The State Small Business Credit Initiative (SSBCI) is a federally-funded program intended to attract lenders & investors to help with funding businesses that can’t get conventional business loans from banks & lending institutions.
The AK SBDC is the administrative lead on the program for Alaska, and will deploy the funding to lenders and investment funds.
These reports contain a valuable snapshot of small business activity and insights from thousands of businesses in hundreds of communities across dozens of industries.
The last few years have been some of the most difficult and hard to predict times Alaska’s small businesses have ever seen. Between a global pandemic, supply chain breakdowns, workforce shortages, hundreds of new funding and assistance programs launching, and costs for pretty much everything rising at unprecedented rates, Alaska’s industry sectors have taken more than a few hits. The Alaska SBDC has been instrumental in providing small businesses assistance to entrepreneurs across the State. In 2021, the Alaska SBDC provided direct business advising to 2,100 clients in 115 communities throughout Alaska. The combination of business advising, workshops, briefings and tools have collectively contributed to over $55 million in new funding for small businesses in Alaska.
The Alaska SBDC is committed to continue to serve as a resource and voice for the small businesses that make up so much of our economy. In the coming year, we plan on continuing the work we’ve done throughout the pandemic to provide assistance, education, and access to funding sources for so many Alaskan companies. That being said, no single organization has the ability to solve all of the state’s economic headwinds alone. It’s going to take all of us working together to get Alaska’s economy back on track.