At the Alaska Small Business Development Center (SBDC), we thank our lending partners for their commitment and exceptional efforts that made the Alaska State Small Business Credit Initiative (SSBCI) program an outstanding success in 2023.
Alaska SSBCI prioritizes financial support to Socially and Economically Disadvantaged Individuals (SEDI), and Very Small Businesses (VSB), and the program plays a crucial role in unlocking funding opportunities for these marginalized groups, fostering economic inclusivity, and contributing to the revitalization of Alaska’s smallest communities. Particularly significant in the aftermath of COVID-19, Alaska SSBCI serves as a key instrument in rebuilding Alaska’s economy by addressing the needs of vulnerable individuals and promoting growth in underserved areas.
Supporting Alaskan Small Businesses
In the first nine months of operation in 2023, Alaska SSBCI successfully closed loans worth $28,918,345 for 34 businesses. Of these 34 businesses, 29 identified themselves as Socially and Economically Disadvantaged Individual (SEDI) businesses. These businesses were spread across 22 Alaskan communities with loans ranging from $21,000 to $8,000,000.
Of all the lenders participating in Alaska SSBCI, Northrim Bank is leading the way in volume, closing a remarkable $16,506,605 in loans guaranteed during 2023. This impressive accomplishment represents over half the $29 million in loans and 13 of the 34 closed deals. These numbers reflect Northrim Bank’s dedication to supporting local entrepreneurs and small business owners in taking their businesses to the next level.
Our appreciation extends to Business Impact NW, Cook Inlet Lending Center, and First National Bank Alaska for supporting Alaska’s smallest businesses and their positive ripple effect across the state. In providing tailored financial solutions and facilitating access to capital, each lending partner has played a key role in driving economic growth and laying a solid foundation for small business development across Alaska.
Investing in Alaska’s Future
The shared commitment to enhancing the local small business community and strengthening the overall economy is commendable. We have seen first-hand that fostering such partnerships can bring immense benefits by fueling innovation, creating job opportunities, and enhancing economic resiliency.
We sincerely thank Northrim Bank, Business Impact NW, Cook Inlet Lending Center, and First National Bank Alaska for their exceptional contributions and dedication to the success of Alaska SSBCI. Their significant support in 2023 highlights their commitment to enabling small businesses to thrive, driving economic growth in Alaska, and creating a prosperous future for all.
We look forward to continued collaboration as we work together to support the aspirations and ambitions of Alaska’s small business owners.