Alaska Small Business Loans

Although it’s known as the Last Frontier, many parts of Alaska are home to vibrant communities and small businesses. 

If you’re looking for an injection of working capital or an emergency business loan, there are several places you can turn to for assistance. Find top lenders for Alaska small business loans and organizations in the state dedicated to helping entrepreneurs succeed.

Did you know roughly 73,300 small businesses contribute to the Alaskan economy, according to the Small Business Administration (SBA)? Additionally, those businesses employ more than 137,000 workers. 

More than 580 small businesses were involved in exporting goods from the state, generating $4.6 billion in total exports. While Alaska is known for its oil and gas industry, other popular sectors include health care, fishing, tourism, hospitality, logistics and transportation.

1. First National Bank Alaska

This Alaska bank has been in business for nearly a century. It has earned an A- rating from the Better Business Bureau (BBB). 

• Letters of credit
• Business credit cards
• Inventory financing
• Accounts receivable loans
• Revolving lines of credit
• Medical practice loans
• Interim construction loans
• Equipment and vehicle loans
• Commercial real estate loans

2. Alaska USA Federal Credit Union

If you’re in search of SBA loans in Alaska, consider this financial institution. It has been in operation since 1948 and is A+ rated with the BBB. 

In addition to SBA loans, Alaska USA small business loans include the following:

• Term loans
• Real estate loans
• Inventory loans
• Equipment loans
• Aircraft loans
• Vessel loans
• Lines of credit
• Business credit cards
• U.S. Department of Agriculture loans
• Alaska Industrial Development and Export Authority (AIDEA) loans

Alaska USA business loans can be secured or unsecured.

3. Northrim Bank

Founded in 1990, this local bank is an active community lender. It has earned a 5-star Facebook rating and an A+ rating with the BBB. Alaska SBA loans are available here as well as the following:

• AIDEA loans
• Business credit cards
• Commercial real estate loans
• Commercial and small business loans
• Alaska Housing Finance Corporation’s multifamily loans

4. First Bank Alaska

This financial institution has been operating in southeast Alaska since 1924. It’s earned a 5-star rating on Facebook and A- rating with the BBB.

Available loan options include the following:

• Business loans
• Lines of credit
• Aircraft loans
• Construction loans
• Real estate loans
• Commercial fishing loans
• Real estate loans
• Boat construction loans
• Equipment loans
• Working capital loans
• Leased land loans
• Business asset loans
• Seasonal business loans

6. Wells Fargo

Although a nationwide bank, Wells Fargo has 40 branches in Alaska. It made Forbes’ America’s Best Banks list. Not only is this financial institution an SBA Alaska lender, but it’s a lender of the following:

• Business loans
• Letters of credit
• Business credit cards
• Business lines of credit
• Health-care practice financing
• Commercial real estate financing

While banks have often been the go-to resource for small business loans, the process to apply and receive funding can be challenging and time-consuming. Qualification requirements have become increasingly difficult for many small business owners to meet too.

Today, alternative lenders are streamlining the process and making it easier for many small business owners to qualify. Plus, they’re known for their speedy funding, sometimes as fast as 1 day of approval. In exchange for this convenience, borrowers typically have shorter repayment terms, more frequent payments and higher interest rates.

• Applying for Alaska Small Business Funding Through Fast Capital 360

  Whether you’re in search of an SBA loan or a merchant cash advance in Alaska, we can help.

  Here’s how you’ll benefit:

  Speed

  Apply online in just a few minutes. 

  Multiple Offers

  Because we partner with lenders throughout the country, your single application with us could return multiple funding offers. 

  Expert Guidance

  A Fast Capital 360 Business Advisor will review your offers with you so you can make the best decision for your business. 

Get Your Business Loan Faster

There are also a number of organizations in Alaska dedicated to helping small business owners start and grow their companies. Here are a few.

SCORE

SCORE is a nationwide nonprofit that provides free business advice, training and tools for small business owners. The organization’s  Alaskan headquarters is in Eagle River, though many resources are available virtually. Find a mentor, network and learn more about operating a business with the resources available, most offered at no cost. 

Get help with any of the following:

• Marketing
• Technology
• Staffing
• Financial planning
• Financing
• Management
• Competitor analysis 
• Facilities and equipment
• Evaluate existing business process

Find free and low-cost in-person and virtual workshops on topics of interest to small business owners. 

Browse through a library of online resources too, including business plan outlines, worksheets, checklists and more. Complimentary 1-on-1 business coaching also is available.

State of Alaska small business loans are available to make funds accessible to businesses impacted by COVID-19. 

While applicants will need to pay a $250 application fee, be responsible for a 1% origination fee and closing costs, they may be able to secure a loan with up to a 20-year term and less than 6% interest. As funding is limited, be sure to contact the agency before applying.