ANCHORAGE, Alaska – The U.S. Small Business Administration (SBA) has announced that Spruce Root Inc. has become SBA-approved microlender in Alaska.  Spruce Root is the first SBA Microlender to be founded and headquartered in the State of Alaska.  This designation opens new doors for small business owners across the state, providing them with greater access to capital and resources to grow their ventures.
 
As an SBA microlender, Spruce Root will be able to offer small loans up to $50,000 to eligible entrepreneurs, including those in underserved and remote communities. These loans will help support a variety of businesses, from startups to expanding small enterprises, enabling them to thrive and contribute to Alaska's local economies.
 
“Becoming the first SBA Microlender in Alaska is a tremendous honor and a testament to Spruce Root’s dedication to increasing investments into Southeast Alaska. Our mission has always been to support Southeast Alaskan communities and Alaska Native entrepreneurs in creating regenerative, thriving economies that reflect the unique strengths of our region. This partnership with the SBA allows us to broaden our impact across Alaska, ensuring that those who have historically faced barriers to capital have access to the opportunities they deserve. This milestone is a celebration of community, and the future we are building together”, said Alana Peterson, Executive Director of Spruce Root Inc.
 
The SBA’s Microloan Program provides loans to nonprofit intermediaries like Spruce Root, which in turn lend the funds to small businesses and entrepreneurs who may have difficulty obtaining financing from traditional banks. The loans can be used for working capital, inventory, equipment, or other business-related expenses.
 
“Spruce Root becoming SBA’s newest Microlender in Alaska is a significant milestone for our state’s small business community,” said Steve Brown, Alaska District Director for the U.S. Small Business Administration. “This partnership will expand access to critical capital for entrepreneurs and small business owners empowering them to start, grow, and sustain their businesses. We are thrilled to welcome Spruce Root to the SBA lending family and look forward to seeing the positive impact they will have on Alaska’s economy”.
 
Spruce Root Inc. has a long history of supporting Alaska’s small business community through its various programs, which include technical assistance, mentorship, and access to business development resources. By becoming an SBA-approved microlender, Spruce Root Inc. now has an even greater ability to make a lasting impact.
 

 
About Spruce Root Inc.
Spruce Root Inc. is a nonprofit organization dedicated to strengthening rural Alaskan economies by offering business loans, technical assistance, and training to small businesses and entrepreneurs.  For more information on how to apply for a microloan, visit http://www.spruceroot.org .
 
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit https://www.sba.gov. The SBA Alaska District Office serves the state of Alaska with office located in Anchorage https://www.sba.gov/district/alaska .