$1M Revolving Fund to Help Maui Business ExpansionFebruary 20, 2014, 10:06 AM HST · Updated February 21, 9:11 AM 0 Comments
By Maui Now Staff
The Mayor’s Office of Economic Development announced the roll-out a revolving fund program to help expand Maui County businesses.
Department officials say the fund currently has $1 million, which by ordinance, was designed to strengthen and diversify the county’s economy, support existing businesses, promote job creation, attract new business that fosters economic development, and improve the overall economic and social well-being of the county.
According to the announcement, the fund provides minimum $50,000 awards in the form of grants or loans to both for-profit and non-profit organizations and businesses.
Under the terms of the funding program, all applicants will need to demonstrate a one-to-one match in cash, which can come from a 3rd party grant or loan.
Groups that have other active grants with the county are not eligible to apply.
The Economic Development Revolving Fund was created by the mayor’s office and was passed by the Maui County Council in 2011, but department officials say it was not implemented until after research was conducted on policies and procedures and an application process was established.
“We are confident that we have a solid program and fair application process now in place,” said Department Director Teena Rasmussen in a department press release, noting that the department worked closely with the Maui Economic Development Board’s Tech Committee on the application and evaluation process.
“This is a visionary program that could become a catalyst for growth for many businesses out there,” said Mayor Alan Arakawa in a government issued press release.
“By providing the capital, we provide opportunities for business to expand and hire new people and buy more goods and services from our community. For every dollar invested, we expect a return in our money by way of building a stronger economy when businesses realize their full potential,” he said.
According to the announcement, the program will run year round until all available funds are pledged. Application and program details can be found on the Office of Economic Development website.