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Title 3 . Commerce, Community, and Economic Development
Chapter 233 . Alaska Science and Technology Foundation
Section 100. BIDCO Loan Assistance

3 AAC 233.100. BIDCO Loan Assistance

(a) The board will, in its discretion, issue solicitations for proposals to form, capitalize, and operate BIDCOs. Subject to the availability of appropriations from the legislature, the foundation will capitalize a BIDCO with at least $1,000,000 of foundation money, if the applicant provides a matching amount of $1,000,000.

(b) If a BIDCO proposal submitted in response to a solicitation under this section contains proprietary information, the foundation will treat that information as confidential as in 3 AAC 233.950. To receive a loan under this section, a BIDCO must agree to treat applications to the BIDCO for assistance as confidential as described in 3 AAC 233.950

(c) The foundation will make BIDCO loans under AS 37.17.220 only to companies that are licensed under AS 43.70 and that meet the evaluation standards set out in AS 37.17.240 .

(d) The board will specify in the loan agreement

(1) the terms and conditions for repayment of a loan under AS 37.17.220 ; the board will develop those terms and conditions in accordance with the requirements of AS 37.17.220 - 37.17.390 and with good business practice; and

(2) the formula for calculating the credits described in AS 37.17.280 .

History: Eff. 8/14/99, Register 151

Authority: AS 37.17.010

AS 37.17.110

AS 37.17.220


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Last modified 7/05/2006