Regarding the recent article about the Alaska Industrial Development and Export Authority’s investment history (Sept. 29), I spent more than 50 years building an airline to serve mostly Bristol Bay and the Aleutian/Pribilof islands.
We used AIDEA at least a dozen times to assist us. We never asked for or received any money, but they would guarantee loans from banks to secure our buildings, aircraft purchase, etc., making those expenses possible. The funds always came from the bank or other lending agency. And of course we never defaulted on payments, so AIDEA never came into play.
As to the seafood processing plant, I knew from day one it was not feasible; I learned from all my days of flying the area that seafood has to be processed as soon as it is caught, and Anchorage is too far from the major fisheries. I just assumed that some other agency in the state made the decision to proceed, and AIDEA was used to guarantee the financing. I feel they have done an excellent job of assisting small businesses.
— Orin Seybert
Anchorage
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