(a) A new business or a business that is opening a new branch in the state is eligible for a new business incentive grant if (1) the business is primarily engaged in manufacturing a product for export outside of the state; (2) the business will not directly compete with an existing business that is located in the state as determined by the department; (3) for a business located in a municipality, the municipality has provided support to the business in a form and in an amount acceptable to the department; (4) the business is primarily financed by the private sector; and (5) the business has been recommended as complying with the requirements for a business incentive grant by the Alaska Industrial Development and Export Authority. (b) The department shall prescribe by regulation the standards for new business incentive grant eligibility and the form and procedure for submitting grant applications. Subject to the availability of money in the new business incentive fund, the department may award a grant to an eligible applicant in an amount that does not exceed the amount recommended by the Alaska Industrial Development and Export Authority for that applicant.
Alaska Legal Code