County Launches Loan Program For Local Businesses
Mayor Michael Victorino announced the launch of the Micro Business Loan Program to help business owners impacted by COVID-19.
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,” Victorino said in a press release.
“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 here. The chamber’s phone number is (808) 244-0081.