Alaska businesses took out 262 SBA 7(a) loans worth $198M in fiscal years 2024 to 2026, counting only loans that were not cancelled. That ranks 52nd of 52 by number of loans and 45th by dollars. The median loan was $318K at a median starting rate of 10.25%. In FY2026 alone, lenders approved 89 Alaska loans for $70.5M before cancellations.
What stands out in Alaska
Few franchise loans
Franchise businesses took 3.1% of Alaska's 7(a) loans, against 11.0% nationally.
Lending clusters in one county
Anchorage alone accounted for 44.3% of Alaska's 7(a) loans (116 loans), and Anchorage was the most frequent borrower city with 108. The next county, Matanuska Susitna, had 17.6%.
Bigger loans than average
The median 7(a) loan in Alaska was $318K, above the national median of $175K. 37.0% of Alaska loans were $150,000 or less (49.0% nationally) and 22.5% were $1 million or more (13.6% nationally). Business purchases (10.3% of Alaska loans) and franchises (3.1%) are two of the usual drivers of bigger tickets.
One lender dominates
KeyBank National Association approved 53 of Alaska's 262 SBA 7(a) loans in FY2024 to FY2026, a 20.2% share. The top three lenders together made 42.0%. For comparison, the largest 7(a) lender nationally, The Huntington National Bank, holds 10.3% of all loans. When one bank makes this many of a state's loans, its pricing and credit appetite set the tone, so a second quote is worth getting.
Heavy use of SBA 504
Alaska had 48 SBA 504 loans, 0.18 for every 7(a) loan, against 0.10 nationally. The 504 program finances owner-occupied real estate and long-life equipment through a certified development company; in Alaska the most active was Evergreen Business Capital (48 loans).
What a typical Alaska SBA loan looks like
| FY2024-FY2026, not cancelled | Alaska | United States |
|---|---|---|
| Median loan | $318K | $175K |
| Average loan | $757K | $508K |
| Median starting rate | 10.25% | 10.25% |
| Variable-rate loans | 88.9% | 86.4% |
| Median term | 120 months | 120 months |
| Loans of $150K or less | 37.0% | 49.0% |
| Loans of $500K or less | 66.4% | 76.9% |
| Loans of $1M or more | 22.5% | 13.6% |
| Startups (loan opens the business) | 13.7% | 16.1% |
| Startups and businesses 2 years old or less | 37.8% | 32.0% |
| Change of ownership (buying a business) | 10.3% | 10.9% |
| Franchise businesses | 3.1% | 11.0% |
| SBA Express loans | 27.1% | 35.8% |
| Jobs supported (reported at approval) | 2,650 | 1,733,816 |
Where in Alaska the loans go
| County | Loans |
|---|---|
| Anchorage | 116 |
| Matanuska Susitna | 46 |
| Kenai Peninsula | 25 |
| Fairbanks North Star | 21 |
| Juneau | 14 |
| City | Loans |
|---|---|
| Anchorage | 108 |
| Wasilla | 31 |
| Fairbanks | 18 |
| Juneau | 14 |
| Palmer | 10 |
Counts only, and only places with at least 10 loans. No individual businesses are listed.
Alaska SBA 7(a) loans by fiscal year
SBA fiscal years run October to September, so FY2026 covers October 2025 through September 2026. "Approved" counts every loan SBA guaranteed, the basis of SBA's own published totals; "not cancelled" drops loans that were later cancelled before or after funding. FY2026 loans are recent, so some of them may still be cancelled.
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Loans approved | 116 | 116 | 89 |
| Dollars approved | $86.9M | $80.4M | $70.5M |
| Loans not cancelled | 101 | 86 | 75 |
| Median loan | $250K | $354K | $350K |
| Median rate | 11.00% | 10.25% | 9.50% |
| Loans of $150K or less | 43.6% | 32.6% | 33.3% |
| SBA Express share | 29.7% | 22.1% | 29.3% |
FY2026 approvals in Alaska changed by −23.3% from FY2025; nationally the change was −28.1%. See why SBA lending fell in FY2026.
Top SBA 7(a) lenders in Alaska
| Lender | Loans | Share of state |
|---|---|---|
| 1. KeyBank National Association | 53 | 20.2% |
| 2. Alaska Growth Capital BIDCO, Inc. | 30 | 11.5% |
| 3. Wells Fargo Bank National Association | 27 | 10.3% |
| 4. Live Oak Banking Company | 21 | 8.0% |
| 5. Newtek Bank, National Association | 20 | 7.6% |
| 6. First National Bank Alaska | 17 | 6.5% |
| 7. Readycap Lending, LLC | 12 | 4.6% |
| 8. Northeast Bank | 11 | 4.2% |
Industries that borrow most in Alaska
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Construction | 37 | 14.1% | $250K | 10.50% |
| Restaurants and hotels | 34 | 13.0% | $214K | 10.38% |
| Professional services | 30 | 11.5% | $399K | 10.12% |
| Health care | 29 | 11.1% | – | – |
| Retail | 27 | 10.3% | – | – |
| Other services (repair, personal care) | 18 | 6.9% | – | – |
| Arts, entertainment and fitness | 15 | 5.7% | – | – |
| Administrative and support services | 15 | 5.7% | – | – |
SBA 504 loans in Alaska
The SBA 504 program finances owner-occupied real estate and long-life equipment. A certified development company (CDC) lends up to 40% of the project with an SBA-backed debenture, a bank typically lends about 50%, and the business puts in the rest. The amounts below are the CDC portion.
| Alaska | United States | |
|---|---|---|
| 504 loans, FY2024-FY2026 (not cancelled) | 48 | 18,076 |
| 504 dollars | $37.5M | $20.82B |
| Median 504 loan | $637K | $742K |
| Jobs supported (reported at approval) | 253 | 190,338 |
| Most active CDCs | 504 loans |
|---|---|
| Evergreen Business Capital | 48 |
SBA district office for Alaska
Alaska loans are overseen by the SBA Alaska District Office. District offices do not make loans; they support lenders and borrowers and point businesses to local resource partners. Contact details are on SBA's local assistance page.
Comparing SBA and other funding in Alaska
An SBA loan is often the cheapest long-term money a small business can get, but approval takes weeks and the 2025 and 2026 rule changes narrowed who qualifies. FSE (Funding Solutions Experts) is an independent commercial finance brokerage. We are not an SBA lender and are not affiliated with the U.S. Small Business Administration; one application lets us compare SBA and non-SBA options from our funding partners side by side.
- No fee to your business: we are paid a commission by the funding partner.
- No credit check to apply.
- To be considered, a business generally needs at least 1 year in business and $10,000 or more in monthly revenue.
Read what an SBA loan is and how the programs work or our SBA and term loans guide.
Frequently asked questions
How many SBA loans were made in Alaska?
Lenders approved 116 SBA 7(a) loans for Alaska businesses in FY2024, 116 in FY2025 and 89 in FY2026, before cancellations. Net of cancelled loans, the three years total 262 loans worth $198M, plus 48 SBA 504 loans worth $37.5M.
Which banks make the most SBA loans in Alaska?
In FY2024 to FY2026 the most active 7(a) lenders in Alaska were KeyBank National Association (53 loans, 20.2%), Alaska Growth Capital BIDCO, Inc. (30 loans, 11.5%), Wells Fargo Bank National Association (27 loans, 10.3%).
What is the typical SBA loan size and rate in Alaska?
The median 7(a) loan in Alaska was $318K and the average was $757K. The median starting interest rate was 10.25%, 88.9% of loans had a variable rate, and the median term was 120 months.
Source and method
Figures come from the U.S. Small Business Administration's 7(a) and 504 FOIA loan files (as of September 30, 2026), aggregated by FSE. Loans are assigned to Alaska by project state. Profile figures cover FY2024-FY2026 loans that were not cancelled. We publish aggregates only: no borrower names or addresses, and no figure based on fewer than 10 loans. Full details are in the methodology, and every state's figures can be downloaded as CSV.
Compare nearby states by volume: North Dakota, Wyoming, or see all states.