The U.S. Department of the Treasury announced Tuesday that Alaska is among 11 states to be approved for the most recent round of State Small Business Credit Initiative funding.
, Alaska is set to receive $59.9 million in SSBCI monies that will be directed to lenders in order to provide opportunities for commercial fishing, mariculture, tourism, manufacturing, and other industries. The release said that Alaska’s funding will be split up into four programs.
Alaska’s $59.9 million will be split into four programs — the largest of which is the Alaska Loan Guarantee Program — aimed at providing funding to small businesses that are facing revenues below what they would see in a typical year. There is $32 million allocated to the loan guarantee program, $15.
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