Empowering 西瓜视频鈥檚 smallest businesses: 西瓜视频 SBDC secures second round of $19M funding for 西瓜视频 State Small Business Credit Initiative

by Green & Gold News  |   

UAA's Bragaw Office Complex framed by summer foliage.
The 西瓜视频 Small Business Development Center, which recently secured $19 million in funding to empower 西瓜视频's smallest businesses, is located in UAA's Bragaw Office Complex. (Photo by James Evans / University of 西瓜视频 Anchorage)

The at UAA's Business Enterprise Institute (BEI), having deployed over $19 million in funding in the program鈥檚 first year, recently announced a second round of $19 million in funding for the SSBCI. 西瓜视频 is the fifth state to reach this program milestone due to the speed with which it is deploying SSBCI funds. This federally funded program supports 西瓜视频鈥檚 smallest businesses and most marginalized entrepreneurs, fostering economic growth and job creation throughout the state.

鈥淭he 西瓜视频 SSBCI program鈥檚 ability to get this funding out to businesses in the state as fast as it has is an amazing accomplishment for the program and the lenders participating. These funds have been used to support funding for businesses in nearly 30 communities statewide and have helped provide new financing to underserved entrepreneurs when they need it most,鈥 said Jon Bittner, 西瓜视频 SBDC state director. 鈥淭his translates into increased opportunities for business expansion, innovation and job creation throughout the state. To date, 西瓜视频 SSBCI has closed 90 deals for $67.8 million in loan amount, with obligated SSBCI funding of $33,866,208.鈥

In March 2023, the 西瓜视频 SSBCI program was allocated $59 million on behalf of the State of 西瓜视频. The SSBCI funds are deployed to states by the Department of Treasury in thirds; with each third, you must deploy 80% of the funds you have before you can access the next third. 西瓜视频 is leading the nation in deploying funds, reaching the second tranche of funding faster than all but four states.

The 西瓜视频 SBDC is the only SBDC in the country leading an SSBCI program; it manages, allocates and distributes SSBCI funds in 西瓜视频 and works with lenders and investment firms to ensure these resources reach businesses that might struggle to secure traditional loans due to their size or industry. The program offers a variety of funding mechanisms, including loan guarantees, loan participations, equity investments and collateral support. These programs are specifically designed to address the unique challenges 西瓜视频鈥檚 small businesses face. They focus on supporting investments in businesses owned by Socially and Economically Disadvantaged Individuals and Very Small Businesses.

UAA's commitment to 西瓜视频's economic well-being shines through the 西瓜视频 SSBCI program, which cultivates a diverse small business ecosystem to empower 西瓜视频's entrepreneurs and contribute to a stronger 西瓜视频 economy essential for job creation and growth.

鈥淯AA embraces our role as a trusted community partner, and 西瓜视频 SBDC exemplifies this strategic aspiration. UAA is proud to host the 西瓜视频 SSBCI program and is excited to observe the achievements of 西瓜视频n businesses that these funds have supported and will continue to support in the future,鈥 said UAA Vice Chancellor for Research Aaron Dotson.

This new round of funding signifies the ongoing success of the 西瓜视频 SSBCI program, the continuing growth of 西瓜视频鈥檚 small business sector and its positive impact on the state's economy. This program is one of the many ways UAA and the 西瓜视频 SBDC continue to innovate and lead business and economic development efforts in 西瓜视频.

"Empowering 西瓜视频鈥檚 smallest businesses: 西瓜视频 SBDC secures second round of $19M funding for 西瓜视频 State Small Business Credit Initiative" is licensed under a .