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The Alaska Marketplace
McKinley Alaska Growth Capital Spearheads Expansion of Flagship Marketplace Business Plan Competition Across Alaska

Anchorage, Alaska – Alaska Growth Capital BIDCO, Inc., doing business as McKinley Alaska Growth Capital (MAGC), is excited to announce a significant milestone in its mission to foster economic empowerment among Alaska Native communities across Alaska. In 2024, MAGC is expanding its flagship Marketplace Business Plan Competition in partnership with two additional Alaska Native Regional Corporations: Bristol Bay Native Corporation (BBNC) and The Aleut Corporation (TAC).

This expansion builds upon the success of MAGC’s North Slope Marketplace (NSM); a business plan competition open to Arctic Slope Regional Corporation (ASRC) Shareholders. Since 2009, ASRC Shareholders with innovative business ideas have been able to apply to win up to $25,000 in seed capital to start or grow their business. Through the competition, MAGC has deployed over $1 million into the North Slope economy, empowering more than 60 small businesses to thrive and contribute to Alaska’s economic landscape.

The program provides participants with a comprehensive series of training sessions through a 10-month cycle. These sessions provide essential skills of entrepreneurship, including business ideation, customer discovery, financial projection preparation, and marketing and branding strategies. Delivered in collaboration with valued partners such as the University of Alaska Center for Economic Development, Spruce Root, Anchorage Community Land Trust, and others, this training ensures participants receive expert guidance and insight from industry leaders prior to competing for award funds. Semifinalists of the competition are invited to attend a 3-day-long business boot camp where they will have the opportunity to meet professionals from across Alaska’s business community, network with other entrepreneurs, and learn how to write comprehensive business plans.

In expanding its Marketplace programs, MAGC’s Aleut Shareholder Marketplace (ASM) is open to Aleut Shareholders and Registered Descendants, and its Bristol Bay Marketplace (BBM) is open to Bristol Bay Native Corporation Shareholders, Descendants, and Spouses. This work not only extends support to these regions and communities but also reflects a collective commitment by MAGC and its partners to catalyzing an entrepreneurial spirit statewide.

“Entrepreneurs and small businesses are the backbone of our communities. At MAGC we get the opportunity to serve this network of innovative, hardworking individuals every day. I’m so proud of the educational foundation that the Marketplace business plan competition provides alongside critical seed capital to start or grow a business,” said Mary Miner, Vice President of Community Development at McKinley Alaska Growth Capital.

“Mary and our team do outstanding work as a creative catalyst for entrepreneurship across Alaska. This program couldn’t exist without our many partners, financial supporters, and stakeholders, and we’re honored to lead this effort to support rural and indigenous entrepreneurship in Alaska,” said Logan Birch, President at Mckinley Alaska Growth Capital.

Launching in April, Shareholders from ASRC, BBNC and TAC can apply for a chance to secure a spot in the program, attend the business boot camp, and win up to $25,000 in award funds from their respective competition.

For media inquiries or to learn more about the North Slope Marketplace, Aleut Shareholder Marketplace, or the Bristol Bay Marketplace business plan competitions, please visit www.alaskagrowth.com and select “Marketplace”.

About McKinley Alaska Growth Capital

McKinley Alaska Growth Capital (Alaska Growth Capital BIDCO, Inc.) is a leading provider of business loans, tax credits and development services across Alaska and the western U.S. utilizing programs offered by the Small Business Administration (SBA), U.S. Department of Agriculture (USDA), and Community Development Financial Institution (CDFI) Fund. As a certified Native CDFI, more than 60 percent of McKinley Alaska Growth Capital’s activities serve Alaska Native, Native American, and Native Hawaiian businesses and communities. It is the largest non-bank Native CDFI SBA lender in the country. McKinley Alaska Growth Capital strives to support businesses who find traditional lenders unable to meet their needs, specializing in serving clients that are located in and/or serving rural communities. McKinley Alaska Growth Capital is a subsidiary of McKinley Management, LLC with investment from Bristol Bay Native Corporation.

For more information, visit www.alaskagrowth.com.

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The Aleut Corporation Launches Business Plan Competition Partnership

The Aleut Corporation partners with McKinley Alaska Growth Capital to launch a business plan competition for Aleut shareholder entrepreneurs starting and growing businesses.

Anchorage, Alaska – The Aleut Corporation (Aleut) has partnered with McKinley Alaska Growth Capital (MAGC), a Native Community Development Financial Institution (CDFI) to launch the Aleut Shareholder Marketplace, an entrepreneurial focused program for Aleut shareholders and registered descendants in Alaska.

MAGC has been administering a Marketplace Business Plan Competition in partnership with Arctic Slope Regional Corporation since 2009 and is excited to now offer its Marketplace Business Plan Competition in partnership with other regions of the state. Through the Marketplace, MAGC provides comprehensive technical assistance, followed by a financial award, giving individuals the knowledge, mentorship, and resources to successfully launch and sustain their business ventures. MAGC’s Marketplace is exclusively open to Alaska Native entrepreneurs and businesses owners in Alaska.

The Aleut Shareholder Marketplace will begin with a business concept application. Aleut shareholders and registered descendants with a business idea, or existing business looking to expand, are eligible to apply. A panel of judges will then select the top 10 concepts to move forward in the competition. Semi-finalists will have the opportunity to participate in several trainings, including a 3-day Business Boot Camp. Throughout these trainings entrepreneurs will learn how to write a comprehensive business plan and prepare financial projections. They will also connect with each other and an extensive network of mentors, leaders, and business coaches. The top three business plans will receive a financial award to start or grow their business.

“Through the Aleut Shareholder Marketplace, we are able to encourage the entrepreneurial spirit and foster economic growth, while fulfilling Aleut’s mission to our shareholders. By investing in the potential of our people, we are investing in the future prosperity of the Unangax̂ community.”

• Skoey Vergen, Aleut President & CEO

The Aleut Shareholder Marketplace will officially open on April 15.

This program is made possible by a network of strategic partnerships between McKinley Alaska Growth Capital, Aleut Corporation, Spruce Root, University of Alaska Center for Economic Development, Anchorage Community Land Trust, and others.

For program information and announcements please follow McKinley Alaska Growth Capital and The Aleut Corporation on Facebook and LinkedIn.

About The Aleut Corporation

The Aleut Corporation (Aleut) is an Alaska Native corporation (ANC) created under the Alaska Native Claims Settlement Act (ANCSA) in 1971. Aleut’s mission is to maximize dividends and provide opportunities for our over 4,000 Aleut/Unangax̂ shareholders. The Aleut region spans 1,100 miles from the western part of the Alaska Peninsula throughout the Aleutian Chain, including the Pribilofs Islands. Visit our website for more information: https://aleutcorp.com/

For Media Inquiries, please reach out to Kate Gilling, [email protected].

About McKinley Alaska Growth Capital 

McKinley Alaska Growth Capital (Alaska Growth Capital BIDCO, Inc.) is a leading provider of business loans, tax credits and development services across Alaska and the western U.S. utilizing programs offered by the Small Business Administration (SBA), U.S. Department of Agriculture (USDA), and Community Development Financial Institution (CDFI) Fund. As a certified Native CDFI, more than 60 percent of McKinley Alaska Growth Capital’s activities serve Alaska Native, Native American, and Native Hawaiian businesses and communities. It is the largest non-bank Native CDFI SBA lender in the country. McKinley Alaska Growth Capital strives to support businesses who find traditional lenders unable to meet their needs, specializing in serving clients that are located in and/or serving rural communities. McKinley Alaska Growth Capital is a subsidiary of McKinley Management, LLC with investment from Bristol Bay Native Corporation.

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Biden-Harris Administration Takes Historic Step in Expanding Access to Capital and Filling Lending Gaps in Underserved Communities
New Licenses Mark Milestone Achievement in Biden-Harris Administration Efforts to Increase Access to Capital

WASHINGTON – Today, Administrator Isabel Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 33 million small businesses, announced that the SBA has granted three new Small Business Lending Company (SBLC) licenses to lenders focused on historically underserved markets – the first expansion of the SBLC program in more than 40 years. The lending companies – Arkansas Capital Corporation, Alaska Growth Capital BIDCO, Inc., and Funding Circle – will help support SBA’s ongoing efforts to increase access to affordable capital for business owners in underserved markets across America, expanding on the Biden-Harris Administration’s agenda to advance equity and build an inclusive economy.

“The success of America’s 33 million small businesses is a pillar of Bidenomics and foundational to the prosperity of our economy, global competitiveness, and democracy,” said Administrator Isabel Guzman. “Persistent barriers to capital, especially smalldollar loans, still pose a challenge to many of the entrepreneurs who power our economy. The Biden-Harris Administration remains committed to filling capital market gaps – and the expansion of the SBA’s SBLC program after more than forty years is a monumental step forward in this crucial effort. With the addition of three new Small Business License Companies, the SBA will be able to serve even more small business owners who need capital to start, operate, and grow their businesses.”

In June, the SBA announced that it had opened a window for new applications for Small Business Lending Company (SBLC) licenses. The SBA approves Small Business Lending Company Licenses for selected non-depository lenders to increase responsible small business lending. An SBLC license allows the lending organization to utilize government guarantees when underwriting small business loans to reduce the level of risk to the lender and cost to the borrower. As a result, SBLCs are positioned to write higher volumes of loans to small businesses than possible without a government guarantee. The SBA’s existing SBLCs outperform banks and credit unions in lending to minority-owned businesses. There are currently 14 SBLC licenses in the marketplace, and the addition of Arkansas Capital Corporation, Alaska Growth Capital BIDCO, Inc., and Funding Circle will bring the total to 17, helping bring capital to new markets.

“For over thirty years, Arkansas Capital Corporation has used the SBA 7(a) program to support small businesses in underserved areas of Arkansas where accessing capital is uniquely cumbersome,” said Sam Walls III, CEO of Arkansas Capital Corporation. “Arkansas Capital has bolstered regional economic development, but now with this SBLC license, we can widen our SBA 7(a) footprint as well, expanding our services to rural and poverty-stricken areas in the South to start. We are honored that the SBA chose Arkansas Capital as one of the three recipients of this license, and we look forward to working with the SBA in the years to come as we seek to break down barriers to accessing affordable, reliable capital.”

“McKinley Alaska Growth Capital is thrilled to receive a new SBLC license that will allow our community-focused SBA lending program to grow,” said Logan Birch, President and Chairman of McKinley Alaska Growth Capital. “As a successful, dedicated SBA lender for more than 25 years in Alaska and as a certified Native Community Development Financial Institution, we’re proud of our focus and expertise in supporting businesses in rural and Indigenous communities that often lack the financial resources of urban centers. Our business model thrives on local collaboration and creative partnerships, and with this SBLC license, we will be able to offer our services to even more underserved markets outside of Alaska. Our experienced, hands-on team of SBA lenders looks forward to helping support the next generation of entrepreneurs.”

“We are excited to help more small businesses across the United States get access to the capital they need to succeed,” said Steve Allocca, Managing Director at Funding Circle U.S. “By leveraging our advanced data and technology platform, and providing a superior customer experience, Funding Circle is excited to expand our lending across the country for 7(a) Small Loans under $500,000, by providing creditworthy small businesses in low-moderate income neighborhoods and rural areas access to affordable capital to start, run and grow their businesses.”

Each of the three new SBLC license holders will focus on historically underserved markets, including small businesses in Native, rural, and low-income communities. By broadening the SBA’s network of lenders, the Biden-Harris Administration is ensuring more small business borrowers can get funded, which means more opportunities for small businesses to expand, innovate, and create jobs. The expansion complements the SBA’s granting of permanent status to mission-based lenders under the Community Advantage SBLC license. Last month, the SBA announced that the portfolio of lenders licensed to make small SBA loans under the Community Advantage program had grown to 143. This announcement builds on the SBA’s modernization of its loan programs, helping promote more small business lending by streamlining credit criteria and cutting red tape for SBA lenders.

Background on the New SBLC Licensees

Arkansas Capital Corporation is a community development finance institution (CDFI) that has deployed more than $2.34 billion in capital to small businesses and economic development projects in Arkansas and the bordering states since its inception in 1957. Since 2019, more than half of their lending has gone to Persistent Poverty Counties — counties with 20 percent poverty for 30+ years. Receiving an SBLC license from the SBA will allow Arkansas Capital Corporation to expand its SBA lending to Mississippi, Tennessee, Oklahoma, Louisiana, Missouri, and Texas – states that contain nearly 40 percent of all persistent poverty counties nationwide.

Alaska Growth Capital BIDCO, Inc., doing business as McKinley Alaska Growth Capital, is an Alaska-based Business and Industrial Development Corporation (BIDCO) and Native CDFI that has provided small business loans and technical assistance since it was founded in 1997. As a certified Native CDFI, more than 60 percent of Alaska Growth Capital’s activities serve Alaska Native, Native American, and Native Hawaiian businesses and communities. It is the largest non-bank Native CDFI SBA lender in the country. The SBLC license designation will allow Alaska Growth Capital to reestablish its ability to lend in underserved markets outside of Alaska, starting with Hawaii, Washington, and Montana.

Funding Circle is a leading online lending platform for small business financing. Founded in 2010 to address the shortage of traditional credit sources for small businesses, Funding Circle has originated more than 56,000 loans totaling more than $4.5 billion to 45,000 small businesses in the U.S. Funding Circle increases access for borrowers who are less likely to receive credit from traditional banks, with 33 percent of all current loans going to small businesses in low-to-moderate income neighborhoods and 40 percent going to small businesses in rural areas. One of the most challenging market gaps in small business lending is loans under $150,000, and with an average loan size of $153,700 – well below the average SBA 7(a) loan size of $480,000 – Funding Circle will be able to deepen its current focus on originating small loans to small and underserved businesses with its new SBLC license.

About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

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McKinley Alaska Growth Capital is the top SBA 7(a) lender in Alaska for FY 2023

ANCHORAGE, Alaska — Alaska Growth Capital BIDCO, Inc., doing business as McKinley Alaska Growth Capital, announced it was the top lender in Alaska for loan volumes for the Small Business Administration (SBA) 2023 Fiscal Year (FY) for the SBA 7(a) loan program. During SBA’s FY 2023, McKinley Alaska Growth Capital extended a total of $15.3 million under the flagship 7(a) program, leading 28 lenders who provided SBA 7(a) loans in Alaska throughout the year.

The SBA 7(a) program is the SBA’s primary business loan program providing financial assistance to small businesses and is used by eligible businesses for working capital, equipment purchases, refinancing business debt, acquiring or improving real estate, and business acquisitions.

“Our team, expertise, and overall commitment to the SBA loan program is unmatched in Alaska and we’re proud to be the top SBA 7(a) lender. I am particularly proud of our expertise and leadership in financing small business acquisitions utilizing the SBA loan program. If you are buying or selling a business that requires up to $5 million of financing, I would encourage you to reach out to our team to see how we can help,” said Logan Birch, President of McKinley Alaska Growth Capital. “We are a deeply experienced, collaborative, and community-focused lender and we’re committed to helping Alaska small businesses grow.”

You can read client stories about how McKinley Alaska Growth Capital helped its borrowers at www.AlaskaGrowth.com/Stories

All loans are subject to approval, terms, conditions, availability, SBA eligibility and are subject to change.

About McKinley Alaska Growth Capital

McKinley Alaska Growth Capital (Alaska Growth Capital BIDCO, Inc.) is a leading provider of business loans, tax credits and development services across Alaska and the western U.S. utilizing programs offered by the Small Business Administration (SBA), U.S. Department of Agriculture (USDA), and Community Development Financial Institution (CDFI) Fund. McKinley Alaska Growth Capital strives to support businesses who find traditional lenders unable to meet their needs, specializing in serving clients that are located in and/or serving rural communities. McKinley Alaska Growth Capital is a subsidiary of McKinley Management, LLC with investment from Bristol Bay Native Corporation.

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NEW PROJECT EXPANDS BROADBAND ACCESS IN NORTHWEST ALASKA

July 2023 Anchorage – Unicom, Inc., (a GCI Communication Corp. (GCI) subsidiary) is expanding broadband internet into two rural, Alaska Native communities (Deering and Kivalina) in Alaska’s Northwest Arctic Borough. Building on more than a decade long commitment to developing internet connectivity across rural Alaska, the newest Unicom project continues the company’s work to provide an ease of operations for Alaska’s businesses, as well as facilitate advancements in telemedicine capabilities and distance learning opportunities for the 634 community residents. Due to the network’s location and relatively low user base, Alaska Growth Capital BIDCO, Inc. doing business as McKinley Alaska Growth Capital (MAGC), in collaboration with U.S. Bank, secured $9 million in flexible and affordable financing under the New Markets Tax Credit (NMTC) program in support of Unicom.

Dr. Gary Ferguson 11V, ice Chair of Aleut Corporation, and a member of MAGC’s Advisory Board, understands firsthand the benefits of broadband across rural Alaska. Dr. Ferguson shared, “It’s almost impossible to have any kind of video meeting. Access to fast, reliable internet will support advanced business operations as well as be a huge bonus for community residents.”

Believing in the impacts that broadband infrastructure can have on rural Alaska, MAGC provided financing support under the NMTC program for GCI Unicorn’s first network expansion in western Alaska in 2011. Over a decade later, MAGC continued its support of Unicom with an NMTC investment in 2022 to bring broadband internet to the Aleutians.

About New Markets Tax Credits

Established by Congress in 2000, the NMTC Program – a Department of the Treasury’s Community Development Financial Institution (CDFI) Fund initiative – has deployed almost $56 billion into low-income communities and disadvantaged businesses through the end of fiscal year 2020. NMTC award recipients, such as MAGC, have collectively created or retained nearly 871,000 jobs and built or rehabilitated an estimated 231.5 million square feet of commercial real estate.

Since 2002, MAGC has won $120 million in NMTC Allocation through four competitive application rounds. These allocations have been used to fund small business loan pools as well as non-profit and for-profit projects in low-income communities across Alaska, and western United States. MAGC actively applies for NMTCs annually and is looking for businesses and/or community projects with a total budget of $5 million or greater, in need of last mile funding to move a project forward towards execution. Specific areas of interest to MAGC include broadband, energy, and community facilities. As a Native CDFI, MAGC also aims to support Native lead initiatives and communities with NMTC.

About McKinley Alaska Growth Capital McKinley Alaska Growth Capital (Alaska Growth Capital BIDCO, Inc.) is a leading provider of business loans, tax credits and development services across Alaska and western U.S. utilizing programs offered by the Small Business Administration (SBA), U.S. Department of Agriculture (USDA}, and Community Development Financial Institution (CDFI) Fund. McKinley Alaska Growth Capital strives to support businesses who find traditional lenders unable to meet their needs, specializing in serving clients that are located in and/or serving rural communities. McKinley Alaska Growth Capital is part of McKinley Management and works with fellow companies McKinley Capital, McKinley Alaska, and McKinley Research to provide investment, lending, and research services to clients.

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10 North Slope businesses selected to compete for up to $25,000 each
10th year of business plan competition has provided training and over $1M to ASRC entrepreneurs

ANCHORAGE, Alaska — McKinley Alaska Growth Capital announced 10 finalists in this year’s North Slope Marketplace business plan competition. The 10 entrepreneurs were selected by judges from 23 applicants representing 7 communities. The finalists will now advance to the second round of the competition – a three-day in- person Business Boot Camp hosted in Utqiagvik this August. At Boot Camp, finalists will have access to business resources, work with mentors, and receive one-on-one consulting to develop their business models and plans. Three finalists will then be selected to win up to $25,000 each to grow their businesses.

2023 Finalists:

Since its beginning in 2009, North Slope Marketplace has received more than 200 applications from Arctic Slope Regional Corporation shareholder entrepreneurs. The program has trained 10 finalists at Business Boot Camp and awarded over $1,000,000 to more than 50 winners to help them build their small business.

“Small businesses are the lifeblood of our communities, and the North Slope Marketplace aims to support small businesses and new entrepreneurs across the North Slope,” says McKinley Alaska Growth Capital Vice President of Community Development, Mary Miner. She added, “Some of the entrepreneurs we will work with at our training are bringing products and services to communities for the first time and are extremely passionate and excited about starting their own business.”

About North Slope Marketplace

The North Slope Marketplace is a program of McKinley Alaska Growth Capital offered to Arctic Slope Regional Corporation shareholders living in Alaska. The award-winning program began in 2009 and aims to provide training and capital to ASRC shareholders looking to start or further develop their business. Alaska Growth Capital was a subsidiary of Arctic Slope Regional Corporation until 2022 when it was acquired by McKinley Management.

About McKinley Alaska Growth Capital

McKinley Alaska Growth Capital (Alaska Growth Capital BIDCO, Inc.) is a leading provider of business loans utilizing programs offered by the Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA). The Company strives to support businesses who find traditional lenders unable to meet their needs, specializing in serving clients that are located in and/or serving rural communities.

McKinley Alaska Growth Capital is part of McKinley Management and works with fellow companies McKinley Capital, McKinley Alaska, and McKinley Research to provide investment, lending, and research services to clients.

Media contact: Madi Hanneman | [email protected] | 907.347.8338

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Adds lending and community development capabilities to Anchorage–based investment firm ANCHORAGE, Alaska — McKinley Management, LLC (McKinley) has acquired Alaska Growth Capital BIDCO, Inc. (Alaska Growth Capital or AGC) from Arctic Slope Regional Corporation (ASRC).

“Alaska Growth Capital is a natural fit with McKinley’s investment business,” said McKinley Chief Executive Officer Rob Gillam. “With this acquisition, we’re excited to add a company with a talented team, a long history of supporting Alaska businesses, and a commitment to supporting community development throughout Alaska.

Alaska Growth Capital adds valuable capabilities to our financial platform, which enhances our ability to positively impact Alaska’s economy.” In support of this important transaction, McKinley has partnered with Bristol Bay Native Corporation (BBNC), a leading Alaska Native Regional Corporation.

BBNC will be a shareholder of AGC, as well as provide leadership on the board of directors and partnership on economic and shareholder initiatives throughout the Bristol Bay region. AGC will continue to be a leading Native Community Development Financial Institution (Native CDFI), focusing its impact and efforts on serving underserved communities. Current McKinley employee Logan Birch has been named president of the company which will be renamed McKinley Alaska Growth Capital.

Birch served as president of AGC from 2017–2019 and on AGC’s board of directors from 2012–2020. These experiences provide him an in–depth understanding of the business, opportunities for growth, and a close connection to the AGC team. “I am so excited for the AGC team to join McKinley as we seek to build on this amazing platform and grow our statewide impact by supporting businesses that are facing difficulties obtaining credit from traditional sources,” Birch said.

“We’re excited to grow AGC’s existing SBA, USDA, and CDFI products and to develop new sources of debt capital that will help our state grow.” ASRC President and CEO Rex A Rock, Sr., said, “We at ASRC are pleased that the work Alaska Growth Capital does to support underserved communities will continue under McKinley and BBNC’s new ownership.

Our shared commitment to strengthening underserved communities was a cornerstone of the acquisition process.” www.mckinleymgmt.com

McKinley Alaska Growth Capital will be co–located in McKinley’s offices at the JL Tower at 3800 Centerpoint Dr. in Anchorage. All AGC employees are being retained as a part of this transition and McKinley is posting three new jobs today for McKinley Alaska Growth Capital in recognition of the growth opportunities in this important new line of business.

McKinley Alaska Growth Capital will be the third line of business at McKinley, along with McKinley Alaska Private Investment, and McKinley Research Group (formerly McDowell Group). About Alaska Growth Capital Alaska Growth Capital BIDCO, Inc.

(Alaska Growth Capital or AGC) is an innovative alternative lending company based in Anchorage, Alaska, and doing business throughout the northwestern United States. AGC was founded in 1997 as Alaska’s first Business and Industrial Development Corporation (BIDCO), created to promote economic development and job creation by providing loans, investments, and management assistance to businesses.

Today, AGC is the state’s leading provider of business loans utilizing programs offered by the Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA), providing financing up to, and in some cases exceeding, $10 million. AGC is a resource for companies that are finding traditional lenders slow to act or unable to provide financing terms that meet their needs.

Alaska Growth Capital is an 11–time SBA Community Lender of the Year and a certified Native Community Development Financial Institution (Native CDFI). AGC has successfully deployed $100 million of New Markets Tax Credits (NMTC) and provides professional servicing of all assets in its portfolio. AGC is a major lender to the rural and low–income regions in Alaska that are often under–served by the traditional banking system, including many Alaska Native Corporations. Since AGC opened its doors in 1997, it has provided over $600 million in capital to its customers, helping them to create and maintain tens of thousands of jobs.

AGC employs a talented team of professionals dedicated to their customers’ success, with a passion for making their communities stronger. As a registered BIDCO, AGC is regulated by the Alaska Division of Banking and Securities which provides the necessary licensing, regulation, and enforcement that enables AGC to satisfy eligibility requirements for the various programs it participates in.

About McKinley Management, LLC McKinley Management, LLC is a privately held, global investment and research firm based in Anchorage, Alaska, with offices in Juneau and Chicago. Its three business units McKinley Alaska Private Investment, McKinley Research Group and McKinley Alaska Growth Capital work together to provide clients seamless services umbrellaed under one company. More information can be found at mckinleymgmt.com

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Media contact:
Jennifer Thompson, Thompson & Co. Public Relations
[email protected], 907–242–1152

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.

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Greetings,

2019 was quite the year for Alaska Growth Capital (AGC) as we worked across Alaska and beyond to grow economic opportunity, rooted in community. Please see the three infographics accompanying this note for some of the impressive statistics about our impact last year. Here are a few more highlights I’d like to share:

-We received the 2018 Alaska Community Lender of the Year award from the Small Business Administration (SBA) for the 9^th time. We are honored to again be recognized as an innovative and community-focused small business lender. 

-We were awarded $650,000 through the Community Development Financial Institution (CDFI) Fund’s Native American CDFI Assistance Program to support loans in Native communities in Alaska.

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-We submitted a competitive application to the New Markets Tax Credit (NMTC) program, hoping to once again bring these federal tax credits to Alaska to benefit large infrastructure projects in rural and Native communities. We also participated in important federal advocacy around the NMTC program, hoping to increase the tax credits allocated to Native organizations like ours that do work in indigenous communities.

-We said farewell to our former President & CEO Logan Birch, who transferred to fellow ASRC subsidiary, ASRC Energy Services, in summer 2019.  Upon his departure, I transitioned from my previous position as Senior Vice President of Lending to President & CEO. We also said goodbye to loan officer Hilary Upicksoun, who accepted a new opportunity with fellow ASRC subsidiary, Petro Star Inc. 

-In 2019 we welcomed three new staff members – Julie Woodworth, Cody Beech, and Penny Gage. We also welcomed an intern, Brendon Doyle, who is an ASRC Shareholder pursuing an economics and finance undergraduate degree at the University of Alaska Anchorage. Two of our staff – Jennifer Snodgrass and Penny Gage – received the Alaska Journal of Commerce’s “Top Forty Under 40” award in 2019.

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-Our North Slope Marketplace business plan competition for ASRC Shareholders, founded in 2009, underwent significant changes in 2019, including revision of the application process, creation of a cohort model with a three-day intensive businesses training on the North Slope (rather than flying in Semi-Finalists to do a training in Anchorage), and incorporation of a mentor program. We also initiated new partnerships to support the program in 2019 with the Arctic Education Foundation, three fellow ASRC subsidiaries, and the Minority Business Development Association.

I join the entire team at AGC in having gratitude for what was accomplished in 2019. We hope to build on this work in the coming year to help grow Alaska’s economy and support small businesses. 

Here’s to a productive and impactful 2020!

Taka Tsukada
President & CEO, Alaska Growth Capital