Ready to learn about game-changing funding for Alaska Native and tribally-owned businesses, and remote communities? Watch the SSBCI State and Tribal segment on “Creative Mechanisms for Funding Economic Development” and discover how innovative programs like SSBCI and Section 105(l) leases empower tribal businesses and economic growth. State Director Jon Bittner explored the State Small Business Credit Initiative and Alaska SSBCI Tribal Consortium is driving millions in funding to small businesses owned by socially and economically disadvantaged individuals.
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The State Small Business Credit Initiative (SSBCI) exists in every state, and every federally recognized tribe can apply for their own tribal allocation. This is one of the largest investments in tribal entities that the Department of the Treasury has ever made in Indian Country.
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The purpose of the SSCBI program is to drive funding from traditional lenders, CDFIs, federal credit unions, equity investors, and others towards small businesses and nonprofits that they otherwise would not be able to invest in, such as businesses owned and controlled by Socially and Economically Disadvantaged Individuals (SEDI) and Very Small Businesses (VSB).
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As of October 2024, SSBI has given $77.1 million in loan amounts.
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Loan guarantee programs give small businesses access to lending options by using SSBCI funds to reduce a lender’s exposure to a loan. Collateral support programs give small businesses cash collateral that enables them to take out larger or additional loans.
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Alaska SBDC is the only organization in the country to host both state and tribal SSBCI programs; between the two, it is projected that hundreds of millions in private-sector funding will be leveraged into Alaska’s small businesses over the next decade, including tribal small businesses.
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If you’re a business, start the process by finding and reaching out to a participating lender/equity investor. To find participating lenders, use the list from the SSBCI Capital Programs and Contacts.