Alaska Growth Capital BIDCO, Inc. (AGC), a Native Community Development Financial Institution (CDFI), is proud to announce it received a $30 million allocation of federal New Markets Tax Credits (NMTC) to invest in catalytic businesses and community projects across the state of Alaska.

With this allocation, provided by the U.S. Department of the Treasury’s CDFI Fund, Alaska Growth Capital will focus its investment in areas of high poverty and remoteness; advancing increased commercial services to off-the-road communities and minority-owned businesses serving Alaska Natives.

Alaska is the largest state in the union with over 570,000 square miles of land. With roughly 700,000 residents, Alaska also has the lowest population density of any state. Over 85% of Alaska’s communities are not connected by road and are only accessible by air or water. The sheer size of Alaska paired with its low population and limited infrastructure has resulted in extremely high costs of living and doing business. Alaska’s rural and low-income communities need to be reinvigorated through investment and brought up to the basic standard of living that many in the continental U.S. enjoy. AGC is excited to work with mission-aligned businesses and projects seeking to build a strong, vibrant Alaska for all.

“Alaska Growth Capital’s goal is to create economic opportunity that is rooted in community,” said Taka Tsukada, President and CEO of Alaska Growth Capital. “This award will allow us to foster critical projects that will catalyze economic growth today and into the future for our state.”

Founded in 1997, Alaska Growth Capital, based in Anchorage, is an industry leader in innovative financing, particularly in its service of Non-Metropolitan areas of Alaska and Alaska Native communities. Created to fill the financing gap between conventional banks and venture capital, Alaska Growth Capital has deployed over $600 million in capital to its customers, including $90 million of NMTC capital and $10 million of CDFI Fund and Native American CDFI Assistance (NACA) funds, since its inception.

Alaska Growth Capital is a wholly owned subsidiary of Arctic Slope Regional Corporation (ASRC), an Alaska Native corporation, owned by and representing the business interests of 13,000 Iñupiat shareholders. Established by Congress in the 1971 Alaska Native Claims Settlement Act (ANCSA), today, ASRC is the largest locally owned and operated business in Alaska with 13,000 employees and annual revenue of over $3 billion.