LIVE STREAM: Maui Mayor Michael Victorino COVID-19 Update, April 3, 2020

https://www.facebook.com/countyofmaui/videos/635608936988873

Maui Mayor Michael Victorino announced a new Micro Business Loan Program during a press conference on Friday afternoon, April 3, 2020. The County of Maui is committing $1 million for the program, which will be administered by the Maui Chamber of Commerce, to support economic viability.

“This loan program is designed to help our smallest businesses with 10 or fewer employees,” Mayor Michael Victorino said. “We are so grateful to all those who are supporting the health of our people by staying at home. Through this partnership with the Chamber of Commerce we can help them cover their finances during this difficult time.”

The Micro Business Loan Program provides five-year loans of $7,500 to $15,000 and seven-year loans of $15,001 to $25,000. Eligible businesses must have no more than 10 employees, including owners and full- and part-time workers.

Businesses must also be located in Maui County for at least a year before March 4, 2020, and be registered to do business in Hawaii at that time.

Additionally, businesses must have sales revenue of $750,000 or less and have the ability to create full- or part-time employment for low- to moderate-income residents. They must also demonstrate the ability to repay the loan and have reasonable credit history and payment records.

“The Maui Chamber of Commerce is pleased to partner with County of Maui, Mayor Victorino and his team to support all micro businesses through this unprecedented County program,” Chamber President Pamela Tumpap said. “You do not need to be a current member of the Maui Chamber of Commerce to apply for, or receive a loan through this program. We are all in this together.”

Applications and loan criteria and guidelines for applying are available at MauiChamber.com. The chamber’s phone number is (808) 244-0081.

Details of the Micro Loan program:

Eligible businesses must have:

• No more than 10 employees, including owners and full- and part-time workers.
• Sales revenue of $750,000 or less and have the ability to create full- or part-time employment for low- to moderate-income residents
• Demonstrate the ability to repay the loan and have reasonable credit history and payment records.

Businesses must also be located in Maui County for at least a year before March 4, 2020, and be registered to do business in Hawaii at that time.

Applications are available at MauiChamber.com.

The Mayor also said he anticipates the next food distribution drives to take place at War Memorial parking lot in Central Maui and at the Kihei Gym parking lot in South Maui around next week Thursday. Details on times and specifics are due out on Tuesday.

*Video Courtesy County of Maui and Akakū