Mayor Michael Victorino is reminding small business operators that they can still apply for the Micro Business Loan Program.
Last month, an additional $750,000 was added to the program, pushing total program funding to $1.75 million. Already, approximately $1 million has been provided to small business operators.
“Small businesses and their employees are the backbone of our local economy, and they’ve been hard hit by the impacts of the COVID-19 pandemic,” Mayor Michael Victorino said. “Recently, we added $750,000 to this program after the initial $1 million was exhausted. Now, I encourage more small businesses to submit funding applications.”
The Maui Chamber of Commerce administers the program. So far, the Chamber’s Loan Committee has reviewed 123 applications and funded $1,199,000 to 71 businesses to help them bridge the gap created by COVID-19 impacts and the road to recover and a “new normal.” Another 47 applications are pending.
Chamber of Commerce 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.”
Maui Chamber of Commerce has 47 applications pending and is working to move them forward. Businesses can still apply as it is based on need, and they are encouraged to apply if they qualify.
“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.
Image courtesy http://www.mauichamber.com/microbusinessloan.html