In an effort to resolve a four-year old debt incurred by the institution, Sheldon Jackson College and Alaska Growth Capital (AGC) have agreed to terms to release AGC’s interest in SJ properties.
“We have worked hard to cooperate with Sheldon Jackson to help it get back on its feet and to continue the mission of educating young people statewide,” said Jacob Adams, chairman of Arctic Slope Regional Corporation. “Sheldon Jackson has been an important educational institution for Alaskans statewide and for the leadership here on the North Slope. We hope that this will give the college a boost to continue with its future plans.”
With the assistance of Alaska Growth Capital, an Arctic Slope Regional Corporation company, Sheldon Jackson has been able to liquidate some of its assets toward debts that included a loan package delivered by AGC. This will allow the Sheldon Jackson Trustees to work with community partners to further the educational legacy of the SJ Campus.
“This is a wonderful holiday announcement,” said Dr. Shirley J. Holloway, chair of the Sheldon Jackson Board of Trustees. “On behalf of the board of trustees, we thank AGC and ASRC for their steadfast commitment to help us save the core campus for future educational opportunities for Alaska.”
AGC worked with the trustees to find a mutually agreeable settlement between the two entities. Settling the account comes four years after Sheldon Jackson was approved for a working capital loan administered by AGC.
“AGC has cooperated with Sheldon Jackson officials over the past four years to make an effort to reduce the college’s debt,” said Adams. “ASRC and AGC hope that this agreement will allow the remaining Sheldon Jackson campus properties to proceed to further the SJ legacy.”
Alaska Growth Capital is an ASRC company that offers business loans guaranteed by the Small Business Administration (SBA) and U.S. Department of Agriculture (USDA); as well as a Community Development Finance Institution with U.S. Treasury allocation authority for New Markets Tax Credits.