Another $1 million added to Kokua Maui County Small Business Recovery & Relief Fund

on "October 15, 2020 1:51 pm"

The County of Maui has added another $1 million to the Kokua Maui County Small Business Recovery & Relief Fund. Small businesses now have until Oct. 31, 2020, to apply for grants of as much as $7,500.

2020 Maui proc group

On October 14, Mayor Michael Victorino declared October 15 International Credit Union Day with representatives of the Credit Unions of Maui, Managing Director Sandy Baz, and Office of Economic Development Director JoAnn Inamasu.

 

The additional $1 million in CARES Act funding brings the Kokua Maui County Small Business Recovery & Relief Fund’s total funding to $7 million. The fund was established in a partnership with local federal credit unions to help small businesses impacted by COVID-19.

So far, 859 applications have been approved, with more than $5.6 million disbursed. Twenty-four Molokai businesses have been awarded nearly $143,000, and three Lanai businesses have received over $18,500.

“I’m pleased to see another boost in CARES Act funding for this program to help Maui County small businesses survive the impacts of the COVID-19 pandemic,” Mayor Michael Victorino said. “I strongly urge them to apply for these grant funds as soon as possible. Our support of local businesses is critical to maintain local jobs and continue providing much-needed goods and services to our community.”

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.

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. The maximum award for small businesses is $7,500.

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.

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 (DCCA).
  • A current General Excise Tax (GET) 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.

For information on the Kokua Maui County Small Business Recovery & Relief Fund, visit mauinuistrong.net/kokua-maui-county or call 808.270.5745.