$1M+ in Federal Funding Available for Hawaiʻi Small Business LoansOctober 13, 2017, 10:53 AM HST · Updated October 15, 10:43 AM 0 Comments
The Hawaiʻi Congressional delegation announced that the Economic Development Administration will award $1,015,000 in federal funding to the Feed the Hunger Foundation to establish a new Revolving Loan Fund that will provide loans to new and expanding small businesses in Hawaiʻi.
The funding is expected to create and retain 120 jobs in Hawaiʻi and help to expand Hawaiʻi’s agricultural job market, contribute to the development of a growing, self-sufficient food system throughout the state and increase access to locally sourced, healthy food.
“Investing in our local agriculture industry, along with expanding access to fresh, nutritious food, is crucial to improving the health and wellbeing of people all across Hawaiʻi and decreasing our reliance on costly food imports,” said Rep. Tulsi Gabbard. “This funding will bring jobs and investment to our local farmers and small business owners working towards a more sustainable, food-secure Hawaiʻi.”
“This funding will strengthen our local food system and help small businesses,” said Sen. Brian Schatz. “By boosting technical assistance and lending, we can help businesses expand so they can hire more people and further develop local economies.”
“Our small businesses and local farms understand the unique challenges Hawai‘i faces in providing access to affordable, nutritious, and locally grown food,” said Sen. Mazie Hirono. “By investing in Hawaii’s agriculture workforce, today’s grant funding will help get more locally sourced, healthy food into our underserved communities and strengthen our food system.”
“Investing in the growth and sustainability of Hawaii’s agriculture is vital,” said Rep. Colleen Hanabusa. “Once established, this Revolving Loan Fund will leverage private dollars to support Hawai‘i’s small businesses and communities to grow our agricultural industry. Congratulations to the Feed the Hunger Foundation on this substantial award and mahalo for your contributions to Hawai‘i’s food security and economy,”
“We’re thrilled this grant will support the creation and retention of 120 jobs, and generate $4 million in private investment,” said Patti Chang, president and CEO of Feed The Hunger Foundation. “We are delighted to be part of a movement in Hawaiʻi building food security, and are honored to have provided more than $1.6 million in small loans ranging from $3,000 to $200,000 to Hawaiʻi businesses such as Waimanalo Co-op Market, Naked Cow Dairy, Paradise Meadows and to farmers in the Waimea Homestead Association. We are grateful for the tireless work of Gail Fujita and the entire EDA Team, along with our partners, the hardworking local farmers and entrepreneurs.”
Based in Honolulu and San Francisco, Feed the Hunger Foundation works to build communities, connect entrepreneurs to support resources, and provide technical assistance to help food businesses thrive. This EDA award supports Feed the Hunger Foundation’s business lending programs by complementing an existing EDA-funded Revolving Loan Fund. The investment will have an immediate and long-term impact on Hawaiʻi through enhanced access to credit capital and technical assistance for new and expanding small businesses, and increased small business job creation and diversification.