If you own and operate a business in Alaska, you may be looking for funding options. Look no further! Here you’ll find a list of business grants and loans that are only available for Alaska employers. Take a peek and learn if one of these is a fit for your business.
Department or Agency: Alaska Industrial Development & Export Authority
Loan or Grant title: Alaska Industrial Development & Export Authority Loans
Alaska businesses can apply for a variety of loans through a partnership between Alaska Industrial Development & Export Authority (AIDEA) and Global Credit Union. Loans of up to $250,000 can be used to develop and expand a business, which may include purchasing equipment, using the funds toward working capital, refinancing an existing business loan, or purchasing or developing commercial real estate.
Department or Agency: Alaska Department of Commerce, Community, and Economic Development
Loan or Grant title: Alaska SBIR/STTR Grant Program
Alaska businesses that have been awarded funds through the Federal Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs may be eligible for the Alaska SBIR/STTR Grant Program. The goal of the program is to advance and expand research and commercialization of technology being developed with federal funding. Funds are awarded in amounts up to $125,000 and may be used for business development, market testing, patent filing, related travel expenses, and more.
Department or Agency: Alaska Department of Commerce, Community, and Economic Development
Loan or Grant title: Division of Investments Microloan Program
By helping Alaskan small businesses gain access to capital, this microloan program is promoting economic development throughout the state. The maximum loan amount is $70,000. Businesses can use the funds for working capital, construction, equipment, or other commercial expenses.
Department or Agency: Alaska Department of Commerce, Community, and Economic Development
Loan or Grant title: Division of Investments Rural Development Initiative Fund
The purpose of this loan program is to fund the start and expansion of Alaska businesses in an effort to create long-term employment opportunities. Businesses may be eligible for this loan if they are located in a community with a population of 2,000 or less, or with a population of fewer than 5,000 without a road or railway connection to the cities of Anchorage or Fairbanks. The loan maximum is $300,000.
Department or Agency: Alaska Department of Commerce, Community, and Economic Development
Loan or Grant title: Small Business Economic Development Loans
These loans focus on establishing long-term employment opportunities by financing the start and expansion of private-sector businesses in Alaska. To be eligible, a company must be considered a small business as defined by the Small Business Administration (with fewer than 500 employees), and the business must be located in an Alaskan community with a population of 30,000 or less. Loans are made in amounts up to $300,000 and must be used to create or retain jobs within those eligible communities.
Department or Agency: Alaska Department of Commerce, Community, and Economic Development
Loan or Grant title: Mariculture Loans
These loans are exclusively available for the planning, construction, and operations of mariculture businesses (which cultivate fish or other marine life for food). Eligible businesses must have a permitted mariculture farm within Alaska. Recipients must have mariculture industry training or experience and must be Alsask residents for 24 consecutive months before applying. Borrowers can receive up to $100,000 per year, with a maximum of $300,000.
Department or Agency: Alaska Department of Commerce, Community, and Economic Development
Loan or Grant title: Division of Investments Alternative Energy Loans
The purpose of this program is to provide access to funding for commercial business owners in support of the purchase, construction, and installation of alternative energy systems. The money may also be used toward energy conservation improvement efforts in commercial buildings. Applicants must be residents of Alaska for at least a full year before applying for this loan. The maximum loan amount is $50,000.
Department or Agency: Alaska Department of Commerce, Community, and Economic Development
Loan or Grant title: Commercial Fishing Loan
Commercial fishing operations in Alaska might be eligible for the Commercial Fishing Loan. If you qualify, you can put the loan funds toward purchasing limited entry permits, quota shares, vessels, or gear from the past 12 months, or refinancing vessels or gear loans.
Department or Agency: Alaska Department of Commerce, Community, and Economic Development
Loan or Grant title: Commercial Fishing Loan
The Commercial Charter Fisheries Loan was created to support Alaskan commercial charter operators who need help purchasing charter halibut permits or refinancing vessels and gear. The maximum loan amount is $400,000. To qualify, business owners need to be Alaska residents for at least 24 months before applying.
Department or Agency: Alaska Mental Health Trust Authority
Loan or Grant title: Microenterprise Grant (MEGRANT)
Alaska Mental Health Trust Beneficiaries may be eligible for this grant, which aims to increase self-employment opportunities for people with disabilities. Recipients of this grant can use the funds toward most costs associated with creating a new business, acquiring an existing business, or expanding a current business. To be eligible, a business must qualify as a microenterprise with a maximum of four workers and total capital needs of $35,000 or less.
Department or Agency: Office of Indian Economic Development
Loan or Grant title: Indian Loan Guarantee and Insurance Program
The US Department of the Interior’s Office of Indian Economic Development has a loan guarantee program designed to help American Indian (AI) and Alaskan Native (AN) individuals and tribes get easier access to financing. The maximum loan amount guaranteed for individuals is $500,000, and the funds can be used for working capital, equipment purchases, real estate acquisition, refinancing, construction, and lines of credit. To qualify for a loan, your business entity needs to be at least 51% owned by an enrolled member of a federally recognized AI/AN tribe or group.
Department or Agency: Juneau Economic Development Council (JEDC)
Loan or Grant title: Southeast Alaska Revolving Loan Fund
The Juneau Economic Development Council (JEDC) created the Southeast Alaska Revolving Loan Fund to help local businesses finance projects that will create and retain jobs in the community. If you qualify, you can put the loan funds toward a variety of purposes, including inventory, construction, working capital, equipment purchases, and energy-efficient improvements.
Department or Agency: Alaska State Small Business Credit Initiative (SSBCI)
Loan or Grant title: SSBCI Loan Participation Program
Part of the State Small Business Credit Initiative signed into law in 2021, Alaska’s Loan Participation Program helps underserved businesses get easier access to financing. Loan amounts range from $500,000 to $1.5 million, with a three-year repayment period. Participating lenders will prioritize businesses owned by socially or economically disadvantaged individuals (SEDI) and very small businesses.
Department or Agency: McKinley Alaska Growth Capital (MAGC)
Loan or Grant title: Business Loans
McKinley Alaska Growth Capital (MAGC) provides a variety of loans to small businesses to businesses in rural markets, businesses that don’t qualify for traditional bank requirements, and businesses that don’t have collateral. The average loan size is $1.2 million, and businesses can put the funds toward long-term working capital, business acquisition, real estate purchases, equipment purchases, and debt refinancing.
Department or Agency: Spruce Root
Loan or Grant title: Spruce Root Business Loan
Spruce Root, a certified CDFI, has a flexible business loan program designed to serve startups and existing businesses in Southeast Alaska. The maximum loan amount is $250,000, and funds can be used for startup capital, working capital, leaseholder improvements, and business expansion efforts.
Department or Agency: Spruce Root
Loan or Grant title: Path to Prosperity Business Development Competition
As part of its suite of business resource programs called Path to Prosperity, Spruce Root has a business development competition geared toward businesses in Southeast Alaska that have a positive social, ecological, and economic impact on their communities. If your business qualifies for application, you could receive $20,000.
