LAHAINA, Maui–Credit unions on this island are participating in a new Kōkua Maui County Small Business Recovery & Relief Fund aimed at assisting small businesses as they deal with the effects of COVID-19.
Maui Mayor Michael Victorino is urging small business operators to apply for grants of as much as $7,500 from the fund.
The Fund stems from a County of Maui partnership with local federal credit unions to launch a $3 million recovery and relief fund using CARES Act dollars to help small businesses, the county said in announcing the program.
The County of Maui is partnering with six credit unions to implement the program: Maui County FCU, Maui FCU, Valley Isle Community FCU, Kahului FCU, Wailuku FCU and Maui Teachers FCU.
“I encourage small business operators to apply for this funding,” Victorino said. “We know they’ve been hard hit by the economic fallout of COVID-19, and we want to help our local businesses stay open and survive through this pandemic. Small businesses are the backbone of our economy, employing many of our residents.”
The program covers reimbursable business expenses such as rent/lease payments, utility payments and COVID-19-related safety precautions at the place of business.
Eligibility Requirements
To be eligible, a business must:
- Have a physical commercial/industrial business location within Maui County.
- Have an active registered trade name with the Hawaii Department of Commerce and Consumer Affairs (DCCA).
- Have a current General Excise Tax (GET) license as proof of registration for doing business in the State of Hawaii.
- Have been established prior to March 20, 2019, which should be reflected on the business’ GET license as the starting date.
- Have less than $1 million in annual gross revenue.
- Be operating at time of application.
- Have not received a Micro Business Loan through the Maui Chamber of Commerce.