Financing for Small Businesses

The KPEDD Microloan Fund is intended to provide financing for small businesses for which other types of financing might not be available. This program is designed to identify the needs of applicants when traditional funding sources have been denied and help applicants become viable candidates for traditional commercial lending. The intent is not for hobbyists or other personal use. Loans from this program should help new and existing business create jobs, expand services, or operational capabilities that enhance, foster, and promote responsible economic development, which is the mission of this organization.

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Minimum loan amount is $2,500; maximum is $60,000 dependent on availability.

Maximum loan term under $10,000 is 3 years (36 months) and over $10,000 is 4 years (48 months).

Interest rates will be fixed at the time of approval, based on applicant’s risk.

Annual servicing contribution will be required for all loans.

Borrower will pay all closing costs.

Borrowers should inject a minimum of 10% equity (non-borrowed) investment into the business or project.

Borrower will be required to cover escrow fees and will be required to personally guarantee the loan.

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Client Feedback

ALASKA BUSINESS MAGAZINE

“Business is booming on the Kenai Peninsula, in large part due to the Kenai Peninsula Economic Development District (KPEDD), one of only four federally recognized business districts in Alaska.”

ALEX DOUTHIT

OWNER, KENAI PENINSULA DRIVING INSTRUCTION

“In the very beginning, we needed a lot of help with the licensing process; it was a big hurdle to get around the cumbersome regulations, and I was getting stonewalled throughout the process,” Douthit explains. “KPEDD were able to help point us in the right direction and to make contact with the people we needed to reach, which was integral to us starting the business.”

GENEVIEVE DEROOS

OWNER, RUSTIC ROOTS

“They really are just genuine, great people to talk to, and they really want to see small businesses succeeding, which is awesome,” she said. “Working with them has kind of made it feel like this is possible.”

TIM JAGIELSKI

VICE PRESIDENT, JAG MARINE GROUP

“They made initial introductions with AVTEC when we first came into Seward, which has really helped out across all trades of our operation,” says Jagielski. “Tim Dillon [KPEDD] is usually our first call when we get into situations where we need assistance.”

KPEDD Microloan Program