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Small Business Loans in Alaska: Best Bank & SBA Lender for Startups, Women & Minorities
Alaska has made it easy for entrepreneurs and businesses people to get small business loans. It might be stressful for people who wish to start a business or have a business idea and lack funds to launch the business. The Alaska state understands that business people require financial support so as to kick start their businesses. It does not matter the type of business you plan to start. What is important is whether it is workable and you will be able to acquire any amount you want. There are a number of banks in Alaska that offer small business loans to people. These loans have excellent interest rates that ensure that the business person keeps some profits from their business while still paying the loan.
The small business loans that are given to business people and potential entrepreneur have friendly terms including a grace period for the business to kick off before a person starts paying the installments. The lending firms in Alaska understand that each business has unique needs and offer customized services that suit these unique situations. These companies take pride in assisting business people in accomplishing the financing they require to grow or start their businesses. Small business loans that are offered in Alaska include the following:
Any person can access the small business loans in Alaska. The loans can either be accessed by the youth, women, or the elderly. All that is required is a good plan that will prove the type of business you wish to start or have already begun will work out. The process of acquiring these loans at banks in Alaska is always smooth and fast. The banks make sure that you do not have to go through the tedious and long process that people go through when looking for financing for their businesses. The small business loans that are offered to the people in Alaska have been very helpful in boosting businesses and helping entrepreneurs to actualize their ideas.
Some of the top banks in Alaska when it comes to the lending small businesses loans include:
- First National Bank Alaska which was named as the 504 Lender of the Year in Alaska and issued loans totaling to approximately $12 million in the previous year.
- Wells Fargo Bank NA which won the Alaska SBA Lender of the Year and issued loans that totaled about $8.4 million.
- Alaska Growth Capital BIDCO which received honors as the Community Lender of the Year having offered financial help to more than 24 businesses.
Banks in Alaska That Offer Small Business Loans
Below are the most highly-rated banks in Alaska to help you fund for your small business:
A company that started out operating from a parking lot, Northrim Bank has since grown into one of the most trusted banks in the state. It is also managed and owned by Alaskans, delivering services tailor fitted to the needs of the state.
Mt. McKinley Bank
Founded on 03 December 1965, Mt. McKinley Bank is the oldest and biggest local banking institution in Fairbanks.
Denali State Bank
Also based and founded in Fairbanks, Denali State Bank boasts its being an equal opportunity employer. It currently has five branches, all of which offer a wide array of banking services to the community.
First Bank has served Southeast Alaska since 1924. The company is dedicated to helping locals, including local small business, reach their financial goals.
First National Bank
Voted as the “Best Place to Work” by Alaska Business Monthly, First National Bank believes that the key to its success is great customer service, financial strength, and dedication to its customers’ success.
Alaska Pacific Bank
Based on Juneau, Alaska Pacific Bank has loaned nearly $37 million to small businesses in the state.
Top Alaska Cities and Their Lenders
Alaska is often considered the last frontier of the United States. As the nation’s coldest and most undeveloped region, the area often seems unapproachable by outsiders. But Alaska actually has a thriving economy that is held up by many large, multi-national companies. The natural resources in the region have attracted plenty of small business owners to the area. Unlike some states in the country, most of the business industry in the area is concentrated in a few smaller locales.
In this portion of our Alaska guide, we’re going to have a look at the top cities for business in the Alaska region and help you determine who their best lenders are. It’s important to know which local partners are best suited for your business. You want to be certain you’re working with lenders that understand the local dynamics of your company. Below are the top cities in Alaska for small business owners and their most reliable lenders.
Anchorage is by far the largest city in Alaska – in fact, it’s almost three times the size of any of the other cities in the state. The city has almost 300,000 full-time residents. The area is well-known for its focus on natural resources. Many of the world’s largest oil and gas companies have their regional headquarters here. Ex-pats from around the globe come to Anchorage to work in their related fields.
If you’re looking to start a small business in Alaska, this is probably your top destination. It has all the infrastructure you need to build a solid business and family life. Below we’ll have a closer look at the lenders that can help you obtain the funding you need in Anchorage.
Alaska USA is a credit union that has vast experience helping business owners in the region obtain the financing they need to bring their businesses to the next level. This is one of the most reputable lenders in the area – you can be certain they have the local expertise you need to finance your business in the correct way.
Denali Federal Credit Union
Denali Federal Credit Union is another well-known lender in the Anchorage region. They have a range of different local partners that they assist. They provide vehicle financing, business lines of credit, real estate loans, and traditional commercial lending.
Northrim Bank is another Anchorage-based lender that has helped countless borrowers get the money they need to start business. They have a great referral program, as well as consumer and commercial lending products. If you’re looking for a one-stop-shop, this is a good option.
Fairbanks is the only major city that doesn’t lie on the coast of Alaska. The area is much less populated than Anchorage – there are just over 30,000 residents in the region. The city is also well-known for servicing the natural resources sector. If you’re thinking of starting a business in Alaska, this is another decent option available to you. Below are the different lenders offering assistance in the region.
Mt. McKinley Bank
Mt. McKinley Bank is the largest local lender in Fairbanks, Alaska. If you’re looking for a bank with local knowledge, this is a good option. They also offer consumer banking services if you’re looking for both consumer and commercial lending services.
Alaska USA is also a large lender in the Fairbanks region. This lender was mentioned previously in the Anchorage section of this article. As one of the largest lenders in Alaska, Alaska USA is a good option for Fairbanks business owners.
Juneau is the last of the cities we recommend for small business owners in the Alaska region. Many of the other cities in the state are too small to provide the infrastructure you may need to run a successful small business. Juneau on the other hand has managed to provide a good environment for small business owners. In fact, the city is the capital of the state of Alaska.
The area is located in one of the most scenic parts of the state – a large portion of the economy is based around tourism. Below are the two lenders we recommend to business owners in the area.
First Bank AK
First Bank AK is popular for lending to smaller areas in the Alaska area. They provide personal, mortgage, and business lending to a variety of different clients. If you want to work with a small lender that has a personal touch, this is most definitely your best option.
Again, as a one of the largest lenders available in the Alaska region, Alaska USA is also a popular lender in the Juneau region. As always, we recommend this bank for people who believe they need more than a small, local lender to help them get the funding they need for their business. If you’re looking for the power of a large, regional lender, this is a good option for you.
All these banks offer long-term loans to business people with fixed-rate financing so as to get fixed assets for modernization or expansion. Many businesses have been able to thrive through these small business loans and have registered massive growth and profits according to the SBA’s website. You should consider applying for a small business loan if you are an entrepreneur or a business person in Alaska.
Remember, some of these companies or banks are very specialized and may only handle SBA loans or a business line of credit. Ask them about any special programs for minorities or women. Also ask for information about business grants for startups if that interest you. If you bad credit don’t worry as there still may be other alternative lenders willing to work with you.
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