Section 3 AAC 80.410 - Application process(a) To apply for a loan for a mariculture business under AS 16.10.910(a)(1), an applicant shall file with the department (1) a completed mariculture revolving loan application, on a form provided by the department;(2) a completed residency questionnaire, on a form provided by the department;(3) a letter of intent that states the amount requested and the intended use of the proposed loan money consistent with AS 16.10.900 - 16.10.945, on a form provided by the department;(4) a schedule of acceptable collateral that includes collateral now owned and other collateral to be acquired with the loan proceeds, on a form provided by the department;(5) an individual financial statement that includes a current balance sheet and a profit and loss statement, on a form provided by the department;(6) a statement of projected income and expenses for the following year's, operating plan, on a form provided by the department;(7) a copy of the Department of Natural Resources aquatic farm application and all attachments;(8) a copy of the aquatic farm lease;(9) a copy of the aquatic farm operation permit;(10) a copy of the special area permit, if applicable;(11) a copy of the applicant's federal income tax returns for the preceding three years, and for additional years if necessary to establish eligibility;(12) a signed credit authorization, on a form provided by the department;(13) a resume that identifies any permit, certificate, or license held by the applicant and summarizes the applicant's experience and education in the mariculture industry, on a form provided by the department;(14) consent to release information, on a form provided by the department;(15) a copy of any purchase agreement, estimate, invoice, or other documentation regarding the intended use of loan proceeds;(16) if a vessel is used for collateral, a marine survey of the vessel that is acceptable to the department; the survey must be less than 90 days old and include pictures of the vessel;(17) the application fee required by 3 AAC 80.455(b); and(18) any other information requested by the department needed to process the application.(b) To apply for a loan for the operation of a hatchery for the purpose of propagation of marine aquatic plants or shellfish, or a shellfish enhancement project under AS 16.10.910 (a)(2) an applicant shall file with the department(1) a completed mariculture hatchery revolving loan application, on a form provided by the department;(2) a completed residency questionnaire, on a form provided by the department;(3) a letter of intent stating the amount requested and the intended use of the proposed loan money consistent with AS 16.10.900 - 16.10.945, on a form provided by the department;(4) a copy of any permit necessary to operate the hatchery, including any permit necessary for construction of the hatchery facility;(5) a schedule of acceptable collateral that includes collateral now owned and other collateral to be acquired with the loan proceeds, on a form provided by the department;(6) a financial statement that includes the most recent annual statement, current month end statement, on a form provided by the department;(7) a statement of projected income and expenses for the following year's operating plan that includes actual figures currently available and forecasted future funding requirements, using the sample format provided by the department or a similar format acceptable to the department;(8) a consent to release information, on a form provided by the department;(9) the application fee required by 3 AAC 80.455(b);(10) a signed copy of the applicant's federal income tax return for the most recent year; and(11) any other information requested by the department needed to process the application.(c) In addition to the requirements under (b) of this section, if the applicant for the operation of a hatchery for the purpose of propagation of marine aquatic plants or shellfish, or a shellfish enhancement project under AS 16.10.910 (a)(2) is an entity organized under the law of this state, the applicant shall file with the department(1) a copy of the statements or articles issued by the state to organize the applicant entity;(2) the name and resume of each officer and principal employee of the corporation that includes each officer or employee's professional background and experience; and(3) a corporate resolution signed by the corporate president and secretary that authorizes the corporation to apply for a loan and authorizes an officer or agent to provide information and documentation necessary for loan approval.(d) The department may process a loan request without the information described in (a) through (c) of this section if the department determines that the information is not necessary for making the lending decision.Eff. 10/16/2012, Register 204; am 7/24/2024, Register 251, October 2024