Nearly $60M for Small Business Credit Initiative

A state-backed program is pooling federal funds to extend financing to small businesses in Alaska.

Small Business Credit Initiative

The Alaska State Small Business Credit Initiative (SSBCI) is a project of the State of Alaska, UAA, and the Alaska Small Business Development Center (SBDC), which is hosted by UAA’s Business Enterprise Institute.

“The SSBCI program will be an amazing catalyst for economic growth, a perfect example of the state, university, and private sector partnering to build a better future for Alaska,” says SBDC Director Jon Bittner.

The program uses $59.9 million from the US Department of Treasury to pay incentives to drive private sector funding toward small businesses statewide.

The SSBCI funds will be deployed by the SBDC through a $32 million loan guarantee program, a $15.9 million loan participation program, a $10 million equity investment program, and a $2 million loan collateral program. These funds will be deployed over the next ten years to help Alaska’s small businesses grow and thrive, particularly those that have traditionally had a hard time securing loans or equity investments.