Article Archives: Alaska
Alaska Growth Capital
Alaska Growth Capital BIDCO, Inc. (AGCB) is a unique organization that has proven successful in Alaska and is expanding into Montana. The organization is a for-profit CDFI and has been awarded new market tax credit funds. AGCB provides loans and investments throughout Alaska and Montana to businesses that can "stimulate and diversify their local economies." In addition to its other activities, AGCB is also a business and industrial development corporation (BIDCO), chartered and funded by the state of Alaska, with the ability to make SBA and USDA guaranteed loans. AGCB provides financing and technical assistance to Alaskan businesses in low-income, rural, and underserved areas. AGCB provides loans in amounts of up to $15 million with flexible terms, including maturities of up to 25 years based on the use of funds. Investments require a clear exit strategy, and both start-ups and fast growing companies that meet AGCB's underwriting criteria may qualify for financing.
AGCB worked with the CDFI fund to design the New Markets Tax Credit Program, and it was a 2003/2004 NMTC awardee. AGCB has targeted its NMTC funds for rural areas in Alaska and Montana because both states have similar economies and opportunities, and neither state has a wealth of risk capital available. Both states also have large Native American populations; substantial underserved, rural geographies; and extensive financing needs. For more information regarding AGCB, contact Jeff Batton, Vice President of Client Services, at 907-339-6784 or firstname.lastname@example.org.
[Published in News from the Districts, Community Developments, Spring-2007]
Native American Bank
Native American Bank, N.A., (NAB) is a minority-owned community development financial institution formed by a number of tribal nations and Alaska native corporations in 2001. NAB has been certified as a community development financial institution (CDFI) and a community development entity (CDE) for participation in the New Markets Tax Credit program. NAB is a wholly owned subsidiary of Native American Bancorporation (NABC), a single bank holding company. NABC is seeking to raise additional capital from Native American investors supplemented with additional investments from non-Native American businesses, banks, and foundations that share the vision of NABC and its commitment to improving economic conditions in Indian Country. The bank provides retail banking services, commercial lending, and agricultural lending services primarily to the community of Browning, Montana. NAB also maintains loan production offices in Box Elder, Montana, and Anchorage, Alaska. NABC has also established a community development corporation, Native American Community Development Corporation, focused on infrastructure, and individual (including housing) and small business needs.
For more information about investment opportunities with NAB, please contact Native American Bancorporation at (303) 988-2727 or visit the bank's Web site at www.nabna.com.
[Published, Community Reinvestment Act Performance Evaluation, Comptroller of the Currency, July 11, 2005]