Small Business Initiative (SBI)

The NSEDC Small Business Initiative is a competitive grant program that helps spur economic activity and job growth by supporting entrepreneurs in developing or expanding their businesses in the Norton Sound region.

Eligibility:

• Residents of NSEDC member communities
• Entrepreneurs seeking to start or expand businesses

Geographic Scope:

• NSEDC's 15 member communities in the Norton Sound region of Northwestern Alaska

Funding History:

• Since 2008, NSEDC has awarded approximately $900,000 to 40 business ventures
• 2014: $105,000 total awarded to 4 recipients
• 2015: Increased to $150,000 total awarded to 4 recipients ($127,628 distributed)
• Awards typically range from $20,000 to $35,000 per recipient

Program Process:

• Competitive selection with independent panel of judges
• Recipients have two years to implement business plans
• Finalists receive a new laptop with QuickBooks Pro and Microsoft Office software

Contact:

• Community Benefits Director Paul Ivanoff III
• Phone: (907) 624-3190
• Email: pivanoff@nsedc.com

Support Resources:

• Kawerak Inc.'s Community Planning and Development department provides pre-application assistance
• Contact: Alice Bioff (toll-free: 877-219-2599 or Nome: 443-4366)

Application Process

1. Application Period: Typically open April-July annually
2. Application Materials: Available at www.nsedc.com, NSEDC offices, or from NSEDC Community Outreach Liaisons
3. Submission: Complete application packet submitted by deadline
4. Review Process: Independent panel of judges reviews all applications
5. Finalist Selection: Panel narrows applicants to finalists (typically 5-6)
6. Presentation: Finalists present business plans in person (late summer/early fall)
7. Award Decision: Judges allocate available funding among award recipients (up to $35,000 per recipient)
8. Implementation: Recipients have two years to implement business plans

Required Materials

• Business plan
• Proposal documentation
• Supporting materials as specified in application packet

Application Support

• Pre-application business planning assistance available through Kawerak Inc.
• Contact: Alice Bioff at Community Planning and Development