Saturday, April 13, 2024
Hawai'i Free Press

Current Articles | Archives

Wednesday, July 13, 2022
DBEDT: More Taxpayer Money Going to High Tech Schemers
By News Release @ 4:23 AM :: 1530 Views :: Ethics, Small Business

STATE LAUNCHES NEW PROGRAM TO INCREASE ACCESS TO CAPITAL FOR SMALL BUSINESSES

News Release from DBEDT, Jul 12, 2022

HONOLULU – The Hawai‘i State Department of Business, Economic Development & Tourism (DBEDT) today announced the launch of a new program to increase access to credit for small businesses and nonprofits statewide.

Using funds received by the Hawai‘i Technology Development Corporation (HTDC) from the U.S. Treasury’s State Small Business Credit Initiative, the program will support the efforts of local financial institutions to lend funds to small businesses by reducing credit risk.

The Hawai‘i Green Infrastructure Authority (HGIA) will administrator the Hawai‘i Small Business Capital Program (HI-CAP) Collateral Support Program, designed to assist borrowers in obtaining financing that might otherwise be unavailable due to a collateral shortfall, by providing a credit enhancement in the form of cash collateral to participating lenders for eligible loans to eligible businesses and nonprofits.

“According to surveys conducted by our Research and Economic Analysis Division, some 60% of Hawai‘i businesses were closed during the height of the COVID-19 pandemic.  Of that, 97.5% of these businesses had less than 100 employees which 76% had less than 10 employees,” said DBEDT Director Mike McCartney.  “While businesses have since either fully or partially re-opened, almost 2% of Hawai‘i’s businesses were permanently closed.  Helping small businesses access credit not only maintains jobs and supports Hawai‘i’s workforce, but it is also critical for creating new jobs and strengthening Hawai‘i’s economy.”

“We look forward to working with financial institutions statewide to enroll in the HI-CAP Collateral Program to facilitate lending to their small business clients recovering from the pandemic, growing their business and diversifying our economy,” said Gwen Yamamoto Lau, HGIA executive director.

HTDC and HGIA are partnering with local financial institutions to offer this program.  For more information, please email dbedt.hicap-loans@hawaii.gov or visit "hi-cap-collateral".

# # #

LINK: What business purposes are eligible?

Eligible business purposes include, but are not limited to, start-up costs; working capital; franchise fees; and acquisition of equipment, inventory, or services used in the production, manufacturing, or delivery of a business’s goods and services, or in the purchase, construction, renovation, or tenant improvements of an eligible place of business that is not for passive real estate investment purposes. SSBCI funds may be used to purchase any tangible or intangible assets except goodwill.

Background:
Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT