Honolulu – The State of Hawai’i has been awarded $13 million in federal funds to support Hawai’i’s small businesses through an investment program. These funds are expected to be matched 10-to-1 by private investors over seven years, resulting in $130 million in new funding for small businesses in Hawai’i.
“Now is the time for us to invest in industries that will move Hawai’i’s economy forward,” Governor Neil Abercrombie said. “We have tremendous opportunities and potential in our clean energy, film, high-tech and other innovative industries. We must take advantage of these opportunities that will create good paying jobs for our local families, lead our drive toward self-sufficiency and bring dollars into our economy.”
The U.S Department of the Treasury has approved Hawai’i’s application to the State Small Business Credit Initiative (SSBCI). The SSBCI program was established by the Federal Small Business Jobs Act of 2010 and provides participating states with federal funds for programs that leverage private funds to help small businesses and access the capital they need to expand their operations, invest in new equipment, and create new jobs.