State of Alaska Announces the AK CARES Grant Program
In response to Governor Mike Dunleavy’s Public Health Disaster Emergency Declaration on March 11, 2020, the Alaska Department of Commerce, Community, and Economic Development (DCCED) and the Alaska Industrial Development and Export Authority (AIDEA) have partnered with Credit Union 1 (CU1) to support small Alaskan businesses impacted by the COVID-19 pandemic, through the newly established AK CARES Grant Program.
This program was made possible by Governor Dunleavy’s proposed small business relief allocation of the CARES Act funds that was approved by the Legislative Budget and Audit Committee on May 11, 2020 and ratified by the Alaska Legislature on May 20, 2020.
The purpose of the AK CARES Funding Program is to provide emergency relief grants to small businesses that were unable to receive support from the SBA Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDL), or other federal funding programs under CARES Act. In addition, to show support for rural Alaskan businesses that are in need right now, up to 20% of funds available through this program will be set aside for the needs of businesses in remote Alaskan communities that have fewer than 5,000 residents.
AK CARES grant amounts will range from $5,000 to $100,000 per business and will be issued on a first-come, first-served basis. Eligible businesses must be based, licensed, and located in Alaska. Credit Union 1 will begin accepting applications on June 1 through their website. AK CARES applicants do not need to be current members of Credit Union 1. Grant proceeds are to be used for COVID-19 emergency related expenses. Repayment of AK CARES funding will not be required.
For more information on the AK CARES Funding Program, including eligibility requirements, eligible expenses, and the information required to support an application package, please visit the AK CARES Grant website here.
