BBNC Takes Majority Interest in Alaska Growth Capital
Photo Credit: aira003 | Envato
Bristol Bay Native Corporation (BBNC) rang in the new year as the majority owner of Alaska Growth Capital (AGC). BBNC had held a minority stake since 2022, when McKinley Management acquired the business line from Arctic Slope Regional Corporation. McKinley remains a partner and minority owner and will continue to provide strategic support.
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“BBNC is excited to deepen our relationship with Alaska Growth Capital and welcome them into the BBNC family,” says BBNC President and CEO Jason Metrokin. “Alaska Growth Capital’s track record of supporting Alaska’s entrepreneurs, especially in Alaska Native and rural communities, aligns with BBNC’s vision to create sustainable economic opportunities for our shareholders and descendants and the Bristol Bay region.”
Founded in 1997, AGC was Alaska’s first Business and Industrial Development Corporation and remains a pioneering force in the state’s small business lending landscape as a Community Development Financial Institution (CDFI). AGC provides business loans from the US Small Business Administration (SBA) and the US Department of Agriculture loan guarantee programs. The programs enable AGC to offer flexible financing with more generous terms than those available through traditional banks.
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January 2025
In 2023, the SBA awarded AGC one of only seventeen national Small Business Lending Company licenses, allowing it to offer SBA loans nationally. As a Native-led CDFI, AGC works to advance economic development across Alaska and beyond, with a focus on rural and Alaska Native communities.
“McKinley and BBNC joined together in 2022 to acquire Alaska Growth Capital,” says Rob Gillam, CEO of McKinley Management. “We look forward to continuing our partnership and remain committed to helping Alaska entrepreneurs source investment capital.”
AGC unveiled a new logo to represent its evergreen impact on the community and businesses it supports, represented by a hemlock bough and cone. Leadership of the business line remains the same: Logan Birch continues as AGC president.
“AGC is a great fit at BBNC, and our team is excited to be a part of the BBNC family,” Birch says. “As a for-profit Native CDFI, we have a dual mission to not only support our targeted markets but to also provide a financial return for our shareholders. As an Alaska Native regional corporation, BBNC understands this dynamic and provides fantastic alignment for everything we do at AGC. Increased access to capital and other support offered by BBNC will allow us to grow our impact and expand the business in new and exciting ways.”
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