The Alaska State Small Business Credit Initiative (SSBCI) and the newly launched Tribal SSBCI Consortium are transformative programs advancing equitable economic growth and resilience across Alaska. Through these initiatives, administered by the Alaska SBDC at the UAA Business Enterprise Institute, businesses gain critical access to capital that fuels local economies, drives innovation, and supports underserved communities statewide.
The Alaska State SSBCI program has delivered $77.1 million in funding through 101 loans, benefiting 86 businesses in 26 communities. Notably, 90 of these businesses are owned by socially and economically disadvantaged individuals (SEDI), and 59 are classified as very small businesses (VSB).
This focus on underserved entrepreneurs amplifies the program’s impact, providing the resources needed for businesses to grow, create jobs, and stimulate local economies. These investments ripple through communities, supporting everything from rural storefronts to urban enterprises, strengthening Alaska’s diverse economic landscape.
Launched in the fall of 2024, the Tribal SSBCI Consortium is a groundbreaking initiative with participation from 125 Alaska Native tribes. In just its first few months, the program funded 13 loans totaling $17.4 million, empowering 12 SEDI-owned businesses, including 8 VSBs, in 9 communities.
By driving private sector funding to Alaska Native, tribal, and rural entrepreneurs, the Tribal SSBCI program is advancing economic sovereignty, addressing historical disparities in access to capital, and preserving the cultural and economic vitality of Alaska Native communities.
We’re proud to highlight success stories that demonstrate the transformative impact of the SSBCI programs:
Breeze Inn breathed new life into a cornerstone Seward business, enhancing the local tourism and hospitality sector.
Pathfinder Aviation expanded its operations to address critical regional needs, supporting industries and communities reliant on air transport.
In Nenana, the Subway franchise became the community’s first fast-food establishment, creating jobs and offering fresh dining options, while reinforcing the importance of locally owned businesses in rural Alaska.
These successes would not be possible without the collaboration and dedication of our lending partners, who play a vital role in ensuring that these funds reach the businesses and communities that need them most. Their commitment to supporting Alaska’s entrepreneurs is an integral part of the program’s impact.
Together, these programs are not just funding businesses—they are empowering Alaskans, creating opportunities, and fostering resilience in a challenging economic environment.
As we look ahead to 2025, the Alaska SBDC is committed to building on this momentum, further expanding access to resources, and continuing to support the innovative and hardworking entrepreneurs who are the backbone of Alaska’s economy. Learn more about the State SSBCI and Tribal SSBCI Consortium at https://aksbdc.org/ssbci/.