Million Dollar Loan Fund Created to assist Businesses owned by Lanai Residents
The MEO Business Development Corp. (MEO BDC) received a $1 million grant to create a revolving loan fund for businesses owned by Lanai residents.
The Agape Foundation awarded the grant to assist Lanaians in their pursuit of successfully operating their own small businesses. A key component of the loan program is the Core Four Business Planning Course, which is offered as part of the loan process.
Loans are now available for amounts ranging from $500 to $30,000 at an interest rate of 5%. Certain Lanai residency requirement must be met to qualify for this loan program.
Lanai residents interested in the program should stop by the MCC building in Lanai City on any Tuesday from 10:30 in the morning to 5 in the afternoon to discuss a loan application.
Susie Thieman, CEO of MEO BDC, encourages Lanai business owners who need cash for their businesses; to make repairs to equipment, facilities, purchase inventory, or just have cash flow needs, to stop by for more information.
For Lanai residents who are interested in starting their own business or improving their existing business, the Core Four Business Planning Course is used as a means to help them assess their true potential.
Credit issues will also be discussed one-on-one and bad credit may not be a barrier to receiving a loan from this program.
Today as a result of this grant, twelve students are enrolled in the weekly Core Four Business Planning classes and eight current and prospective business owners are working on loan applications.
MEO BDC has made over 600 loans totaling just over $3 million in amounts from $500-$25,000. MEO officials say these loan recipients and the 1,350 business planning course graduates have created or retained more than 1,450 jobs in Maui County.
(Information courtesy MEO, BDC)