Hawaii is a unique and vibrant place to start or grow a small business, but sometimes securing the right funding can be a challenge. Fortunately, there are numerous loan programs, grants, and non-profit organizations in Hawaii dedicated to supporting small business owners. Here are 20 ways to secure small business loans in Hawaii:
Government Programs and Non-Profit Loans
1. Hawaii SBDC
The Hawaii SBDC offers free consulting, training and loan packaging assistance; in addition to connecting businesses with SBA-backed loans and other funding opportunities; thereby, offering essential resources in support of business growth
2. Hawaii State Trade Expansion Program-HiSTEP
Administered by the Hawaii Department of Business, Economic Development & Tourism (DBEDT), HiSTEP is a program that offers funding and grants to businesses seeking to diversify into the international market. This program will suit all companies looking to grow in export capabilities.
3. SBA Loans in Hawaii
The SBA Hawaii District Office offers SBA-guaranteed loans such as 7(a), 504, and microloans. These financing options are available through community-based lenders and can be used for working capital or equipment purchases or real estate.
4. Hawaii Green Infrastructure Authority (HGIA)
The HGIA provides affordable financing to businesses investing in energy efficiency and renewable energy projects through its GEMS program. This initiative assists businesses in energy cost savings while supporting sustainability.
5. Hawaii Strategic Development Corporation (HSDC)
Through its investment partnership, HSDC gives money to technology, innovation and high-growth startups and small businesses. They are supporting innovations that diversify the Hawaii economy.
6. OHA Mālama Loan Program
OHA offers the Mālama Loan at lower interest rates to business that have a Native Hawaiian in majority ownership. This assists Native Hawaiians in seeking economic self-sufficiency while preserving Hawaiian culture.
7. HiGrowth Initiative
HiGrowth connects entrepreneurs with venture capital and other funding sources to help grow innovation in Hawaii. They concentrate on startups and businesses in high-growth industries.
8. Hawaii Community Lending
Hawaii Community Lending provides microloans and small business loans to entrepreneurs, especially those in under-resourced communities. The company’s programs enable businesses to access flexible and affordable financing.
9. Hawaii Federal Credit Union Business Loans
Hawaii Federal Credit Union offers small business loans, lines of credit, and SBA-backed financing to local businesses and provides personalized guidance for borrowers
10. Pacific Gateway Center
This center supports immigrants and low-income entrepreneurs in Hawaii who access microloans with technical assistance. Their purpose is to empower small businesses to thrive.
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Local Bank and Credit Union Loans
11. First Hawaiian Bank
First Hawaiian Bank provides small business loans including term loans, lines of credit, and SBA-backed financing. Its local knowledge means the company knows exactly what each local business needs.
12. Bank of Hawaii
Bank of Hawaii gives business loans tailored to the particular industries in Hawaii like tourism and agriculture. The company offers competitive terms in their SBA loan programs.
13. American Savings Bank
American Savings Bank is the provider of flexible small business loans and lines of credit across Hawaii. The instruments it offers include SBA loans and commercial real estate financing.
14. Hawaiian Financial Federal Credit Union
The Hawaiian Financial FCU caters to local businesses in terms of offering competitive business loans and lines of credit. They emphasize serving the community of small businesses within Hawaii.
15. Central Pacific Bank
Central Pacific Bank provides an array of small business loans, including SBA 7(a) and 504 loans. Their team works closely with entrepreneurs to provide personalized financial solutions.
Alternative and Specialized Funding
16. Crowdfunding Platforms
Platforms such as Kickstarter and Indiegogo enable the Hawaii entrepreneur to raise money directly from supporters for any creative or community-based projects. These platforms are excellent validation tools for innovative ideas.
17. Angel Investors and Venture Capital
Hawaii has an expanding network of angel investors and venture capital firms. Organizations such as Hawaii Angels connect entrepreneurs with funding opportunities for start-ups and growth-focused businesses.
18. Economic Development Alliance of Hawaii (EDAH)
EDAH offers funding and support to businesses that advance the state’s economic diversification and sustainability. Their main focus is on growing the economy of Hawaii over time.
19. Renewable Energy Business Loans
Businesses investing in renewable energy projects can tap into funding opportunities through Hawaii Energy and other state-based programs. Loans offered are suitable for businesses seeking energy efficiency.
20. Local Chamber of Commerce Support
Chambers such as the Chamber of Commerce Hawaii provide networking, funding resources, and advocacy for small businesses statewide. They often connect business owners to local lenders and economic development programs.
Conclusion
Securing small business loans in Hawaii is achievable with the right resources and guidance. Start by exploring government programs, non-profits, and local lenders tailored to Hawaii’s unique economic landscape.
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