LIHUE, Kauai–More than 650 grants representing $5 million have been distributed by credit unions here as part of a government program aimed at providing economic stimulus and relief.
The Kauai Small Business Boost Program awarded the funds as part of the county’s share of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The County of Kauai directed $5 million in aid to this program, offering grants of $7,500 to businesses with 20 employees or fewer to help during the COVID-19 pandemic.
The grant funds are intended to help with re-opening expenses and to offset other COVID-19-related expenditures.
The county partnered with Gather, Kauai Government Employees FCU, Kauai Teachers FCU and Hawai‘i USA FCU, with the help of county Department of Finance Director Reiko Matsuyama, according to local media.
“On behalf of the credit unions involved in administering the program, we are humbled by the demand and overwhelming response from our local Kauai businesses,” said Monica Belz, CEO of KGEFCU.
The credit unions received a standard administration fee to administer the program, similar to the Oahu and Maui small-business-grant programs.
“Credit unions are the financial first responders during challenging economic times such as these,” added Belz.