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Alaska Growth Capital Announces the First 2014 North Slope Marketplace Award

Jacquelyn Nayakik has been named the first recipient of this year’s North Slope Marketplace business plan competition. Mrs. Nayakik is the owner of Manuluuraq Designs, a locally owned and operated start-up business in Barrow, Alaska specializing in both apparel prints and Iñupiaq arts and crafts. Nayakik will utilize the $25,000 grant to purchase new equipment and inventory to increase production of both apparel prints and art out of her home.

Upon learning of the grant, Nayakik shared, “I am excited for this opportunity to start my own business. I would like to thank ASRC and Alaska Growth Capital for offering shareholders the opportunity to apply for grants needed to start or expand their own businesses. We are in need of more apparel printing options and the demand for local Inupiaq arts and crafts continues to increase.”

Manuluuraq Designs will work to decrease prices on apparel printing to save North Slope residents money. The business will create custom apparel designs through the application of sublimation and heat transfer images and embroidery. The owner will continue to create and sell handmade Iñupiaq arts and crafts with unique designs and custom orders are welcome. “I will make sure that my business holds strong and continues to grow throughout the years to come. Quyanaqpak (thank you) to my family and friends for pushing me to finish my application and business plan for the North Slope Marketplace.” Nayakik stands ready to take advantage of this economic opportunity, and hopes to add two employees as the business grows in the future.

About North Slope Marketplace

Founded in 2009, the North Slope Market Place aims to encourage local, (North Slope based) economic development. ASRC shareholders are invited to compete in the North Slope Marketplace (NSM). This is a business idea competition for entrepreneurs who wish to compete for seed money to start a business based or to develop an existing business in one of the North Slope communities we serve. Shareholders will compete for several awards up to $25,000.

The competition is sponsored by Arctic Slope Regional Corporation and managed by Alaska Growth Capital. It is designed to promote economic development opportunities for North Slope communities. The North Slope Marketplace is not a loan program, but rather an award to a winning business idea. Applications are evaluated by a panel of judges. For a complete set of rules and to download an application, go to www.northslopemarketplace.com or ASRC shareholder website www.iaminupiaq.com.

About ASRC

Arctic Slope Regional Corporation (ASRC) is owned by and represents the business interests of the Arctic Slope Iñupiat. Since opening enrollment in 1989 to Alaska Natives born after 1971, the corporation’s shareholder base has nearly tripled, growing from the 3,700 original enrollees to approximately 11,000 today. Corporate headquarters are based in Barrow, Alaska, with administrative and subsidiary offices located in Anchorage and throughout the United States. ASRC, along with its family of companies, is the largest Alaskan-owned company, employing over 8500 people worldwide. The company has four major business segments: petroleum refining and marketing, government technical services, energy services and construction industries.

About Alaska Growth Capital

Alaska Growth Capital (AGC) is a nationally recognized leader in economic development finance and a wholly owned subsidiary of ASRC. Founded in 1997 as Alaska’s only Business and Industrial Development Corporation (BIDCO), AGC works as a CDFI to promote development of economically underserved areas of its target market of Alaska. Alaska Growth Capital contributes to not only growth in ASRC communities, and not just in Alaska; we are now providing services in Hawaii and other states. By giving our businesses the economic boost they need, we are able to support the creation of jobs and improve the livelihood of Alaskans statewide.

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