Maui Small Businesses Can Still Seek COVID-19 Relief with County Micro Business LoansJuly 28, 2020, 9:05 AM HST · Updated July 28, 9:05 AM 0 Comments
Small business operators can still apply for the County’s Micro Business Loan Program.
Last month, an additional $750,000 was added to the program, pushing total program funding to $1.75 million.
Already, more than 70 small business operators in Maui County are getting a share of $1 million already allocated and another 47 applications are pending.
Administers say this will help businesses bridge the gap created by COVID-19 impacts.
Mayor Victorino called small business “the backbone of the local economy,” and encouraged more of them to apply.
The Maui Chamber of Commerce administers the program. Chamber President Pamela Tumpap said: “While many more businesses have been able to open up, for some businesses, it still doesn’t make sense for them to reopen while we have the visitor quarantine still in place. Given this, we are grateful for Mayor Victorino’s administration and the County for infusing another $750,000 into the program.”
“We are finding that a number of people need help with getting their financials in order, and we are here to help them get through that,” Tumpap said. “If you are working on the application, but are struggling to provide some of the required documents, please reach out to us and we can help connect you with resources and consultants to help you move forward with your application. We are here to serve, so please reach out if you need help with the application.”
- Businesses supported have included retail stores, restaurants, activity providers, printers, manufacturers, art galleries and construction-related services
- Applicants receive 5-year loans of $7,500 to $15,000 and 7-year loans of $15,001 to $25,000
To qualify, businesses need to have:
- 10 or fewer employees
- Sales revenue of $750,000 or less
- Be located in Maui County and registered to do business for at least a year prior to March 4, 2020
- Ability to create full- or part-time employment for low- to moderate-income residents
- Ability to repay the loan
- Reasonable credit history and payment records
For more information on how to apply, visit www.MauiChamber.com or call (808) 244-0081.