The County of Hawaii has received $80M in CARES Act funding. $3,992,000 of this funding has been allocated to purchase local farm produce to distribute food to restaurants for meal preparation and deliver meals to vulnerable populations. The county will release an RFP for financial institutions, nonprofit, and for-profit organizations to apply with the capacity to receive $250,000 to over $2 million in awards. Once the money has been awarded, small businesses and nonprofits which have lost income due to COVID-19 can apply for assistance through the awarded organizations. Funds must be distributed to the community by December 20, 2020. Individuals and individual businesses cannot apply if seeking to address only their needs. The RFP will become available starting July 12. A webinar on July 13 from 9-10:30 am will provide an overview of the program. Click here to sign up for the webinar.
The County of Maui OED offers reimbursable grants for programs, project, and events that promote sustainable economic development within Maui County. Projects must directly benefit Maui’s economy. Priority target areas are culture, environment, agriculture, technology, visitor industry, energy, and the arts.
Economic Injury Disaster Loan (EIDL) and EIDL Emergency Advance
Economic Injury Disaster Loan (EIDL) and EIDL Emergency Advance provides working capital loans of up to $2M for small businesses to overcome temporary loss of revenue due to COVID-19. As of April 13, EIDL now includes farm and ranch businesses with fewer than 500 employees, aquaculture, nurseries, and agricultural cooperatives. Businesses can also apply for a loan advance of up to $10,000, which will become available within 3 days of successful application and will not have to be repaid. If agricultural businesses applied to EIDL before EIDL was opened to agricultural businesses, applications will be processed without businesses having to reapply.
The Federal Reserve Main Street Lending Program is offered by the Federal Reserve to help banks give money more freely by purchasing a large portion of loans from banks. This program helps businesses maintain payroll and retain workers through the pandemic. This program is available to any business that has less than 15,000 employees and/or annual revenues under $5 billion.
HCRC Emergency Loan Program (HELP) provides short-term bridge loans and term loans between $15,000-$100,000 to non-profits and mission aligned small businesses that are otherwise unable to secure financing but have an immediate need for capital. Funds can be used for payroll, rent, mortgage interest, utilities and other operating expenses to allow the organizations to stay open.
The Red Backpack Fund is making 1,000 grants of $5,000 to female entrepreneurs to help alleviate the immediate needs and support the long-term recovery of those impacted by COVID-19. All receipients will also receive a free annual All-Access Pass to all 80+ MasterClass instructors, including Sara Blakely’s class on entrepreneurship, to provide mentorship during this time.
The City and County of Honolulu will make grants to small businesses of up to $10,000 for purposes of paying rent, overhead and utilities, as well as costs for necessary COVID-19 modifications. Businesses must operate in the C&C of Honolulu, maintain a commercial address, employe 30 or fewer employees, and have annual revenues less than $1M.
Stimulus 2020 offers businesses $1,000 to use for any purpose. The money can be repaid in $100 increments per week or 10% of weekly sales if total sales is less than $1000. There are no fees associated with this loan.
GoFundMe will give $500 to businesses that raise at least $500 on their platform. Crowdfunding is a type of fundraising where organizations can ask the public for support. It begins with businesses sharing their stories and asking their audience to donate or invest in their business.
The Hua Kanu Business Loan Program provides $200,000-$1,000,000 loans to Native Hawaiian-owned businesses. The loan has a 7-year term at 4% APR. The loan may be used for working capital or to purchase equipment or inventory.
•Develop and implement short-term education and training programs and/or career pathways programs.
•Cultivate entrepreneurship by supporting the development of small business incubators located on the campuses of, or developed in association with, colleges and universities. These incubators provide, among other things, short-term educational and training programs or continuing education courses to help entrepreneurs establish and grow their businesses.
Kahiau Rural Business Development Microloan Program
Kahiau Rural Business Development Microloan Program offers technical assistance and $2,000-$15,000 2% interest loans for businesses to help them develop and build a network. Businesses must have a Native Hawaiian or kama`āina owner/operator and be located on Hawaii Island or Molokai.
SBA Express Bridge Loans are for small businesses who already have a relationship with an SBA Express Lender to meet urgent cash needs while waiting for EIDL disbursement. Businesses can access up to $25,000 with less paperwork and a loan term of up to 7 years.
B&I loan guarantees aim to help businesses and employment in rural areas by strengthening the private credit market through federal guarantees on business loans, helping businesses receive loans that they might not be able to qualify for through the USDA FSA or otherwise. Projects that receive loan guarantees must provide employment and improve the economic or environmental climate.
Immigrants Rising’s Entrepreneurship Fund provides up to $2,000 grants to undocumented entrepreneurs working to create positive social change. Grantees will be offered support and guidance from professional advisors, join a national network of undocumented freelancers and entrepreneurs, and get social media exposure for their projects. Projects must create positive social change and must be designed and led by undocumented young people.
The Rural Business Development Grant provides technical assistance and training for small rural businesses with fewer than 50 new workers and less than $1M in gross revenue. There is no maximum grant amount. There are two types of grants: enterprise grants and opportunity grants. To see examples of both enterprise and opportunity grants, click here.
America’s Healthy Food Financing Initiative Targeted Small Grants Program
This fund provides $20,000-$200,000 grants to innovative food retail and food system enterprises that seek to improve access to fresh, healthy food in underserved areas. Technical assistance is also available to selected eligible organizations in the early stages of food retail or enterprise project planning. Applicants not selected for the grant program may be selected to apply for or receive technical assistance.
The Socially Disadvantaged Groups Grant aims to help disadvantaged groups develop the capacity to implement plans and undertake projects to improve economic and social conditions. Grants must be used to provide technical assistance to socially-disadvantaged groups in rural areas. Examples of technical assistance are:
Note that the cooperative or center can be located in any area, but the groups assisted must be located in an eligible rural area.
Hawaii Community Foundation is offering grants for projects that address one or more phases of their four-phased approach to community resilience. The four phases are: (1) Risk reduction (2) Rapid relief and response (3) Recovery and stabilization (4) Rebuilding resilience
The Emergent Fund supports strategies that help communities respond to rapidly changing conditions. They look to fund projects that support community development through long-term economic or social justice.
Agriculture and Food Research Initiative- Education and Workforce Development
The Agriculture and Food Research Initiative- Education and Workforce Development (EWD) focuses on developing the next generation of research, education, and extension professionals in the food and agricultural sciences.
A total of $250,000 in grants will be awarded to eighteen entrepreneurs. Awards will be granted based on demonstrated need and proposed use of funds. For-profit businesses may apply. Preference is given to companies that have launched and need support to scale. If applicants make it to the semi-finalist round, they will have to create a pitch video.
The Office of Hawaiian Affairs offers $2,500-$100,000 loans with a 4% APR and up to a 7-year term. Loans can be used for working capital or to establish or build upon a small business. Applicants must be of Native Hawaiian ancestry, State of Hawaii residents, have a credit score of 600 or greater, and be US citizens. Businesses must have an income-to-debt ratio of 45% or less, and must be registered and in good standing with DCCA.
Financial counseling and loans up to $2,500 for individual workers and $5,000 for self-employed persons will be provided to asset limited, income constrained, employed residents who reside on Hawaii Island and have lost income due to COVID-19.