New Anchorage AK City Fund to invest in local businesses

A plan is in the works for the city of Anchorage AK that is expected to boost the local economy through investing in small business.  The Anchorage city government is in the process of creating a fund that would invest in the private business sector with particular focus on local start-ups and expansion of existing companies.  Money to fund this project would come from a $13.2 million federal allocation with the purpose of economic development, job creation, and to promote entrepreneurship for local small businesses.  This fund, known as the 49th State Angel Fund, would loan money or take an ownership interest of up to 10 percent of the value of the businesses it invests in.  Though plans are still being worked out as to how the program will work, the Anchorage Assembly unanimously approved the plan last week and it is expected to promote economic growth.

For more on this or other community news in Anchorage AK, visit Anchorage Daily News online.

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