Hawai’i Technology Development Authority and Hawaii Green Infrastructure Authority, co-administrators of the state-owned state loan initiative have announced the receipt of an additional $ 20.5 million in federal funds to strengthen the capital program of capital small business little business Hawaiʻi, also known as Hi- Caps
Infusion of money from the US Treasury brings total federal support to $ 40.3 million, underlining the corporate and authority’s commitment to strengthening Hava’s economy by strengthening small local and non -profit businesses.
Founded after the Covid-19 pandemia, the HI-CAP program was created with the contribution of the community to address the unique challenges facing the small businesses of Hawaii. Cooperation with partners such as enterprise funds, banks and community development financial institutions ensures that these funds are used effectively to promote economic growth and facilitate capital access to organizations across the state.
Hi-CAP program offers four adapted initiatives:
1 collateral: Cooperate with participating financial institutions to provide collateral money for small businesses acceptable, increasing their ability to provide credit.
2 loan: Shadows for businesses that undertake transformative projects that have a significant impact on the community, including sectors such as renewable energy, double use technology and innovation.
3 Hi-CAP Financial Institutions Financial Institutions Credit Program: Ensures capital for CDFI, enabling them to offer different types of loans to small acceptable businesses.
4. Hi-Cap Invest: A fund of the funding capital of funds designed to invest in high quality investment managers that mentor and advise entrepreneurs, facilitating the following investments.
Qualification for the HI-CAP program extends to small Hawaii-based businesses with less than 500 employees, including a diverse range of industries such as technology, renewable energy, production and agriculture.
Supporting these enterprises, Hi-CAP not only fuels economic development, but also ensures that local tax dollars create significant impacts within our communities.
“This additional funding strengthens our commitment to the empowerment of small Hava businesses,” said Gwen Yamamoto Lau, executive director of the Authority. “By providing access to capital, we are promoting innovation, creating jobs and strengthening the economic structure of our state.”
For more information about the HI-CAP program and its offers, visit the corporate website here and the authority website here.
The Hawai’i Technology Development Corporation is a state agency attached to the Department of Business, Economic Development and Tourism, or DBEDT, focused on the promotion and development of the Hawai’i technology industry. With a mission to facilitate the growth of technology and innovation, the corporation plays a key role in linking talent with opportunities in the state. The Hava State Hi-Cap program offers capital assistance to businesses, beginnings and Hava entrepreneurs. Funded by the US Treasury for the state -owned small business loan initiative, part of the 2021 US Rescue Plan Act.
For more information, visit HTDC.org.
The Hava Green Infrastructure Authority, administratively attached to DBEDT, is a state -owned agency engaged to democratize clean energy by making investments accessible and affordable for invalid Hawaii payers while stimulating private investment and the use of innovative funding tools. The Authority also provides credit improvements and non-traditional HI C-Pacer financing to expand capital access to small businesses, nonprofits and owners of commercial property across the country. The agency supports Hawaii’s goal to achieve 100% clean energy in the electricity sector by 2045.