FY2020 Annual Report & Survey Results
For FY2020, we combined our annual report with the results from our 4th annual small business survey.
FY20 Summary
The Alaska SBDC experienced an unprecedented amount of demand for its services in 2020. With the COVID-19 pandemic impacting the economy, new assistance programs coming online, and new technologies being deployed to try and address the changing world, our advisors were more needed than ever before.
We helped advise a record-setting 1,900 clients raise $52 million in new capital and support 7,100 jobs. Even in the face of the worst economic recession the state has ever seen, our advisors helped entrepreneurs start 161 new businesses. Our workshops were attended by 6,300 Alaskans, and were provided to them free of charge during the pandemic so they could focus on their businesses and not on fees.
2020 Small Business Survey
The Alaska SBDC’s Small Business Survey provides insight from over 550 business owners into what it’s like to operate a business in the state. Conducting this survey during the pandemic gives us insight into how COVID-19 has impacted these small businesses.
Concerns about their financial situation in 2021 were high. Over 20% of businesses said if they did not receive additional funding within six months they would be forced to close. Barriers to businesses focused more on COVID-19 and the impact on the economy.
Revenues were lower than last year, even though nearly 80% of businesses were able to raise new funding (mainly through CARES Act). Nearly 70% felt it would be difficult to raise additional capital in 2021. For the first time in the survey’s four-year history, businesses were pessimistic about the state’s economic future.