Equipment Lease Company | Taycor Financial

Business Financing in Alaska (AK)

Population of Alaska (AK)

Estimated Population: 722,718
Estimated Business Population: 16,418

Geography of Alaska (AK)

Land Area (in kilometers squared): 1,481,347
Capital: Juneau
Time Zone(s): Alaska Time Zone

Economy of Alaska (AK)

Alaska Gross Domestic Product (GDP in $Millions): $45,500

Politics of Alaska (AK)

Senator: Lisa Murkowski
Senator: Mark Begich

History of Alaska

Alaska was discovered in 1741 by Vitus Bering, a Dane working for the Russia, and Alexei Chirikob. The land went unexplored until 1867, when William Seward, the Secretary of State, purchased it from the Russians for $7 million. In the 1890's, the gold rush brought thousands of miners and settlers to the region, increasing the population by more than 30,000 people. Alaska was granted statehood on January 3, 1959.

Main Industries

Oil and gas are the dominate industries in Alaska, Taycor has found that 80% of the state's revenue derived from petroleum extraction. Oil was found in Alaska in 1968 near Prudhoe Bay, and since then, the Trans-Alaska pipeline was completed which pumps oil from Prudhoe Bay to Valdez, Alaska. Since 1997, Taycor has worked in Alaska to finance various industrial equipments, including storage and safety equipment. Besides oil and natural gas, Alaska's other main industries include commercial fishing, seafood and tourism.

Future of Industries

The state of Alaska depends on oil and gas revenues to fund 92% of state spending. However, the decrease in oil production numbers combined with the growth in state spending is worrisome for the Alaska economy. In 2011, the state produced 603,000 barrels of oil per day. In 2012, the state projects that there will be 574,000 barrels per day produced, a significant decrease in production from just a year ago. The future of industries in Alaska lies in expanding its fishing, mining, and tourism industries and moving away from dependency on the oil and gas industry. Taycor is ready to expand with Alaska and continue to offer flexible equipment financing.