Alaska Small Business Development Center

First Lenders Take Advantage of SSBCI

April 17, 2023

We’re excited to share the latest progress from Alaska SSBCI! Our team has been hard at work securing financing for small businesses in Alaska, and we’re happy to report that we’ve been able to work with Alaska’s lending institutions to close two deals in the last month and are in the process of closing at least two more before month’s end.

The first lenders to take advantage of our program are First National Bank Alaska (FNBA), Business Impact Northwest (BINW), and Cook Inlet Lending Center, Inc (CILC). With their support, we were able to provide a large loan (for an aircraft purchase!) and a smaller loan (for an on-road vehicle) to deserving businesses in the region through our guarantee program. Broken down this looks like:

CLOSED

  • FNBA: Loan amount: $2,465,670.00. Guaranteed: $1,232,835.00 in Kenai, AK
  • BINW: Loan amount: $40,000.00 Guaranteed: $20,000.00 in Seward, AK

EXPECTED TO CLOSE SOON

  • CILC: Loan amount: $241,707.00. Guaranteed: $120,835.50 in Wasilla, AK
  • CILC: Loan amount: $174,488.22. Guaranteed: $87,244.11 in Seward, AK

Such loans allow these businesses to grow and create jobs, which is critical to Alaska’s economic recovery.

We’re proud of the work we’ve done so far and are looking forward to continuing to support small businesses in Alaska. We believe that small businesses are the backbone of our economy, and we’re committed to helping them thrive.

Stay tuned for more updates on our progress, especially as we launch the Alaska collateral fund and participation programs, and how we’re making a difference in our great state.

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