FOR IMMEDIATE RELEASE: February 15, 2023
University of Alaska Announces Launch of $49 million in new SSBCI Lending Programs
The Alaska State Small Business Credit Initiative (Alaska SSBCI) Lending Programs have launched and are accepting applications. The Alaska SSBCI is partnering with lenders across the state to supply loans to small businesses who otherwise wouldn’t be able to access capital.
Alaska, February 15, 2023 – The University of Alaska has a long history of being at the forefront of economic and workforce development in Alaska. With cutting edge research, industry driven degree programs, statewide economic development initiatives, and private sector partnerships, the University provides support for Alaska’s businesses, policymakers and workers at all levels.
As part of those efforts, in 2022 the University’s Alaska Small Business Development Center program (Alaska SBDC) announced that they would be deploying $59 million in State Small Business Credit Initiative (SSBCI) program dollars on behalf of the State of Alaska to help drive private sector investments into Alaska’s small businesses through the creation of a $32 million loan guarantee program, a $15.9 million loan participation program, a $2 million loan collateral program and a $10 million equity investment program.
Today, the Alaska SBDC is pleased to announce the launch of these programs with the release of $49 million in Alaska SSBCI lending programs. The Alaska SSBCI Lending Programs will provide incentives to participating lenders that will allow them to make loans to Alaska based small businesses who would normally not qualify. The Alaska SSBCI enhances lending opportunities under three programs:
- Loan Guarantee Program – guaranteeing loans up to 50% of qualified loan amounts. https://aksbdc.org/ssbci/loan-guarantee-program/
- Loan Participation Program – purchase participations or subordinate lending up to 50%. https://aksbdc.org/ssbci/loan-participation-program/
- Collateral Loan Program – collateral support up to 25% of project/value. https://aksbdc.org/ssbci/collateral-support-program/
As the economy continues to recover from the COVID-19 pandemic and new opportunities for business growth and recovery present themselves, Alaska’s small businesses need new sources of funding more than ever before. The Alaska SSBCI lending programs will help to drive significant amounts of new and existing private sector businesses that will become the backbone of Alaska’s economic future.
Lenders wishing to be evaluated to become a participant in these programs can contact Jay Halverson at jay.halverson@aksbdc.org. For more information, forms, and updates visit the Alaska SSBCI website at: https://aksbdc.org/ssbci/.
