AGRICULTURAL REVOLVING LOAN FUND
"Financing for The Future"
Attached is the Agricultural Revolving Loan Fund (ARLF) application and supporting documents. The objective of the ARLF is to promote the development of agriculture as an industry throughout the State by means of moderate interest rate loans.
- SHORT TERM - loans to finance annual operating expenses such as seed, feed, fertlizer, harvesting or planting activities.
- CHATTEL - loans to purchase equipment or livestock.
- FARM DEVELOPMENT - loans to purchase real property and construct non-residential improvements for agricultural purposes.
- IRRIGATION - loans to purchase and install irrigation systems.
- PRODUCT PROCESSING - loans to build and equip facilities to process Alaska agricultural products.
- CLEARING - loans to provide for land clearing.
|Loan Type||Maximum Loan||Maximum Term||Fixed Rate|
|Short Term||$200,000||1 year||3.00%|
|Farm Development||$1,000,000||30 years||4.50%|
|Product Processing||$250,000||30 years||4.50%|
Total outstanding balances of ARLF loans for a borrower may not exceed $1,000,000
Loan applications must be submitted on ARLF forms. Required information provided on forms other than those provided by ARLF are subject to ARLF Loan Officer review. Applications are processed and reviewed by the ARLF staff. Completed applications are submitted to the Board of Agriculture and Conservation (BAC) for consideration at the next scheduled meeting.
Loans may be made to individuals, partnerships, joint ventures, corporations or other business entities. Proof of current Alaska residency must be provided by applicants at loan closing. A statement of Agricultural and other business experience with evidence of necessary related skills and training is required.
Loan funds may only be used for agricultural production or processing operations in Alaska. Loans may not exceed 75% of the value of the collateral, less existing liens.
Loans must be secured by adequate collateral as appraised by the ARLF or an independent appraiser. Collateral for consideration may include land, improvements, machinery, equipment, crops, or livestock. Property insurance, naming ARLF as loss payee, is required on buildings and all vehicles, machinery, equipment and livestock that are stored in buildings and used as collateral..
Loan terms, including payment terms, will be based on applicant's ability to service the loan. Payment terms may be monthly, quarterly, semi-annual, annual or variable.
RATES & FEES
Fixed interest rates are comparable to rates charged by other Alaska agricultural lenders and established by the BAC. A non-refundable $50 application fee is required. If you have any questions, please contact an ARLF Loan Officer.
STATE OF ALASKA
Division of Agriculture
Agricultural Revolving Loan Fund
1800 Glenn Highway, Suite 12
Palmer, Alaska 99645-6736
Phone: (907) 745-7200
Fax: (907) 745-7112
AGRICULTURAL REVOLVING LOAN FUND APPLICATION