HONOLULU (HI Now) - The HI-CAP program is designed to provide access to capital for small businesses across Hawaii, with $62 million in federal funding from the U.S. Department of Treasury available over nine years through loans and venture capital programs. Recently, Hawaii received over $20 million as part of the second tranche of funding.
At a recent event, HI-CAP partners shared their experiences, discussed the program’s accomplishments, and highlighted key statistics, such as the number of businesses served and the total amount invested in small businesses. The program was created in response to the COVID-19 pandemic, with input from the community to address the needs of small businesses. The state provides funding to partners, like CDFIs, who offer loans or investments in small businesses.
Eligibility for HI-CAP includes small businesses with fewer than 500 employees that are based in Hawaii, across all counties. The program supports various sectors, including tech, renewable energy, manufacturing, and agriculture.
Support services are available to help businesses apply, including legal, financial, and accounting assistance. For more information, businesses can visit the program’s websites.
HI-CAP offers four main types of assistance:
- HI-CAP Collateral: Provides cash collateral through participating financial institutions.
- HI-CAP Loans: Supports catalytic projects with community impact, such as renewable energy and innovation.
- HI-CAP CDFI: Partners with CDFIs to offer loans to eligible small businesses.
- HI-CAP Invest: A venture capital fund aimed at investing in high-quality managers who can mentor entrepreneurs and help secure further investments.
For more information, visit gems.hawaii.gov/hawaii-small-business-capital-program-hi-cap and www.htdc.org/programs/hicap-invest
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