Alaska – August 6, 2024 – Alaska is breaking ground for Tribal economies statewide by launching the largest State Small Business Credit Initiative (SSBCI) Tribal Program consortium in the nation with 125 of Alaska’s federally recognized tribes. Dedicated to Socially and Economically Disadvantaged Individuals (SEDI), the program will deploy over $83 million in SSBCI funds from the U.S. Department of the Treasury to drive private sector investments into rural and Alaska Native-owned businesses across the state.
Led by the Alaska Small Business Development Center (Alaska SBDC) housed within the University of Alaska Anchorage (UAA) Business Enterprise Institute (BEI), Tribal SSBCI will provide new resources to Alaska’s Tribes to drive critical financial resources for Alaska’s small businesses, helping to foster a thriving entrepreneurial ecosystem within Alaska’s Tribal communities.
“Alaska’s tribes are the backbone of our rural economies. The Alaska SBDC is proud to have worked with the Alaska Federation of Natives to bring 125 Alaskan tribes together in the largest tribal consortium in the nation. This collaborative effort over the last two years will result in hundreds of millions of dollars in private sector loans and equity investments flowing into rural and Alaska Native-owned businesses, drastically changing the economic landscape of some of the most remote communities in the nation,” says Alaska SBDC State Director Jon Bittner.
The SSBCI program, funded through the federal American Rescue Plan Act, provides much-needed funding assistance for small businesses nationwide. Recognizing the unique challenges faced by Tribal businesses in securing private sector investments, the program was expanded to include funding not only for each state but also for all federally recognized tribes. This is particularly important for Alaska, where half the federally recognized tribes are located.
This program builds on the work that the Alaska SBDC is already doing through the State of Alaska’s $59 million SSBCI program, which it launched last year. Since its launch, the Alaska SSBCI program has facilitated over $75 million in State SSBCI-backed loans to businesses across the state, making Alaska one of the top SSBCI programs in the nation. The 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.
“Today’s announcement reflects success that is only possible when federal agencies listen to Tribal Nations to understand their unique needs and incorporate their feedback in developing program policy and guidance. Through the flexibility of the consortium model, these Tribes will benefit from the historic opportunity that these resources for small businesses presents to Indian Country. These funds will serve some of the most rural populations in the United States, creating jobs and expanding capital access for Tribes across Alaska. We look forward to following this announcement with Treasury’s first official visit to an Alaska Native Village at Chickaloon Village,” said U.S. Treasurer Chief Lynn Malerba.
The Alaska SSBCI program is an important component of UAA’s continuing support for business and economic development in Alaska. By creating and managing this unique consortium of tribes, UAA continues to support the state’s economy and help build a robust and diverse business ecosystem in Alaska.
“UAA is honored to continue our engagement with the U.S. Treasury in support of the nation’s largest SSBCI Tribal Program facilitating economic growth by empowering Alaskan businesses,” said UAA Vice Chancellor for Research Aaron Dotson. “We are proud to partner with the Tribal community and look forward to assisting in deploying funds to build thriving community businesses and build a more prosperous future for all Alaskans for generations to come.”
This groundbreaking partnership between the Alaska SBDC and Alaska Tribes represents a significant step forward for Alaska’s economic growth. By providing access to capital and fostering entrepreneurship, this program will empower Tribes to build a more prosperous and sustainable future for generations to come.
Visit aksbdc.org/ssbci to learn more about the SSBCI Tribal Program and how it can empower Alaska’s rural, SEDI, and Alaska Native-owned businesses.
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