Alaska Growth Capital

2012 SBA Alaska Community Lender of the Year

jualbright — Mon, 08 Apr 2013 17:31:38 +0000

It is a great accomplishment to be recognized once again as SBA’s Community Lender of the year for Alaska. We thank Arctic Slope Regional Corporation and its shareholders for their continued support, AGC’s motivated team for their dedication and hard work as we actively strive to meet our mission in assisting Alaskan businesses grow. We are also grateful for the partnership that we at AGC have built with the SBA over the past 15 years.

Alaska Growth Capital Featured in Alaska Business Monthly [sample]

Sun, 11 Mar 2012 22:36:11 +0000

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CEO Hugh Short to Speak at Business Of Clean Energy Conference [sample]

Sun, 04 Mar 2012 22:35:46 +0000

SBA Recognizes Alaska Growth Capital as Top Community Lender (sample)

Tue, 21 Feb 2012 22:34:56 +0000

2011 SBA Alaska Community Lender of the Year

Tue, 18 Oct 2011 20:45:23 +0000

The SBA Alaska District Office has recognized Alaska Growth Capital as the 2011 SBA Alaska Community Lender of the Year. This award recognizes Alaska Growth Capital’s commitment to providing financial assistance to Alaska’s small business owners, which resulted in the approval of 24 SBA loans totaling $17,815,000 during the federal fiscal year ending September 30, 2011.

As a key SBA lending partner, Alaska Growth Capital plays a vital role providing access to capital for Alaskan entrepreneurs which allows them to grow and create jobs.

Alaska Growth Capital Helps to Secure Comfortable Care for Elders in Northwest Alaska

Tue, 04 Jan 2011 01:21:57 +0000

Alaska Growth Capital BIDCO, Inc. has teamed up with Maniilaq Association, the State of Alaska, Dudley Ventures, LLC, and New York Community Bank to secure $18,635,000 for the construction and operation of a Kotzebue extended‐care nursing home (Elders/Long Term Care) using leverage from a federal community development tax incentive program. Maniilaq Association is a non‐profit corporation which represents a dozen federally‐recognized tribes in Northwest Alaska.

When complete, the 14,340 square foot addition to the Maniilaq Health Center will provide advanced care for up to 18 elders, as well as provide 20 full time jobs. “This facility will ensure that our elders will receive the best possible care close to their families and friends in Northwest Alaska. Our Elders get to stay closer to home without having to go to facilities in Anchorage or Fairbanks, and will receive a higher level of medical care while continuing to live in the region, eat the foods they are accustomed to eating and experience the same cultural activities they are used to,” said Maniilaq President Ian Erlich. Additionally, the State of Alaska will benefit by saving millions in Medicaid dollars, utilizing Federal Medicaid rather than State funds. Since Medicaid rates within Tribally Funded Long Term Care Programs are fully reimbursable by the Federal Government, the State to cover 45% is not required.

The Maniilaq Health Center Elder Care Addition project will receive the funds through a program called the New Markets Tax Credit Program (NMTC), the largest federal community development tax initiative in nearly 20 years. “This federal program takes investment funds from Wall Street to Main Street Alaska,” said Hugh Short, President and CEO of Alaska Growth Capital. “Using New Markets Tax Credits can now bring outside investments to qualified rural and urban areas of Alaska.”

The facility is on schedule to start providing Elder care by late summer of 2011.
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 the largest CDFI certified institution in Alaska.

AGC was allocated $50 million in New Markets Tax Credits in 2009 for funding projects in Alaska and Hawaii, Arizona, and Montana, and facilitated the Elder Care Addition as a Qualified Low‐Income Community Investment project. AGC has received $90 million in allocation authority since 2002.

Alaska Growth Capital and Sheldon Jackson Trustees Agree on Settlement

Mon, 03 Jan 2011 01:18:21 +0000

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.