Federal $13 million program to boost Anchorage small-business launches

Katie Medred

On Monday, Anchorage Mayor Dan Sullivan announced that the application period had opened for the State Angel Fund, a $13 million federally funded program hoping to invest in small business in Alaska's largest city.

The State Angel Fund is designed to provide direct investment or partnership interest in "early-stage high-growth businesses showing substantial economic potential." The fund was started after the Anchorage applied for and received a federal allotment of $13.2 million from the State Small Business Credit Initiative to help bolster Anchorage economic growth by supporting small businesses with investments.

According to the program's website, Anchorage is the first city in the U.S. to receive money. Application reviews will be conducted by the Anchorage Economic Development Corporation (AEDC) and the State Angel Fund program staff.

On May 17, there will be an Anchorage Angel Fund Forum 8:30 a.m. to 1 p.m. geared toward helping the public and investors understand the program.

The application review period is open through Aug. 5. For information, or to register for the free forum, can visit the Angel Fund website