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CDFI & Loan Program: Thrilled to support regenerative economies
By Michael Ching, CDFI Director
In the early part of the year, our lending efforts gained momentum with the launch of our Fast Start Small Business no-collateral loans, which provided swift financial support to ventures like SEAK Adventure and Kupreanof Lumber & Design. The rapid processing of these loans, furnishing up to $50,000 in start-up or expansion working capital, marked a forward movement toward meeting community needs.
Spruce Root is thrilled to announce our largest loan to date given to Our Town Catering and its dynamic leader, Alaska Native business owner Edith loans deployed $850K loan dollars deployed Communities served: Skagway, Haines, Kake, Sitka, Wrangell, Ketchikan, Juneau
Johnson. Edith’s jounrey as a Spruce Root client to her growing success as an entrepreneur powerfully demonstrates our mission — empowering local talent to build thriving businesses that strengthen our community.
Our annual survey highlighted entrepreneurs’ struggles in accessing capital, showcasing a clear need for financing with low interest and low collateral requirements that meet businesses where they’re at. This data reinforced the importance of our lending program’s accessibility and responsiveness to emerging business demands. It’s not just about the money, but about being a genuine partner and tailoring our support to reduce barriers for entrepreneurs.
We supported the plan development for the Revolving Loan Fund for the Alaska Mariculture Cluster with Southeast Conference, demonstrating our commitment to long-term sustainability. This fund will support the development of a strong, localized ocean farming industry that has the potential to sequester carbon while bolstering the Southeast economy in this emerging market.
We’re forging further collaborations with the Alaska Department of Commerce, Community, and Economic Development to bring permits back into coastal communities, back into the hands of Indigenous Alaskans and provide down payment and startup expense support.
Additionally, initiatives like the proposed Green Bank revolving loan fund will promote clean renewable energy initiatives that fund improved energy efficiency, heat pumps, hydropower, solar, electric vehicles and marine vessel electrification and charging systems.
