McKinley Management Acquires ASRC Subsidiary

Arctic Slope Regional Corporation (ASRC) is giving up its Alaska Growth Capital BIDCO subsidiary, which is becoming a fourth line of business for McKinley Management.

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“Alaska Growth Capital is a natural fit with McKinley’s investment business,” says McKinley CEO and Chief Investment Officer Rob Gillam. “With this acquisition, we’re excited to add a company with a talented team, a long history of supporting Alaska businesses, and a commitment to supporting community development throughout Alaska. Alaska Growth Capital adds valuable capabilities to our financial platform, which enhances our ability to positively impact Alaska’s economy.”

The company is being renamed McKinley Alaska Growth Capital (AGC).

Alaska Growth Capital BIDCO was founded in 1997 as Alaska’s first Business and Industrial Development Corporation (BIDCO), created to promote economic development and job creation by providing loans, investments, and management assistance to businesses. Today, AGC is the state’s leading provider of business loans utilizing programs offered by the US Small Business Administration (SBA) and the US Department of Agriculture (USDA).

Bristol Bay Native Corporation (BBNC) is partnering with McKinley as a shareholder of AGC, providing leadership on the board of directors and guidance on economic and shareholder initiatives throughout the Bristol Bay region. AGC will continue to be a leading Native Community Development Financial Institution (CDFI), focusing on underserved communities.