Overview

The AMC’s Revolving Loan Fund (RLF) program offers flexibility in its collateralization aspects, maximizes borrowing amounts, complements current funding programs around the State of Alaska, and creates partnerships to grow the mariculture industry in Alaska.

The fund is a financial resource tool to create quality jobs and careers for Alaskans, and to encourage more commerce with Alaska-based business while protecting Alaska’s environment, indispensable cultural resources, and economic future.

The fund will help stimulate private lending institutions’ involvement in distressed communities by targeting 50% of total RLF funds to indigenous and distressed communities. Where possible, funds will be utilized in conjunction with other public or private monies to fund the development of a mariculture sector in Alaska, including the Alaska Mariculture Alliance’s Mariculture Incentive Grant Program (MIGP), which had a second round of funding going live on October 15, 2024.

Spruce Root business planning services and technical assistance with loan applications and other queries. Click the image below to expand, or visit Spruce Root’s website for more information. Alaska Sea Grant also offers business planning services through Quentin Fong, Seafood Marketing Specialist.

July 2025 Update:

The RLF program received final EDA approval and is working through executing the final agreements with our participating lenders.  We are currently working to schedule our next Loan Approval Board (LAB) meeting to inform and advise them of the final agreements in preparation for the LAB to commence approving loans.

RLF Trifold Brochure

Visit Spruce Root Website

The AMC’s Revolving Loan Fund (RLF) addresses lending barriers within the industry by offering collateral support to lending institutions for borrowers who do not qualify for traditional loans and by leveraging capital to support rural and distressed communities interested in mariculture.

For more information about the RLF or to apply for a loan, lending, please contact:

Jamey Young
Revolving Loan Fund Officer
jamey@seconference.org

Looking for more information or want to be connected with a lending partner? Please email the Revolving Loan Fund Officer, Jamey Young, at jamey@seconference.org.

Spruce Root is a lending partner. Please visit their website to learn more about loan services.

Additional partners are expected to join in the future, including Northrim Bank. Prospective borrowers can encourage their current lenders, if preferred, to talk to Southeast Conference staff about joining the RLF program.

In accordance with EDA requirements, the interest rate may not be less than the lower of four percent (4%) or 75 percent (75%) of the prime interest rate listed in the Wall Street Journal. The interest rates are set by each lending partner based on current market conditions and overall credit quality and risk factors. The interest rate offered by partnering lenders should be lower than what would be offered without collateral support, given that a portion of the collateral is essentially cash and represents the lowest risk to the lender.

To encourage investment into the Alaskan mariculture industry, Alaska residency is not required for all business equity holders, but at least one equity holder or owner as well as a majority of the full time, non-seasonal employees of the business or Alaskan subsidiary of the business must be Alaska residents.

Eligible businesses include for-profits, start-up businesses, Alaska Native owned start-ups and businesses, and cooperatives. Loans may be intended for production and processing of mariculture products, business expansions, business retention, farms and producers, retail, commercial, service, industrial, and manufacturer operations in relation to the Alaska mariculture industry.

Start-ups and first-time farmers may be required to provide additional information including personal financial statements, business plans and projections, and resumes; approved technical training courses may also be required.

At least 25% of funds and services are targeted directly towards underserved communities and an additional 25% to Alaska Native entities. If there is insufficient demand to meet these lending targets, the RLF will redirect funds with preference continuously being given to Alaska Native entities, underserved communities, and the broader mariculture industry – in this order. The RLF will conduct outreach and awareness efforts to help stimulate demand.

Revolving Loan Fund News