State of Alaska
Fiscal Note
Bill Version: HB 304
2018 Legislative Session
Fiscal Note Number: 1
(H) Publish Date: 1/24/2018
Identifier: DCCED-INV-01-22-18 Department: Department of Commerce, Community and
Title: MICROLOAN REVOLVING FUND & LOANS Economic Development
Sponsor: RLS BY REQUEST OF THE GOVERNOR Appropriation: Investments
Requester: Governor Allocation: Investments
OMB Component Number: 383
Expenditures/Revenues
Note: Amounts do not include inflation unless otherwise noted below. (Thousands of Dollars)
Included in
FY2019 Governor's
Appropriation FY2019 Out-Year Cost Estimates
Requested Request
OPERATING EXPENDITURES FY 2019 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
Personal Services
Travel
Services
Commodities
Capital Outlay
Grants & Benefits
Miscellaneous
Total Operating 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Fund Source (Operating Only)
None
Total 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Positions
Full-time
Part-time
Temporary
Change in Revenues
None
Total 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Estimated SUPPLEMENTAL (FY2018) cost: 0.0 (separate supplemental appropriation required)
(discuss reasons and fund source(s) in analysis section)
Estimated CAPITAL (FY2019) cost: 0.0 (separate capital appropriation required)
(discuss reasons and fund source(s) in analysis section)
ASSOCIATED REGULATIONS
Does the bill direct, or will the bill result in, regulation changes adopted by your agency? Yes
If yes, by what date are the regulations to be adopted, amended or repealed? 07/01/19
Why this fiscal note differs from previous version/comments:
Not applicable, initial version.
Prepared By: Britteny Cioni-Haywood, Director Phone: (907)465-2625
Division: Division of Economic Development Date: 01/22/2018 04:15 PM
Approved By: Catherine Reardon, Director Date: 01/22/18
Agency: Division of Administrative Services, DCCED
Printed 1/24/2018 Page 1 of 2 Control Code: mAHpg
 HB 304 - Fiscal Note 1
FISCAL NOTE ANALYSIS
STATE OF ALASKA BILL NO. LL 0574-1
2018 LEGISLATIVE SESSION
Analysis
This legislation amends the Microloan Revolving Loan Fund program to increase the maximum loan term from 6 years to
15 years and amends the minimum interest rate from 6.00% to 4.00%.
For loans of more than $35.0, the applicant must provide documentation that they have been denied a loan from a
financial institution within Alaska, or that a loan from a financial institution is contingent on the applicant receiving the a
loan from the fund. The bill also requires a reasonable amount of nonstate funds be used for the project or enterprise.
Collateral must be acceptable to the Commissioner and loans cannot be made to applicants with pastdue child support.
The legislation will facilitate the start up and expansion of small and micro businesses to promote Alaska employment. It
allows for the adjustment of monthly payments to match small business cash flow needs.
If this legislation were to pass a regulations project would be required; the minimal costs associated can be absorbed by
current budgetary authorization. There is no anticipated fiscal impact to the Division of Economic Development from this
bill.
(Revised 9/26/17 OMB/LFD) Page 2 of 2
DCCED-INV-01-22-18 Page 2 of 2 Control Code: mAHpg


Statutes affected:
HB0304A, AM HB 304, introduced 01/24/2018: 44.33.960, 44.33.950, 44.33.990, 44.33.965, 44.33.955, 44.88.599, 25.27.160, 25.27.220
HB0304B, AM CSHB 304(FIN), introduced 04/12/2018, passed House 04/15/2018: 44.33.960, 44.33.950, 44.33.990, 44.33.965, 44.33.955, 44.88.599, 25.27.160, 25.27.220
HB0304C, AM SCS CSHB 304(FIN), introduced 05/04/2018, passed House 05/11/2018, passed Senate 05/10/2018: 44.33.960, 44.33.950, 44.33.990, 44.33.965, 44.33.955, 44.88.599, 25.27.160, 25.27.220
HB0304Z, AM Enrolled HB 304, introduced 05/11/2018: 44.33.960, 44.33.950, 44.33.990, 44.33.965, 44.33.955, 44.88.599, 25.27.160, 25.27.220