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ALASKA SMALL BUSINESS FINANCING PROGRAM ANNOUNCED


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 * More from News of the North

Monday, October 24th, 2022 12:57pm

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Juneau, Alaska (KINY) - The State of Alaska, the University of Alaska, and the
Alaska Small Business Development Center announced on Monday the launch of the
Alaska State Small Business Credit Initiative.

The program is statewide and will use $59.9 million from the U.S. Department of
Treasury to finance incentives to help drive private sector funding to Alaska’s
small businesses, and a release said it'll be for particularly those that have
traditionally had a hard time securing loans or equity investments.

“The State of Alaska is proud to be partnering with the University of Alaska
Small Business Development Center to administer these programs,” said Governor
Mike Dunleavy. “The timing of this lending support is crucial for small, Alaskan
owned businesses as the state’s economy continues to strengthen.”

The Alaska SSBCI funds, which will be sent out over the next 10 years, will be
deployed by the Alaska SBDC through a $32 million loan guarantee program, a
$15.9 million loan participation program, a $10 million equity investment
program, and a $2 million loan collateral program.

"This investment in Alaska businesses will empower innovation and
entrepreneurship across the state,” said University of Alaska President Pat
Pitney, “and our Small Business Development Center is the perfect partner to
help mentor the recipients of these funds. I have no doubt the capital disbursed
as a result of these programs will fuel our economy and benefit our
communities.”

The funds will be available through Alaska lenders and local equity investment
funds starting in January 2023.  They said businesses interested in using these
programs to help secure financing should reach out to their lender or local
equity investors.

Jon Bittner, State Director of the Alaska SBDC noted “The SSBCI program will be
an amazing catalyst for economic growth, a perfect example of the state,
University, and private sector partnering to build a better future for Alaska.”
Businesses, lenders, or equity investors interested in learning more about the
Alaska SSBCI funding programs can reach out to Jon Bittner at info@aksbdc.org.


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MORE FROM NEWS OF THE NORTH

 * Republicans lead in majority of Alaska House seats, with potential for more
   
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 * Republican to hold Alaska US Senate seat after ranked voting
   
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 * Alaska constitutional convention question failing
   
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 * Initial election results released in 2022 Alaska General Election
   
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   first wave of unofficial results in this year's general election.

 * Chenega, Tatitlek, & Cordova awarded funding for Ferry Dock Modifications
   
   Juneau, Alaska (KINY) - Alaska DOT announced that Chenega, Tatitlek and
   Cordova will get ferry dock modifications, enabling more vessel types to
   serve each community.

 * Attorney General Taylor announces settlement with company over
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   Juneau, Alaska (KINY) - Alaska Attorney General Treg Taylor on Monday
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 * USDA grant to allow Alaska Tribes Extension Program to expand
   
   Juneau, Alaska (KINY) - The U.S. Department of Agriculture has awarded the
   University of Alaska Fairbanks Cooperative Extension Service a $730,585 grant
   for its Alaska Tribes Extension Program as part of a $71 million investment
   to help underserved communities.

 * Dunleavy names Marijuana Task Force appointees
   
   Juneau, Alaska (KINY) - Alaska Governor Mike Dunleavy announced appointees to
   the Governor’s Marijuana Task Force.

 * Brian Fechter appointed acting Revenue Commissioner
   
   Juneau, Alaska (KINY) - Governor Mike Dunleavy has appointed Brian Fechter to
   replace Deven Mitchell as acting commissioner for the Alaska Department of
   Revenue.

 * Coast Guard Sector Anchorage awarded Rear Admiral Bennett "Bud" Sparks Award
   
   Juneau, Alaska (KINY) - Coast Guard Sector Anchorage awarded the 2021 Rear
   Adm. Bennett "Bud" Sparks award for the under 100 reservist assigned
   category.

 * CBJ provides update on North Douglas crossing study progress
   
   Juneau, Alaska (KINY) - The Juneau Assembly Public Works Committee received
   an update on the PEL study around a second crossing to Douglas Island.

 * Alaska voters to decide on constitutional convention
   
   JUNEAU, Alaska (AP) — Voters are deciding if Alaska should hold a
   constitutional convention for the first time since the original convention in
   the 1950s, a once-every-decade vote that generated unusual attention this
   year as convention supporters saw new openings to push for one.


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CURRENT CONDITIONS

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   the humidity is 64%. The wind chill is 25. Last Updated on Nov 9 2022, 11:53
   am AKST.








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