New Financing Program for Alaska Shipyards
AK SHIP to enhance Alaska competitiveness in maritime industry
ANCHORAGE—The Alaska Industrial Development and Export Authority (AIDEA) Board unanimously approved a resolution that establishes a new $10 million financing program in AIDEA for the purpose of enhancing the competitiveness of Alaska shipyards. The Alaska Ship Home-porting for Improvements Program (AK SHIP) will offer 6-month to 24-month financing exclusively for ship repair, conversion, and maintenance work in support of Alaska shipyards.
We are very excited to move forward with this new tool that will help service and maintain Alaska’s commercial and industrial fleet in Alaska,” said AIDEA Chief Investment Officer Alan Weitzner. “AK SHIP will reduce costs for fleet operators, provide dedicated financing matching seasonal requirements of Alaska’s maritime sector, and retain a skilled workforce at our shipyards.”
The new program is especially targeted to meet the seasonal financing needs of the state’s industrial and commercial fleet owners, and to facilitate scheduled maintenance cycle work at Alaska shipyards. AK SHIP is established as a three-year revolving fund for the maximum amount of $10 million.
AIDEA will review vessel owner applications for suitability under the program, in consultation with Alaska shipyards. AIDEA will perform its due diligence and evaluate the application under established criteria, all subject to review by AIDEA’s Investment Committee. Vessel owners approved for loans will be able to borrow from $150,000 to a maximum of $1.5 million per note issued under the program.
Watch for more information on the new AK SHIP program at aidea.org.
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The Marx Bros. Café
Jack Amon and Richard “Van” Hale opened the doors of the Marx Bros. Café on October 18, 1979; however, the two had already been partners in cuisine for some time, having created the Wednesday Night Gourmet Wine Tasting Society and Volleyball Team Which Now Meets on Sunday, a weekly evening of food and wine. It was actually the end of the weekly event that spurred the name of the restaurant: hours after its final service, Amon and Hale were hauling equipment and furnishings out of their old location and to their now-iconic building on Third Street, all while managing arguments about equipment ownership, a visit from the police, and quite a bit of wine. “If you’ve ever seen the movie ‘A Night at the Opera” starring the Marx Brothers, that’s what it was like,” Hale explains.