Alaska State SSBCI Program

About this programme

The State Small Business Credit Initiative (SSBCI) is a national program that helps small businesses access funding to grow, create jobs, and strengthen local economies. It was originally launched in 2010 and expanded through the American Rescue Plan Act in 2021, providing $10 billion to states, territories, and Tribal governments.

In Alaska, the Alaska Small Business Development Center (Alaska SBDC), part of the University of Alaska Anchorage, leads the state's SSBCI program, funded by the U.S. Department of the Treasury with approximately $59 million over a 10-year period. Alaska SBDC does not lend directly to businesses; instead it distributes SSBCI funding support to banks, credit unions, and investment funds, which then provide loans and investments to eligible small businesses.

Over the life of the program, Alaska SBDC expects this initiative to help generate more than half a billion dollars in business funding, driving hundreds of millions of dollars in private investment into Alaska's small business community.

How it works

The $59 million is split across three programs: the Loan Guarantee Program ($54 million), the Loan Participation Program ($0.9 million), and the Venture Capital/Equity Program ($5 million).

Under the Loan Guarantee Program, Alaska SBDC provides guarantees to lenders on a case-by-case basis, typically up to 50% of the total loan amount for the State program. Lenders must sign a Master Guarantee Agreement to participate, plus a loan-specific addendum verifying program and borrower eligibility; once approved, the guarantee amount is placed into a Certificate of Deposit (CD) with the lender. Program staff do not re-underwrite the loan; they review the bank's own lending assessment to confirm the guarantee request is reasonable and meets program requirements.

The lender remains responsible for servicing, collections, and liquidation, and reports delinquencies to Alaska SBDC monthly and annually. If the loan is repaid successfully, the guarantee CD is released back to the SSBCI program for redeployment; in default, the borrower's assets must be liquidated first before the CD covers the guaranteed portion of the lender's loss.

Businesses that qualify as SEDI (Socially and Economically Disadvantaged Individual-owned) or VSB (Very Small Business, fewer than ten people) are given priority in the application process.

Who can apply

The business must have fewer than 750 employees and be operating in the State of Alaska.

The loan or investment round must be $20 million or less. Applicants cannot be registered sex offenders.

Program funds cannot be used for cannabis-related businesses, passive real estate investments, gaming, purchasing an owner's share in the business or reimbursing owner contributions, paying off existing loans (with some limited exceptions), or in connection with other federal funding programs such as SBA, USDA, EDA, or BIA.

How to apply

1. You do not apply to Alaska SBDC directly for a loan. Instead, contact a participating lender from the SSBCI State & Tribal Participating Lender List to inquire about financing options.
2. Lenders who want to participate in the program should contact the Alaska SSBCI team via ssbci.state@aksbdc.org, and Alaska SSBCI staff will connect with them directly about next steps.
3. For the Loan Guarantee Program specifically, the lender executes a Master Guarantee Agreement and a loan-specific addendum, then emails the completed form to the State SSBCI team.

Frequently asked

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Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.