FOR IMMEDIATE RELEASE: January 13, 2023
University of Alaska Announces Launch of SSBCI Equity Program
Alaska Equity Fund (AKEF) is seeking proposals to invest up to $10 million in State Small Business Credit Initiative (SSBCI) funding.
The University of Alaska has a long history of being at the forefront of economic and workforce development in Alaska. With cutting edge research, industry driven degree programs, statewide economic development initiatives, and private sector partnerships, the University provides support for Alaska’s businesses, policymakers and workers at all levels.
As part of those efforts, in 2022 the University’s Alaska Small Business Development Center program (Alaska SBDC) announced that they would be deploying $59 million in State Small Business Credit Initiative (SSBCI) program dollars to help drive private sector investments into Alaska’s small businesses through the creation of 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.
Today, the Alaska SBDC is pleased to announce the launch of the first of these programs with the release of its $10 million Equity Fund RFP. The Alaska SSBCI Equity Fund program will match private sector dollars 1:1 to create $20 million in new equity investment funds focused on making investments in high growth Alaskan businesses. Qualified investors and investment groups are encouraged to submit proposals for new equity investment funds by 3:00 PM February 10, 2023.
As the economy continues to recover from the COVID-19 pandemic and new opportunities for business growth and recovery present themselves, Alaska’s small businesses need new sources of funding more than ever before. The Alaska SSBCI Equity Fund program will help to drive significant amounts of new private sector capital into businesses that will become the backbone of Alaska’s economic future.
The Alaska Equity Fund plans to select three to five funds through this RFP that will receive matching funds to invest in Alaskan businesses. RFP Applicants are encouraged to monitor the AKEF web page for updates and posted questions and answers. All questions submitted will be compiled and posted by January 27, 2023.
Applications will be evaluated by an independent review panel and initial awards will be announced by April 2023. For more information, terms, and updates visit: https://aksbdc.org/ssbci/venture-capital-equity-funds/ and follow Alaska SBDC on social media for updates at @AlaskaSBDC.