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Alternative Funding Options and Resources for Hawaii Businesses

hawaii business funding

Hawaii businesses seeking COVID-19 related funding that is not a PPP loan, may want to consider the following options.

Eligibility, deadlines and funding amounts vary.

See the respective websites for the latest information.

Hawaii Business Pivot Grant Program

The $25 million Hawaii Business Pivot Grant Program is designed to help businesses and non-profits across Hawaii adjust to marketplace changes resulting from the COVID-19 pandemic. The program offers grants of up to $10,000 to reimburse or cover future costs incurred while businesses have changed business models in response to the new economy.

In addition to grants, the program will offer technical assistance, including workshops, training and consultant services, plus an online marketplace for businesses to access products and services to assist them in transforming their operations.

More information: Hawaii Business Pivot Grant

Economic Injury Disaster Loan (EIDL) and EIDL Advance

The SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance for businesses experiencing temporary difficulties was expanded on June 15, 2020 to a broader array of eligible small businesses and nonprofits. Applications accepted through the end of the year.

More information: Economic Injury Disaster Loan Emergency Advance

Hawaii Community Reinvestment Corporation (HCRC) Emergency Loan Program

Short-term bridge loans and term loans to non-profit organizations and mission aligned small businesses in the State of Hawaii. Available to business and organizations that are otherwise unable to secure financing and are in immediate need of capital as a result of the COVID-19 crisis and mandatory business shut down.

More information:  HCRC Emergency Loan Program (HELP)

Oahu: Small Business Relief and Recovery Fund

Updated September 2020: City & County of Honolulu program adds an additional $75M to the Small Business Relief and Recovery Fund. The program offers a one-time reimbursement for expenses up to $20,000 to each qualified business that has less than $2,000,000 in gross annual revenue. Businesses that received grants under this program previously can reapply for up to $20,000, less the amount preciously received (i.e., if received only $8,000 previously, can apply for $12,000). Eligible expenses include rent, utilities, payroll, and physical distancing measures.

More information: Small Business Relief and Recovery Fund

Maui: Micro Business Loan Program

The County of Maui has provided $1,000,000 to the Maui Chamber of Commerce to provide 0% interest loans to businesses located in Maui County with 10 or fewer employees during the pandemic and recession.  The emphasis is on serving as many small, economically disadvantaged businesses with these funds.

More information: Maui Micro Business Loan Program

Maui: Kōkua Maui County Small Business Recovery & Relief Fund

The County of Maui is partnering with six chartered FCU’s to provide grants of up to $7,500 to small businesses. The fund covers reimbursable business expenses such as rent/lease payments, utility payments, and COVID-19-related safety precautions at the place of business. If a business has already received funds from the Micro Business Loan Program, they are not eligible to receive funds from the Kokua Maui County Small Business Recovery & Relief grant program. Applications will be accepted online beginning August 3, 2020.

More information: Kōkua Maui County Small Business Recovery & Relief Fund

Maui: Office of Economic Development Support for Businesses

List of resources available to Maui business owners provided by the Maui Office of Economic Development. Includes links to microloans, webinars, unemployment insurance updates and more.

More information: County of Maui Support for Businesses

Hawaii Island: County Department of Research and Development

List of grant and funding information for use by nonprofit organizations, county agencies, and educational institutions in Hawaii County.

More information: County of Hawaii Department of Research and Development

Hawaii Island: COVID-19 Relief for Business and Incorporated Entities

Funding opportunities, economic impact reports, and related business resources for the County of Hawaii.

More information: County of Hawaii COVID-19 Relief for Business and Incorporated Entities

Apply: COVID-19 Relief Fund Grant for Community Assistance and Hawaii Island Recovery Initiatives

Kauai: Small Business Boost Program

The County of Kauai has allocated $5 million in grants for small businesses that will be distributed by local credit unions on a first-come, first-served basis. The Small Business Boost Program will offer up to $7,500 per grant to businesses, which will not have to be paid back. Applications will be available online beginning Monday, August 24, 2020 at 9am.

Apply: Kauai Small Business Boost Grant

Kauai: Office of Economic Development

Latest news from the County of Kauai Office of Economic Development includes details on a variety of programs and opportunities to support businesses and create economic opportunities for the residents of the County of Kauai.

More information: County of Kauai Office of Economic Development

This article is for informational purposes only and does not constitute legal advice. Readers should first consult their attorney, accountant or adviser before acting upon any information in this article.

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