Sen. Begich Praises Allocation of $50 Million to Alaska Business

Article continues below...

Award to Alaska Growth Capital will provide loans

October 30, 2009 -- Following an announcement by Treasury Secretary Tim Geithner, Senator Mark Begich commended the Department of the Treasury for allocating $50 million in tax credits to Alaska Growth Capital BIDCO, INC (AGC), of Anchorage. Funds will be used for loans to businesses, disadvantaged communities, and low income populations for expansion of real estate projects with "high community impacts."

AGC, a subsidiary of Arctic Slope Regional Corporation, has a strong history of growing Alaska businesses in disadvantaged communities. As a qualified Community Development Entity, AGC is one of 100 organizations to receive allocations from the New Markets Tax Credit Program (NMTC), which is administered by the Treasury Department's Community Development Financial Institutions Fund.

"Community development is a vital component of the Alaska way of life. The Treasury Department's decision recognizes and will help to cultivate the outstanding work of small businesses, charter schools and health care facilities to power the state and improve conditions in our cities and villages," Begich said.

Nationwide $5 billion dollars are being awarded in the 2009 round of NMTC allotments. $1.5 billion of these dollars were provided by Congress under the American Recovery and Reinvestment Act of 2009, which Sen. Begich supported.

"AGC will work to benefit underserved areas of Alaska, Hawaii, and Montana to create jobs and opportunities in rural and urban communities," stated AGC President and CEO, Hugh Short. "We are honored to receive this award and will roll up our sleeves to fulfill President Obama's commitment to assist in the recovery of our Nation from the economic crisis that has affected all Americans."

AGC previously received funding in 2004 and 2005. Between 2004 and 2008 AGC deployed 135 loans to disadvantaged communities, including a substantial focus in Western Alaska.

Source: Senator Mark Begich