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SSBCI Overview
The State Small Business Credit Initiative (SSBCI) is a national program that helps small businesses access the funding they need to grow, create jobs, and strengthen local economies. Originally launched in 2010 and expanded through the American Rescue Plan Act in 2021, SSBCI provides $10 billion to states, territories, and Tribal governments.
The Alaska SBDC, part of the UAA Business Enterprise Institute, leads the State Small Business Credit Initiative (SSBCI) program and the Alaska SSBCI Tribal Consortium and is the only organization in the country to do so. Through these programs, the SSBCI programs help distribute funding to banks, credit unions, and investment funds. These financial institutions then provide loans and investments to eligible small businesses across the state. Over the next decade, this initiative will help generate more than half a billion dollars in business funding, making Alaska one of the top SSBCI programs in the country and driving hundreds of millions of dollars in private investment into Alaska’s small business community.
The SSBCI programs provide funding for:
- Credit and investment programs for existing small businesses and start-ups
- Technical assistance to small businesses applying for SSBCI funding and other government small business programs
- Note: While the SSBCI Tribal Consortium supports Tribal-owned businesses, eligibility extends beyond Tribal members. Lenders can request up to 80% loan guarantees for consortium-affiliated borrowers.
State SSBCI Program
The State Small Business Credit Initiative (SSBCI) is a program funded by the U.S. Department of the Treasury to boost lending and investment in Alaska’s small businesses, especially those that have faced challenges in securing financing.
Alaska is allocated approximately $59 million throughout this 10-year program.
Funding Allocation
The $59 million will be deployed through the following programs:
- Loan Guarantee Program: $54M
- Loan Participation Program: $0.9M
- Venture Capital/Equity Program: $5M
Tribal SSBCI Consortium
Alaska SBDC has launched the nation’s largest Tribal consortium under the State Small Business Credit Initiative (SSBCI), building on the success of the $59 million State SSBCI program.
Partnering with 125 Alaska Tribes, it will deploy $83M to spur investment, job creation, and economic growth.
Funding Allocation
The $83.1 million will be distributed through the following programs:
- Loan Guarantee Program: $37.9M
- Loan Participation Program: $10.3M
- Loan Collateral Support Program: $12M
- Venture Capital Program: $22.9M
Request for Proposals: Tribal Venture Capital Funds
The Alaska Tribal Venture Capital Fund (TVCF) is seeking proposals from eligible investment entities to create and manage investment funds that will deploy venture funding into eligible small businesses throughout the state. Qualified investors and investment groups are encouraged to submit proposals for new venture capital investment funds on or before 3:00 PM AKDT on April 30, 2025.
Alaska State SSBCI Impact
SEDI: Socially and Economically Disadvantaged Individual-owned businesses are enterprises controlled by individuals who have faced reduced access to credit compared to others in similar economic circumstances.
VSB: Very Small Business that operates with fewer than ten people.
Numbers as of March 2025.
Alaska SSBCI Tribal Consortium Impact
SEDI: Socially and Economically Disadvantaged Individual-owned businesses are enterprises controlled by individuals who have faced reduced access to credit compared to others in similar economic circumstances.
VSB: Very Small Business that operates with fewer than ten people.
Numbers as of March 2025. Program implementation was August 1, 2024; the first closing September 4, 2024.
Participating Lenders
We continue to build our list of participating lenders. We update this list as new lenders join the program.
View the current SSBCI State & Tribal Participating Lenders (PDF, updated January 2025)
How Lenders Can Participate
Lenders seeking to participate in an SSBCI program should contact the Alaska SSBCI team directly via the:
Alaska SSBCI staff will connect with all lenders directly to discuss next steps.
Borrower Requirements
How Businesses Can Participate
Interested businesses and borrowers should contact a participating lender to inquire about financing options.
Please review the SSBCI Participating Lender List for contact information.
Funding amounts for these programs may change over time based on usage and feedback from businesses and private sector lenders/investors. The basic requirements for borrowers in these programs are:
- Business must have fewer than 750 employees
- Business must be operating in the State of Alaska
- Loans/Investment Rounds must be $20 million or less
- Not registered sex offenders
Program funds can not be used for the following:
- Cannabis-related businesses
- Passive real estate investments
- Gaming
- Purchasing an owner’s share in the business or reimbursement of owner contributions
- Paying off existing loans (some limited exceptions)
- SSBCI funds cannot be used in connection with other federal funding programs (SBA, USDA, EDA, BIA, etc)
Advisory Board Members
Thank you for your guidance and expertise. Your leadership is instrumental in helping businesses thrive and strengthening Alaska’s economy.
State SSBCI Program Advisory Board
- Katherine Jernstrom: Co-Founder & CEO of The Boardroom, LLC; Managing Partner, Alyeska Venture Management
- Adam Kane: Communications Manager, Alaska Municipal League
- Nathan Rivas: Financial Advisor, Edward Jones Investments
- Carrie Callaway Cardy: Vice President, Senior SBA Relationship Manager, KeyBank
SSBCI Tribal Consortium Advisory Board
- Benjamin Mallot, President, Alaska Federation of Natives
- Evelyn Buter, Ahtna/Copper River Region, President/CEO, Mt Sanford Tribal Consortium
- Arlene A Gunderson, Aluetians/Pribilof Region, Tribal Administrator
- Eunice Brower, Arctic Slope Region
- Barbara Nickles, Bering Straits Region, Economic Development Specialist & Grant Writer, Kawerak, Inc
- Cheryl Mulcahy, Cook Inlet Region, Senior Director of Internal Audit & SOX, Proch Group
- Taniesha Moses, Interior Region, Tribal Administrator, Northway Village Council
- Maya Carle, Southeast Region, AFN Community Navigator for Southeast
- Deborah Vo, Yukon-Kuskokwim Region
- Jake Garner, Kodiak Region, President of Ouzinkie Native Corporation
- Keith Jensen, Bristol Bay Region
U.S. Treasury Objectives
Promote Equity
The program has a capital allocation to businesses owned and controlled by socially and economically disadvantaged individuals (SEDI-owned businesses), along with incentive funds for states and tribal entities that demonstrate robust support for SEDI-owned businesses.
Catalyze Private Investment
Over the ten year life of the program, the SSBCI is designed to leverage $10 of private sector funding for every $1 of SSBCI capital program funding deployed, magnifying the effects of the federal funds allocated through the program.
Fuel Economic Growth and Good Jobs
SSBCI will build on the Administration’s work to support small businesses while combating long standing structural inequities in access to credit and unequal opportunities for growth revealed and exacerbated by the pandemic.
Read more about the SSBCI program on the US Dept. of Treasury website.
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