The University of Alaska Anchorage’s Small Business Development Center (SBDC) is happy to announce that as of March 13th, there are nine lenders approved to participate in the SSBCI Loan Guarantee Program.
From large banks and federal credit unions to regional CDFIs, these lenders are committed to supporting Alaska’s small businesses and helping them access the capital they need through the SBDC’s new SSBCI Loan Guarantee program. The program is part of the State Small Business Credit Initiative (SSBCI), which aims to increase access to capital for small businesses that have traditionally had a difficult time securing it and will provide much-needed financial support for small businesses across the state.
The SSBCI Loan Guarantee program will offer loan guarantees to lenders who make loans to small businesses, making it easier for small businesses to access the capital they need to survive and thrive. This program will help small businesses grow and create jobs, which is especially important in rural areas of Alaska where small businesses are the backbone of the economy.
The program anticipates having lenders approved for the Loan Collateral and Loan Participation programs within the next few weeks. Over $45 million is available through the three loan programs (collateral, guarantee, and participation) and another $10 million will be released through the SSBCI Equity program in the next few months.
The Alaska SBDC is committed to helping small businesses thrive and grow, and we believe that this new program will make a significant impact on the state’s economy. If you have questions about any of the SSBCI programs or other ways the SBDC can help your business succeed please reach out to your SBDC advisor or email email@example.com for next steps.