Alaska’s small businesses are a driving force in the state’s economy. A new annual report by the Alaska Small Business Development Center (SBDC) reveals they are increasingly led by women, veterans, and new entrepreneurs.
The 2023 Alaska SBDC Annual Report highlights a year of impactful support, featuring success stories of businesses that secured funding, expanded operations, and launched thanks to Alaska SBDC guidance. The report also features a new “State of Small Business” section and Special Programs overview, offering valuable insights into Alaska’s entrepreneurial landscape.
“Alaska’s small businesses are a crucial part of the state’s economy, and the Alaska SBDC is proud to be able to support them. This year, we have developed and deployed unprecedented new programs, funding sources, and resources for Alaska’s entrepreneurs in addition to our existing business support services. As this report shows, the results of those efforts are paying off,” said Alaska SBDC State Director Jon Bittner.
The annual report reveals how Alaska’s small businesses thrive despite inflation and hiring challenges outlined in the recently published 2023 Alaska SBDC Small Business Survey. It also highlights how the Alaska SBDC empowers entrepreneurs with resources to overcome these obstacles and the impact in 2023. Findings show:
- Alaska SBDC advisors supported businesses in 100 communities, empowering rural entrepreneurs in 78 communities.
- Alaska SBDC clients secured over $37 million in new funding in 2023, fueling business expansion and innovation.
- Alaska SBDC Special Programs support clients, helping them with promotion, innovation, and securing funding, particularly for underserved communities.
Notably, the Alaska SBDC is the only SBDC in the nation to serve as an administrative lead for a State Small Business Credit Initiative (SSBCI) program.
In its first nine months of operation, Alaska SSBCI helped secure $28.9 million in loans to 34 small businesses across 22 communities. It has also helped secure $66.9 million in loan values to 74 businesses across 26 communities.
The new “State of Small Business” section, in partnership with the University of Alaska Center for Economic Development at the UAA Business Enterprise Institute, offers a comprehensive analysis of Alaska’s entrepreneurial landscape, revealing key trends:
Alaska SBDC clients are likelier to be women, BIPOC individuals, and veterans.
Despite economic challenges, Alaska has seen a positive trend in new business formation since 2018, showcasing a strong entrepreneurial spirit.
While optimistic, small business owners remain concerned about accessing capital and hiring qualified workers.
The Alaska SBDC remains committed to providing the support and resources needed for continued statewide growth via its core services and special programs:
- No-fee and confidential business advising and online resources and tools
- Low-fee and no-fee workshops and training programs
- Exposure and support through the BuyAlaska program
- Innovation preparation with Technology, Research, Education, & Development (TREND)
- Accessing funding with the Alaska State Small Business Credit Initiative (SSBCI)