Small business loans in Alaska are a great way to finance the needs of a growing business.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Fundera has access to SBA Loan programs that are partially guaranteed by the U.S. Small Business Administration.
With low interest rates, long repayment terms, and high borrowing limits, get the capital for nearly any business purpose with an SBA loan via Fundera.
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Alaska is a beautiful state with so much to offer, from a natural wilderness to one of the largest maritime industries. Though much of the state is remote, which is why it is often called The Last Frontier, there are exceptional communities throughout it often with a foundation of small businesses. The state is noted for its tourism-based economy, as well as agriculture and fishing. For those planning to start a business here or grow one, there are many reasons to do so.
Small businesses are not new in Alaska. In fact, the state has fewer larger companies and organizations than most other states in the country, thanks to its more remote location. According to the U.S. Small Business Administration, there are 74,587 small businesses in the state. More so, of the 736,000 people that live in the state, 138,517 people work for small businesses alone. That is a large percentage of the population working closely with these businesses – and many economies depend on those businesses to support those workers.
It’s always a good idea to have an idea of what type of business loans exist in the state. The most recent three years of data provided by the U.S. Small Business Administration shows that there have been 309 loans issued through this program to companies in the state. The average size of those loans was $734,331. There’s no doubt that these loans can prove to be highly valuable to those who need them, and they help to solidify the economy locally.
A small business loan is a form of capital that can help a business in many ways. Lenders offer these loans, typically to an existing business, as a way to help the company to grow and expand. You can also tap into loans for startups as well. Lenders take on a significant amount of risk when lending to small businesses, especially if the business is not yet well established.
Yet, thanks to federal loan programs and support, many of these loans remain very affordable to companies. Cash flow is a common concern for many new businesses, no matter where you’re starting in Fairbanks, Juneau, or somewhere else. If real estate loans, credit cards, or business grants aren’t covering the full amount of what you need, consider other financing options.
Small business loans in Alaska are much like other loans in that they tend to have a set term for repayment. You will also be charged an interest rate. When you make payments on the loan, you will pay a portion of what you borrowed as well as interest, for a set number of years until the debt is repaid in full. Most of the time, these loans can be between 5 and 10 years, and sometimes longer, though it is very much dependent on the type of loan you secure. Lenders may be willing to work closely with you to help structure a loan that fits your needs.
To provide you with a loan, lenders may want to be sure your business has the financial means to repay it. They may require a business plan as a starting point. This plan outlines everything about your business, including what it is, what it does, who runs it, and what your expenses are. It also provides insight into competitors and your goals. This information helps lenders to recognize if the loan terms are right for your needs and if your company has the revenue to support repayment.
Even if you are not sure that is the case, many small business lenders are willing to talk to you to work out terms to get you started as an entrepreneur. Depending on what your business needs, various lending institutions are out there that can help small business owners. If you want to open a business in the state of Alaska, doing your research on business financing loan options is a great way to start.
It is likely that your personal credit score will play a role in obtaining a business loan, depending specifically on how well established your business is. It is a good idea to have strong credit when applying and, when possible, numerous years of business history, as this allows lenders to take a look at your financial records. That information could help lenders make the decision to work with you or not, depending on how much risk is provided.
Trying to take out more credit cards, putting pressure on your debit card, business lines of credit, or other business resources may not be an option.
The good news is that there are numerous types of loans available to you today, and you may wish to consider more than one when applying. Some of those options include:
Most businesses will not qualify for all types of loans, but Alaska small business lenders are typically more than willing to work closely with a well-qualified borrower to help you find a loan that fits your specific needs and goals. They want to help you have the capital needed to grow your business. Look into loans that might be specific to your kind of business or business needs, too, such as commercial real estate loans, commercial fishing loans, and other financing options. Bear in mind that disaster loans from places like SBA.gov are typically only available to people who are already in business at the time a disaster strikes.
| Rank | Bank Name | # of Alaska Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | Northrim Bank | 40 | 5.1% | $764,110 |
| 2 | Wells Fargo Bank | 13 | 6.3% | $463,054 |
| 3 | Alaska Growth Capital BIDCO | 12 | 6.0% | $513,000 |
| 4 | Newtek Small Business Finance | 12 | 5.9% | $711,867 |
| 5 | KeyBank | 11 | 5.7% | $214,564 |
| 6 | Live Oak Bank | 4 | 5.3% | $1,950,000 |
| 7 | SaviBank | 4 | 5.8% | $2,623,625 |
| 8 | Enterprise Bank & Trust | 3 | 5.2% | $387,600 |
| 9 | BayFirst National Bank | 2 | 5.5% | $741,000 |
| 10 | Berkshire Bank | 2 | 6.0% | $2,100,000 |
Northrim Bank was started in December 1990 with $8 million in capital as a small community bank in Alaska. Northrim Bank now has branches that go from Fairbanks to southeast Alaska to meet the needs of its customers and over $2 billion in assets to help them meet their needs.
We reached out to Northrim Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Wells Fargo Bank was started in 1852 by Henry Wells and William G. Fargo as a bank to help customers build business and manage money. Wells Fargo Bank offers many products through its many branches to meet customers’ needs, including mortgages, wealth management, and personal and small business banking.
We reached out to Wells Fargo Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Alaska Growth Capital is a lending company in Alaska that was founded in 1997 as the first Business and Industrial Development Corporation in the state. Alaska Growth Capital offers a number of lending programs for small businesses and from the USDA, providing loans for up to $10 million.
We reached out to Alaska Growth Capital to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Newtek offers a number of services for businesses to help them to meet their financial needs. Products such as loans, cloud solutions, IT security, payment processing, payroll, and options when it comes to disaster recovery are available to protect and help a business to thrive and grow.
We reached out to Newtek to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
KeyBank is headquartered in Cleveland, Ohio, and offers a wide range of banking and investment products to meet the needs of its members. KeyBank provides services for businesses and individuals with products such as small business loans and personal and business checking and savings to meet all of its customers’ needs.
We reached out to KeyBank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
There is a lot of help for small businesses looking for advice and support when seeking financial guidance. The Small Business Administration in Alaska is a good starting point. Their website offers a lot of info, but you can also reach out to their local office in Anchorage for more hands-on support.
Also, turn to SCORE. It is one of the best resources for finding a mentor as well as learning about building a small business successfully available today. There are live webinars you can attend as well as a huge library of business training and educational resources to help you with the foundation of your small business. There’s no cost to using these services either. You can find SCORE locations in Eagle River and Fairbanks.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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