Growing Economic Opportunity, Rooted in Community
As a certified Native Community Development Financial Institution (CDFI) and Community Development Entity (CDE), empowering communities is central to McKinley Alaska Growth Capital’s (MAGC) mission. Successful businesses are the foundation for stronger communities and broad based economic development. MAGC works with partners to help create jobs by providing small business loans, tax credits, credit counseling, business consulting, and grants to aspiring entrepreneurs and business owners. MAGC regularly engages with partners across the state of Alaska and nationwide to promote the development of Alaska Native entrepreneurs and businesses, and to advocate for policies that benefit small businesses and rural/Native economies.
What is a CDFI?
Community Development Financial Institutions exist to spur economic development and job creation in areas that most need it across the U.S. CDFIs are private and non-profit institutions that are 100% dedicated to delivering responsible, affordable lending to help borrowers reach their full potential. MAGC is a certified Native CDFI, which means that at least 50% of our activities primarily serve Native Americans, Alaska Natives, and/or Native Hawaiians.
Since its founding, AGC has received over $10 million in CDFI Fund and Native American CDFI Assistance (NACA) funds, which it deploys through business loans that benefit Alaska’s rural, predominantly Alaska Native communities. The CDFI Fund’s Native Initiatives can be traced back to 1994 when Congress mandated, through the CDFI Fund’s authorizing statute, a study on lending and investment practices in Native communities. The findings revealed what many in Alaska already know – that Native communities can face unique challenges to economic growth. MAGC is proud to support Alaska’s indigenous peoples and rural communities from Utqiaġvik on the North Slope to Ketchikan in Southeast.
New Markets Tax Credits
In an effort to attract additional private investment into low-income, rural communities and neighborhoods, MAGC participates in the CDFI Fund’s New Markets Tax Credit (NMTC) program, which can help subsidize the cost of large infrastructure and community projects. MAGC has successfully deployed $100 million in NMTC, receiving NMTC allocation in 2002, 2003, 2009, and 2020. To date, AGC is the only Alaska-based entity to have receive federal NMTC allocation. MAGC actively applies for NMTC allocation annually and partners with organizations across the country to bring these tax credits to Alaska’s projects.
North Slope Marketplace
Since 2009, MAGC has led a business plan competition for Arctic Slope Regional Corporation Iñupiat shareholders on the North Slope of Alaska, the North Slope Marketplace, investing over $1 million in over 50 businesses in the region to date.
In an effort to support vitality and innovation in Alaska’s entrepreneur community, MAGC regularly sponsors entrepreneur and community events such as Alaska Startup Week, and is an investor in the state’s first business accelerator – Launch Alaska.