICROLOAN REVOLVING FUND & LOANS                                                                         
                                                                                                                              
3:28:32 PM                                                                                                                    
                                                                                                                                
CHAIR KITO  announced that  the next order  of business  would be                                                               
HOUSE  BILL NO.  304, "An  Act relating  to the  Alaska microloan                                                               
revolving loan fund and loans from the fund."                                                                                   
                                                                                                                                
3:28:52 PM                                                                                                                    
                                                                                                                                
BRITANY   CIONI-HAYWOOD,    Director,   Division    of   Economic                                                               
Development,  Department   of  Commerce,  Community   &  Economic                                                               
Development (DCCED),  introduced HB  304 on  behalf of  the House                                                               
Rules  chair by  request  of  the governor.    She explained  the                                                               
changes  to the  [microloan revolving]  fund in  the legislation.                                                               
She said  one major  change would  be the  extension of  the term                                                               
from 6  years to  15 years as  well as a  change in  the interest                                                               
rate from  prime plus  1 percent  to prime plus  2 percent.   She                                                               
added  the  change  would  align the  program  with  other  state                                                               
programs.                                                                                                                       
                                                                                                                                
3:29:52 PM                                                                                                                    
                                                                                                                                
CHAIR  KITO  stated public  testimony  was  still open  from  the                                                               
previous hearing.   Upon ascertaining  that no one  was available                                                               
to testify, he closed public testimony on HB 304                                                                                
                                                                                                                                
3:30:19 PM                                                                                                                    
                                                                                                                                
REPRESENTATIVE WOOL  spoke to  the program and  said he  hopes it                                                               
gets more use.                                                                                                                  
                                                                                                                                
CHAIR KITO said he would  forward information to his constituents                                                               
to get more interest in the program.                                                                                            
                                                                                                                                
3:30:59 PM                                                                                                                    
                                                                                                                                
REPRESENTATIVE WOOL moved to report  HB 304 out of committee with                                                               
individual  recommendations and  the  accompanying fiscal  notes.                                                               
There being no objection, it was so ordered.