Hooper Bay secures a $1.1 million dollar AIDEA loan

by Sophie Evan on October 2, 2012

A coastal village corporation in our region has secured over one million dollars for new construction and jobs. The Sea Lion Corporation, which serves shareholders from Hooper Bay, has secured a loan worth over 1.1 million dollars ($1.1). In a press release by the AIDEA (aye-dah) board, which stands for the Alaska Industrial Development and Export Authority, they have approved and secured the loan with the Sea Lion Corporation and the First National Bank.

The loan will be used to finance a six-thousand-three-hundred-ninety (6,390) square foot building. The new building will house the Hooper Bay post office, the State Court offices, and a G-C-I office.

The project plans include renovations to create space for the new State courthouse. The project is estimated to create fifteen (15) construction jobs, and five permanent positions.

AIDEA’s loan participation program provides permanent financing to borrowers, like the Sea Lion Corporation at 90-percent of the total loan. The remaining ten-percent is invested by a qualified lending institution, in this case the First National bank.

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