$83 Million in SSBCI Funds Approved for 125 Alaska Tribes
August 7, 2024
Delaney Sexton
Contributing Editor
$83 Million in SSBCI Funds Approved for 125 Alaska Tribes
“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 U.S. Department of Treasury approved $83 million in SSBCI funds to support the largest Tribal SSBCI consortium. This is part of the most expansive investment in small business financing for Tribal governments in history. They anticipate that the funds will catalyze as much as $830 million in additional private sector investment.
The Alaska SSBCI Tribal Consortium will offer four programs: a loan participation program, a loan guarantee program, a collateral support program, and an equity/venture capital funds program. The Loan participation and loan guarantee programs will receive $10.3 and $37.9 million respectively. The collateral support program is allocated $12 million. Lastly, the equity/venture capital program is allocated $22.9 million.
“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,” says U.S. Treasurer Chief Lynn Malerba.