Deadline Oct. 31 for First-Time Applicants to Kōkua Maui County Small Business Recovery & Relief FundOctober 29, 2020, 2:53 PM HST · Updated October 29, 2:53 PM 0 Comments
An additional $1 million has been added to the Kōkua Maui County Small Business Recovery and Relief Fund, bringing the County of Maui’s total for the fund to $8 million in assistance to local businesses.
The final deadline for new, first-time applicants is Saturday, Oct. 31.
Eligible small businesses can receive a grant of up to $7,500. The fund is available for reimbursable business expenses such as rent/lease payments, utility payments and COVID-19-related safety precautions at a place of business.
So far, 926 businesses have been approved, with about $6.2 million disbursed. On Molokai, 31 businesses have been awarded $155,589, and seven Lanai businesses have received over $26,081.
“I want to give a very warm mahalo to our local federal credit unions for their tireless work in administering this program,” Mayor Michael Victorino said. “We have many local businesses on all three of our islands that are struggling during these difficult times, and this program provides some much-needed relief for our business community.”
“We want to thank Mayor and his staff for working with us and giving us the opportunity to give back to our community,” said Gary Fukuroku, President and CEO of Maui County Federal Credit Union. “We are appreciative in being able to help our Maui County businesses and hope that we can continue to assist them with their financial needs.”
The program using CARES Act funds was established in partnership with local federal credit unions to help small businesses impacted by COVID-19. About $1.8 million in funding is still available under the program.
Note: Any businesses that are closed but will reopen by Nov. 1, 2020, may apply and be approved for funding, provided they meet all current requirements. Proof of payment for the October rent or lease will be required.
For businesses that have already applied:
- Businesses who have already applied do not need to re-apply, and should receive an email from one of the credit unions. Business owners should double check their junk email box as a precaution. Businesses have five days from the date of the email to submit proof of payment for their October rent or lease.
- All businesses that have been approved and have received a disbursement up to Oct. 31, will receive an additional $1,500. If a business has received less than $1,500, they will receive the amount that was disbursed.
Program qualifications include having:
- A physical commercial/industrial business location within Maui County.
- An active registered Trade Name with the Hawaii Department of Commerce and Consumer Affairs.
- A current General Excise Tax license as proof of registration for doing business in the State of Hawaii.
- Been established prior to March 20, 2019, which should be reflected on the business’ GET license as the starting date.
- Been open for business at time of application.
- Gross revenue for 2019 of $2 million or less.
Recipients of the Maui Chamber of Commerce Micro Business Loans are eligible for a maximum of $3,750.
Businesses that do not qualify for the program include:
- Agricultural businesses
- Bed & Breakfasts
- Transient Vacation Rentals (Short-Term Rentals)
- Internet-based businesses
IMPORTANT NOTE: Small business applicants do not need to be credit union members to apply for grants.
The County of Maui has partnered with six chartered FCUs to implement the program: Maui County FCU, Maui FCU, Valley Isle Community FCU, Kahului FCU, Wailuku FCU and Maui Teachers FCU.Businesses are encouraged to submit complete applications with all required information to expedite the process of receiving grant funds. Incomplete applications will not qualify. Applicants who’ve submitted incomplete submissions are strongly encouraged to work with local credit unions to complete their requests and submittals.
For information on the Kōkua Maui County Small Business Recovery & Relief Fund, visit mauinuistrong.net/kokua-maui-county or call (808) 270-5745.