Business Data for Rural Alaska

Alaska Growth Capital was established to respond to the acute capital shortage in rural Alaska. The state of Alaska recognized this capital shortage when it allocated $3 million through the Alaska Science and Technology Foundation for the establishment of Alaska Growth Capital, Alaska's first Business and Industrial Development Corporation (BIDCO). This allocation was structured to encourage the first BIDCO to focus on rural development. Arctic Slope Regional Corporation recognized this capital shortage when it committed $3 million in corporate assets to the establishment of Alaska Growth Capital.

Rural Alaska is a remote and underdeveloped area. Two of the census districts targeted in Alaska Growth Capital's CDFI application -- Yukon-Koyukuk and Wade Hampton -- together cover a geographic area only slightly smaller than the size of Texas. Within this area, there is not a single bank. Another targeted area -- the North Slope Borough -- is only slightly smaller and it has only one bank.

The capital shortage in rural Alaska is the result of numerous factors including:

Poor communication resulting from cross cultural issues.

A land and resource base that until recently was in a state of legal limbo.

Lack of access to entrepreneurial expertise.

Growth Capital is in a unique position to help remove these barriers blocking access to capital.

THE MAGNITUDE OF THE RURAL CAPITAL SHORTAGE

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target market of Alaska Growth Capital is the group of Native corporations set up under the Alaska Native Claims Settlement Act of 1971. Under this act, 13 large Regional corporations were established and 217 village corporations were established. These corporations received the land and cash conveyed under the settlement. These corporations were established as an alternative to Indian Reservations. Some corporations (such as Arctic Slope Regional Corporation) have been highly successful. A few have gone into chapter 11 bankruptcy. Many are on the verge of blossoming into successful, long-term enterprises. Alaska Growth Capital is positioned to help shepherd many of these Native corporations, especially village corporations, into prosperity by providing both technical assistance and financing. Native corporations have a unique opportunity to be major engines of economic and community development by virtue of their powerful role as land owners. Only 12 percent of the land mass of Alaska is private land. Federal, state or municipal government owns the rest. Approximately eighty percent of all of the private land in Alaska is owned by the Native corporations in the targeted census districts. These land holdings pro
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Approximate Pages = 6 (250 words per page)

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