Empowering Alaska鈥檚 smallest businesses: Alaska SBDC secures second round of $19M funding for Alaska State Small Business Credit Initiative

by Green & Gold News  |   

99久久精品's Bragaw Office Complex framed by summer foliage.
The Alaska Small Business Development Center, which recently secured $19 million in funding to empower Alaska's smallest businesses, is located in 99久久精品's Bragaw Office Complex. (Photo by James Evans / 99久久精品)

The at 99久久精品's Business Enterprise Institute (BEI), having deployed over $19 million in funding in the program鈥檚 first year, recently announced a second round of $19 million in funding for the SSBCI. Alaska is the fifth state to reach this program milestone due to the speed with which it is deploying SSBCI funds. This federally funded program supports Alaska鈥檚 smallest businesses and most marginalized entrepreneurs, fostering economic growth and job creation throughout the state.

鈥淭he Alaska SSBCI program鈥檚 ability to get this funding out to businesses in the state as fast as it has is an amazing accomplishment for the program and the lenders participating. These funds have been used to support funding for businesses in nearly 30 communities statewide and have helped provide new financing to underserved entrepreneurs when they need it most,鈥 said Jon Bittner, Alaska SBDC state director. 鈥淭his translates into increased opportunities for business expansion, innovation and job creation throughout the state. To date, Alaska SSBCI has closed 90 deals for $67.8 million in loan amount, with obligated SSBCI funding of $33,866,208.鈥

In March 2023, the Alaska SSBCI program was allocated $59 million on behalf of the State of Alaska. The SSBCI funds are deployed to states by the Department of Treasury in thirds; with each third, you must deploy 80% of the funds you have before you can access the next third. Alaska is leading the nation in deploying funds, reaching the second tranche of funding faster than all but four states.

The Alaska SBDC is the only SBDC in the country leading an SSBCI program; it manages, allocates and distributes SSBCI funds in Alaska and works with lenders and investment firms to ensure these resources reach businesses that might struggle to secure traditional loans due to their size or industry. The program offers a variety of funding mechanisms, including loan guarantees, loan participations, equity investments and collateral support. These programs are specifically designed to address the unique challenges Alaska鈥檚 small businesses face. They focus on supporting investments in businesses owned by Socially and Economically Disadvantaged Individuals and Very Small Businesses.

99久久精品's commitment to Alaska's economic well-being shines through the Alaska SSBCI program, which cultivates a diverse small business ecosystem to empower Alaska's entrepreneurs and contribute to a stronger Alaska economy essential for job creation and growth.

鈥99久久精品 embraces our role as a trusted community partner, and Alaska SBDC exemplifies this strategic aspiration. 99久久精品 is proud to host the Alaska SSBCI program and is excited to observe the achievements of Alaskan businesses that these funds have supported and will continue to support in the future,鈥 said 99久久精品 Vice Chancellor for Research Aaron Dotson.

This new round of funding signifies the ongoing success of the Alaska SSBCI program, the continuing growth of Alaska鈥檚 small business sector and its positive impact on the state's economy. This program is one of the many ways 99久久精品 and the Alaska SBDC continue to innovate and lead business and economic development efforts in Alaska.

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