Alaska Small Business Financing Program Announcement

Juneau, Alaska (KINY) – The State of Alaska, the University of Alaska and the Alaska Small Business Development Center announced Monday the launch of the Juneau Small Business Credit Initiative. State of Alaska.

The program is statewide and will use $59.9 million from the U.S. Department of Treasury to fund incentives to help generate private sector funding for small businesses in Alaska, and a statement says it will be particularly for those who have traditionally struggled to obtain loans or equity investments.

“The State of Alaska is proud to partner with the University of Alaska Small Business Development Center to administer these programs,” Governor Mike Dunleavy said. “The timing of this loan support is critical for Alaskan-owned small businesses as the state’s economy continues to strengthen.”

The Alaska SSBCI funds, which will be sent over the next 10 years, will be deployed by the Alaska SBDC through a $32 million loan guarantee program, an equity participation program $15.9 million loan, a $10 million equity investment program and a $2 million loan. collateral program.

“This investment in Alaskan businesses will strengthen innovation and entrepreneurship across the state,” said University of Alaska President Pat Pitney, “and our business development center Small Business is the perfect partner to help mentor the recipients of these funds.I have no doubt the capital disbursed through these programs will fuel our economy and benefit our communities.

Funds will be available through Alaska lenders and local equity investment funds beginning in January 2023. They said companies interested in using these programs to help secure financing should contact their lender or investors. in local shares.

Jon Bittner, SBDC Alaska State Director, said, “The SSBCI program will be an incredible catalyst for economic growth, a perfect example of state, university and private sector partnering to build a brighter future for Alaska.” Companies, lenders, or equity investors interested in learning more about Alaska SSBCI’s financing programs can contact Jon Bittner at [email protected]