Alaska Trends

Alaska SBDC Reports on State’s Small Businesses

I

n 2018, the Alaska Small Business Development Center (SBDC) conducted the second annual Alaska Small Business Survey. According to Alaska SBDC Executive Director Jon Bittner, “As an organization with over thirty-five years of experience working with and for Alaska’s small business sector, the Alaska SBDC is in a unique position to see, first-hand, the profound impacts our clients have on Alaska and our economy. This survey was created as a way to help quantify and share some of those insights, and to uncover important trends driving Alaska’s economic engine in the future.”

We have included just some of the information the comprehensive survey provides. The full report can be found at aksbdc.org.

SOURCE: 2018 Alaska Small Business Survey by Alaska SBDC

Small Business in Alaska

In 2016, Alaska small businesses received 7,594 loans totalling

$228,929,000

to help build their businesses and boost the economy.**

+99.1%

of all Alaska businesses fall under the SBA definition of “small business”.*

+71,841

small businesses in Alaska, from Ketchikan to Utquiagvik.*

+142,448

Alaskans are employed by a small business.*

*Source: U.S. Small Business Administration, Office of Advocacy, 2018 Small Business Profile
**Source: ffiec.gov (most recent available)

+71,841

small businesses in Alaska, from Ketchikan to Utquiagvik.*

+142,448

Alaskans are employed by a small business.*

*Source: U.S. Small Business Administration, Office of Advocacy, 2018 Small Business Profile
**Source: ffiec.gov (most recent available)

Alaska Jobs

2019 Plans for Hiring

The majority of small businesses surveyed indicated they were planning to maintain (56%) or increase (41%) their workforce in 2018. Only 3% planned on reducing staff in the coming year.

Capital Infusion

Amount of capital small business reported receiving in the past twelve months:

TOP
FIVE

TOP FIVE

Greatest
Challenges
Facing
Small
Business:

Greatest Challenges Facing Small Business:

Operating costs
Finding funding
Shipping costs
Finding qualified employees
Economy

Operating costs
Finding funding
Shipping costs
Finding qualified employees
Economy

Economic Health

56%

of survey respondents reported their 2018 revenues were about the same or higher compared to 2017.

Hiring is a Tough Part of the Job

65% of small businesses surveyed reported it was either very difficult or somewhat difficult to hire new employees for their business. This represents a 7% increase over 2017 survey data.