ILGP Borrower Success Story: Alaska Park LLC

2017 Loan Guarantee
Business: Alaska Park Valet Parking
Lender: Northrim Bank
Borrower: Tanadgusix Corp (TDX)
Amount Financed: $11,000,000
Location: Anchorage, Alaska
Tribal Area: St. Paul Island

Alaska Park, the only airport valet parking facility in Alaska, is owned by Tanadgusix Corporation (TDX), an Alaska Native Village corporation from St. Paul Island, Alaska. TDX built the parking valet facility on land once occupied by a depot that had become a community eyesore. Since 2013 Alaska Park has been providing upgraded parking services, including 24-hour security, an app that can order and track shuttle pick-up at the terminal, a rewards program, and a warmed-up, snow-free vehicle upon returning from trips.

TDX overcame challenges with marketing and establishing a loyal customer base for the business, and worked with the Indian Loan Guarantee and Insurance Program (ILGP) in 2017 to refinance an initial construction loan. TDX continues to invest in Alaska Park and its employees and customers, which has resulted in strong growth in per-night visits, repeat customers, and revenue.

“One of the greatest highlights has been our loyal customers. They love our attention to detail when it comes to their vehicles. Whether it’s cleaning cars off in the winter or offering car wash services in the summer, we always get enthusiastic responses from our customers,” says Andy Brinkman, general manager.