HONOLULU – Hawaii State Federal Credit Union (Hawaii State FCU), Hawaii’s largest credit union lender with nearly 110,000 members on Oahu and Maui, has launched a new program that will offer business grants to small businesses looking to grow or expand their company. Hawaii State FCU is among the first financial institutions in Hawaii to offer small business grants and will be awarding $10,000 total to up to two eligible local businesses looking to expand their operations. The deadline to apply is August 30, 2019.
“Small businesses are the backbone of Hawaii’s economy. With more than 90 percent of all businesses in the state being a small business, we wanted to support local entrepreneurs by providing a significant boost in cash flow to help them become successful and sustainable,” said Carol Higa, executive vice president of lending at Hawaii State FCU. “We also saw these grants as a way in which we can do right by our businesses, mirroring our core philosophy of being always right by you.”
Businesses interested in applying for Hawaii State FCU’s small business grant program must meet the following qualifications:
- For-profit business in good standing with the State Department of Commerce and Consumer Affairs, or be a sole proprietor age 18 or older;
- Have been in business in the State of Hawaii for at least 12 months;
- Member of Hawaii State FCU in good standing for at least 12 months; and
- Annual gross revenues must not have exceeded $1 million.
The two grantees will primarily be selected based on how they plan to use the grant money to grow or expand their business. For more information about eligibility or to download an application, please visit http://www.hawaiistatefcu.com/business-grants.
“The growth of our business lending platform – mainly through word of mouth and referrals from satisfied members – has been very strong and we expect it to continue to grow. In the less than three years since we’ve launched, we’ve seen a phenomenal growth in the dollar amount of loans funded and a nearly 200 percent increase in the number of loans provided,” Higa said. “Exploring new avenues to expand our business banking services beyond just assisting with deposits is a primary pillar and we want to be considered a viable partner for any business looking to diversify.”
Completed applications must be received by Hawaii State FCU before the close of business on August 30, 2019. Applications can be submitted via email at [email protected], hand delivered to any of Hawaii State FCU’s nine branches on Oahu and Maui, or mailed to Todd Nohara at Hawaii State Federal Credit Union, 560 Halekauwila St., Honolulu, HI 96813.