Bulk Fuel Revolving Loan Program Application
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BULK FUEL REVOLVING LOAN PROGRAM INFORMATION
Loans may be made to assist communities in purchasing bulk fuel oil, gasoline or biomass, including the shipping costs of the fuel to the community.
Loans may be made to a municipality or unincorporated village with a population under 2,000, or a private individual or company retailing fuel or electricity in such a community. Determination of eligibility will be evaluated on an individual basis by the State of Alaska Department of Commerce, Community, and Economic Development (DCCED), Division of Community and Regional Affairs (DCRA). Two separate loan accounts are established within the Bulk Fuel Revolving Loan Fund (1) the bulk fuel loan account and, (2) the bulk fuel bridge loan account. The Division shall make loans from the bulk fuel loan account or the bulk fuel bridge loan account as provided in AS 42.45.250-42.45.299.
BULK FUEL REVOLVING LOAN PROGRAM INTEREST RATE
Interest shall be charged on a bulk fuel loan or bulk fuel bridge loan at a base rate of four percent except as provided by AS 42.45.280(b) and (c); 1) First time borrowers of a bulk fuel bridge loan shall be charged zero percent; second and subsequent bridge loans shall be charged at the base rate of four percent. 2) For recipients of bulk fuel loans, interest rates will be determined by the Division based on the borrower’s repayment history and other criteria. The interest may be reduced by one percent for borrowers with at least one previous bulk fuel loan or two percent for a borrower with two or more previous bulk fuel loans made by the Division.
TERMS BULK FUEL REVOLVING LOAN PROGRAM
Approved loans are payable in nine equal monthly payments and must be repaid during that term unless an alternate payment schedule has been approved by the DCRA. Shorter terms may be required in special circumstances as determined by the DCRA. All loans must be paid within one year from date of disbursement. The amount of the loan, added to the amounts of all other bulk fuel revolving loan principle balances to the same borrower may not exceed $750,000. A cooperative organization representing more than one community may qualify for a maximum loan amount not to exceed $1.8 million.
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COLLATERAL Fuel Revolving Loan Program
Borrowers may be required to secure a bulk fuel revolving loan by submitting a resolution adopted by the governing body with payments from the State of Alaska for funds provided by Community Assistance Program, Payment in Lieu of Taxes (PILT), Power Cost Equalization (PCE), or other programs to the Bulk Fuel Revolving Loan Program.
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FY23 DOH Operating Grants
BULK FUEL REVOLVING LOAN PROGRAM CHECKLIST
- Use this checklist to ensure that all required information is complete. Incomplete applications will be inactivated
- after 30 days. Retain a copy of the application for your records.
- Letter of Intent – Fuel: (pages 5 & 6). Complete page 5 Section 1 USE OF LOAN FUNDS. Describe in detail the
- type of bulk fuel supplies the loan will be used for and the volumes being requested. Describe WHY a loan is needed
- and any contribution that can be made by the community towards purchasing sufficient fuel.
- Letter of Intent – Biomass: (pages 5 & 7). Complete page 5 Section 1 USE OF LOAN FUNDS. Describe in detail
- the type of biomass fuel supplies the loan will be used for and the volumes being requested. Describe WHY a loan
- is needed and any contribution that can be made by the community towards purchasing sufficient fuel.
- Application for a Bulk Fuel Revolving Loan: Make sure that the form is complete, signed, and accurate, (pages 8 &
- 9). BORROWER (Entity name) must match business license and be consistent throughout application. The box
- indicating “I/We hereby apply for a loan not to exceed $____________” should be the same amount requested on
- page 5 Section 1 – Total Loan Request. Make sure ALL questions are answered completely. Copies are accepted for
- evaluation only. Original, signed applications must be submitted to the DCRA.
- Loan Agreement and Promissory Note (pages 10-12). Must be complete and signed by the person authorized by the
- Borrower Resolution (page 14). The borrower is to complete all sections except Section 6 page 11, that portion will
- be completed by the DCRA at closing. The loan amounts should be the same as the amount requested on page 5
- Section 1 – Total Loan Request and on page 8 - the box indicating” I/We hereby apply for a loan not to exceed
- $____________”.
- The Waiver of Sovereign Immunity Resolution (page 13). Is required only if the borrower is a Traditional or IRA
- Village Council.
- Borrower Resolution (page 14): Is required and should be signed by the community or corporate borrowers approving
- the application for a bulk fuel loan, on a form provided by the DCRA.
- Written Endorsement: Required for an borrower that is a PRIVATE INDIVIDUAL OR CORPORATION. This
- endorsement letter must be signed by the recognized GOVERNING BODY of the community for which the fuel
- supplies will be used. The endorsement letter must be submitted on the COMMUNITY'S letterhead.
- Financial Statements: ALL borrowers are REQUIRED to submit financial information. This information is VERY
- important to determine the borrower's ability to repay the loan. The financial statement MUST be one of the
- following:- Income Statement in cash basis, showing borrower's revenues and expenditures for the most recent fiscal year (information provided may not be more than one year old). b. Balance Sheet in cash basis, showing borrower's assets and liabilities at the end of most recent fiscal year. If using QuickBooks accounting system these reports should be in CASH Basis not ACCRUAL. c. If an income statement and balance sheet are not available, a copy of the borrower's complete Federal Income Tax return (less than 2 years old) may substitute. d. If the borrower has neither financial statements, nor Federal Income Tax returns, an explanation of how the borrower manages its finances must be included. NOTE: Payroll tax returns, check registers, and bank statements are NOT acceptable substitutes
- Complete the attached Automatic Payment Authorization. Loan payments will be automatically processed on the first working day of each month for the term of the loan. Copy of the Fuel Quote from Fuel Provider. (If available) Complete Auto Payment Authorization (Optional)
