Alaska has been approved to receive nearly $60 million for small business assistance.
FAIRBANKS, Alaska - The U.S. Department of the Treasury announced on Tuesday that eleven states have been approved for additional funding under the State Small Business Credit Initiative program.
The loan guarantee program has been allocated $32 million. The LGP helps ensure capital goes to those small businesses experiencing lower than usual revenues. Alaska allocated $10 million to its equity/venture capital program which targets maritime business and industries. The reaming $2 million are allocated to the collateral fund program, enabling lenders to lend to higher-risk industries and businesses. For the collateral fund program, the funds from the state small business credit initiative will be used as collateral to offset lender exposures.
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