A city-funded loan program will help cover part of businesses' electric bills - though businesses will have to be denied a conventional bank loan before they are eligible.
The Juneau Economic Development Council, a city-funded private nonprofit, is administering the loan program on the city's behalf. The Juneau Assembly set aside $500,000 to help needy businesses.
A business must have a state business license as of April 15 to apply. It also must be in good standing with the city on property and sales taxes.
The owner must submit to JEDC the high electric bill and a letter from a bank denying a conventional loan for a similar amount.
If the business is approved, JEDC will pay AEL&P half of the cost of power adjustment on the bill, up to $10,000.
Once a business is in the program, JEDC will continue to pay part of the bill until either the limit is reached, JEDC's money runs out, or the electric bills go back down.
Repayment will begin only after the bills go down again. JEDC will charge 3 percent interest.
For more information, contact JEDC at 523-2300. JEDC has other information on dealing with high energy prices at its Web site: www.jedc.org/electricity.htm.
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