FOR IMMEDIATE RELEASE:
September 29, 2025
Anchorage, Alaska – September 29, 2025 – From restaurants and aviation to local hotels and construction companies, small businesses across Alaska are growing thanks to a program that’s breaking national records. The Alaska Small Business Development Center (SBDC), housed at the University of Alaska Anchorage, is proud to announce that its Alaska State Small Business Credit Initiative (SSBCI) program has been ranked #1 in the nation for funds deployed as a percentage of total allocation.
Out of 131 programs nationwide, Alaska deployed 92.5% of its allocated funds, edging out Montana at 92.3% and surpassing New Hampshire at 79.8%. That rapid pace puts Alaska six years ahead of schedule and represents more than $100 million invested directly into businesses and communities in just three years, including the launch of a $10 million equity fund.
The results aren’t just immediate, they’re long-term. Over the next decade, Alaska’s SSBCI initiatives are projected to generate over half a billion dollars in business funding, leveraging federal dollars to drive hundreds of millions more in private investment into the state’s economy.
Launched in fall 2022, the program has already fueled big results:
- A long-awaited fast-food franchise opened in rural Alaska, creating 9 jobs and cutting the local unemployment rate nearly in half.
- An aviation company modernized its fleet, created 18 new jobs, and expanded its services globally.
- A local inn secured capital to expand, preserve a community landmark, and provide year-round stability.
“These numbers matter because they represent businesses that are growing, hiring, and investing right here at home,” said Jon Bittner, State Director of the Alaska SBDC. “When lenders and entrepreneurs have access to the right tools, they can make transformative changes in their communities. That’s exactly what SSBCI and SBDC are designed to do.”
The Alaska SBDC is the only organization in the nation managing both a statewide and a Tribal SSBCI program, ensuring that funds reach businesses in every region. The $59 million state allocation is deployed through three tools:
- Loan Guarantee Program ($54 million): Guarantees up to 80% for lenders, expanding access to capital.
- Loan Participation Program ($900,000): Supports shared lending structures for growth.
- Venture Capital/Equity Program ($5 million): Provides equity to startups and growth-stage businesses.
By working directly with banks, credit unions, and investment funds, the SSBCI program ensures money flows quickly to entrepreneurs.
“Congratulations to the Small Business Development Center on achieving this honor. Northrim Bank is proud to be a leader in supporting businesses through the SSBCI program. Use of this flexible program has allowed our customers to grow and thrive throughout the state,” said Northrim Bank EVP and Chief Banking Officer, Jason Criqui.
“The SSBCI has been a critical resource in allowing First National Bank Alaska to support more Alaska businesses and further grow our economy,” said First National Bank Alaska Executive Vice President and Senior Branch Administration Director Karl Heinz.
“The Alaska SBDC’s leadership in deploying SSBCI funds reflects our belief that small businesses are the foundation of a strong and self-reliant Alaska,” said Bittner. “When we help them succeed, we create ripple effects that touch every corner of the state, from village stores and local restaurants to high-growth startups and established family businesses. This milestone proves what we’ve always known: Alaska’s entrepreneurs have the ideas, determination, and grit to lead the way. Our role, as it has been since 1986, is to ensure they also have the capital, the expertise, and the support to turn those ideas into lasting success.”
About the Alaska SBDC:
The Alaska Small Business Development Center (SBDC) network and its programs, housed within the University of Alaska Anchorage, are funded by a $777,777 grant from the US Small Business Administration which is matched by $777,777 of non-federal funds. Alaska SBDC delivers expert advising, practical training, and targeted resources to equip Alaskan businesses and entrepreneurs with the tools they need for long-term success while driving economic growth across Alaska.
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Media Contact:
Harley Hedlund
Director of Marketing & Communications
(907) 786-7276 | Email