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Small Business Loans in Alaska

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10 Small Business Loans in Alaska

Our compilation delivers a comprehensive analysis of small business financiers in Alaska, backed by solid data. We've arranged these financiers based on how many small business loans they've granted this year. 

Essentially, this means these are the financial institutions and lenders truly leading in loan issuing to small businesses within the state.

(This contrasts with many online resources that often focus on non-profit organizations with limited lending activity and government initiatives that are accessible to only a handful of businesses!)

Takeaway: Both local, Alaska-based banks and national banks issue small business loans in Alaska.

Methodology: Our analysis utilizes SBA 7a loan information, confirming that each of these lenders provides SBA loans. Additionally, we've compiled a list of other small business financing options they advertise on their websites.

Given that traditional banks often mandate high credit scores and a business history exceeding two years, our guide initially presents two funding solutions for small business owners in Alaska facing challenges with poor credit or limited time in operation.

1. Credit Suite

Credit Suite stands out for its mastery in business credit consultation and software services, with the addition of two specialized financing solutions.

Their Cash Flow Financing is an excellent fit for entrepreneurs who've been operational for a few years and have minimal credit scores. This strategy permits the use of your business's reliable cash flow as leverage for securing versatile financing options. 

Repayment is not tied to fixed monthly amounts but rather a percentage of your business's regular cash inflow.

The Credit Line Hybrid is designed to offer funding purely on the basis of individual credit ratings, bypassing the requirement for extensive financial documentation, bank records, or elaborate business strategies. 

It is specifically intended for a wide range of businesses from startups to established, offering financial support from $5,000 to $150,000. This positions it as a perfect choice for emerging companies in Alaska that have been in operation for under two years

Business financing options offered:

  • Credit Suite Cash Flow Financing
  • Credit Suite Credit Line Hybrid
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2. Wells Fargo Bank

Wells Fargo stands out as a prominent, nationwide banking institution that you've likely noticed while out and about. Interestingly, despite its vast size, it offers a relatively limited selection of financing options for small businesses.

However, it earns its spot high on this list due to the significant volume of loans it successfully processes.

Business financing options offered:

  • SBA 7a Loans & 504 Loans

  • 2 Business Lines of Credit

  • Practice Financing

3. Alaska Growth Capital

Alaska Growth Capital calls themself a "Leading Non-bank Lender". They focus on SBA 7a and USDA loans - details on loan sizes and company revenue requirements are included in their bullet list here.

Business financing options offered:

  • SBA 7a Loans & USDA Loans

  • Average Loan: $1.2 million

  • Typical Loan Size Range: $500,000 to $10 million

  • Company Revenue: $1 million to $100 million

4. Northrim Bank

Northrim is a small Alaska bank with expertise and diverse loan options in real estate and construction.

Business financing options offered:

  • Commercial & Small Business Loans

  • Commercial Real Estate Loans

  • Residential Construction Loans

  • SBA Loans

  • Alaska Housing Finance Corporation Loans

  • Alaska Industrial Development and Export Authority Loans

5. KeyBank National Association

KeyBank, a medium-sized banking entity serving 15 states, boasts a respectable selection of loans for small businesses. 

On their website, there's a segment highlighting their commitment to diversity and inclusion, along with the accolades they've garnered in this field. Should these values resonate with you, they're keen on making sure you're informed.

Business financing options offered:

  • Business Term Loans

  • Business Real Estate Borrowing

  • Small Business Lines of Credit

  • SBA Loans

  • Key Equipment Financing

  • 3 Business Credit Cards

6. BayFirst National Bank

BayFirst National specializes in SBA financing, boasting on their site phrases like "Lightning Fast Business Loans!" and "In-house team, quick funding." They operate with an internal underwriting team, ensuring rapidity and proficiency in their services.

Given that SBA loans typically require an extended period to process, this aspect significantly benefits them.

Business financing options offered:

  • SBA Loans

  • Commercial Real Estate Loans

  • Commercial Term Loans

  • Commercial Lines of Credit

  • Construction Loans

  • Heavy Equipment Financing

7. Newtek Small Business Finance

Newtek may not be as visible without the physical branches typical of mainstream banks, so it might not be on your radar. Yet, it's a considerable force in the market, being a publicly traded company with a strong emphasis on small business financing.

While their site showcases only a handful of financing solutions for small enterprises, they offer a much wider range of financial products and services tailored to the needs of small businesses. 

This extensive lineup includes services such as payment processing, insurance, employee benefits, and handling payroll, to name a few.

Business financing options offered:

  • Term Loans

  • Asset Based Financing

  • Inventory Based Financing

  • SBA Loans

8. Live Oak Banking Company

Live Oak is heavily involved in SBA lending across the nation. Their website may not delve deeply into the variety of their loan products, but they invest significant time in grasping the nuances of their clients' sectors.

On their site, they highlight 48 distinct industries, asserting that they provide specialized financing solutions for each.

Business financing options offered:

  • SBA Loans

  • USDA Loans

  • Industry Vertical Loans

9. Northeast Bank

Northeast is a small bank in Maine with diverse offerings for agriculture, heavy equipment, and trucking financing.

Business financing options offered:

  • Commercial Truck Finance

  • SBA 7a Loans

  • Commercial Real Estate Loans

  • Lines of Credit

  • USDA Loans

  • Equipment Loans

  • Municipal Equipment Leasing

  • Commercial Equipment Leasing

  • 5 Business Credit Cards

10. Native American Bank

Native American Bank operates in all 50 states and say that they are the only national American Indian-owned community development bank in the country. They issue many SBA loans in Alaska.

Business financing options offered:

  • Secured Term Loans

  • Secured Revolving Lines of Credit

  • Secured Letters of Credit

  • Commercial Real Estate Construction Loans

  • SBA Loans

  • USDA Loans

  • US Department of Interior-Indian Energy & Economic Development (BIA) Loans

How to apply for a small business loan in Alaska

Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!

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