Mayor Michael Victorino announced today that the Maui Chamber of Commerce has loaned $914,000 to 53 small businesses through the Micro Business Loan Program. Maui County committed $1 million to the program through a partnership with the chamber.
“This loan program is a lifeline for these small businesses,” Mayor Victorino said. “Their survival keeps people employed and their goods and services continue to benefit our community.”
The program provides vital financial support to Maui businesses with 10 or fewer employees that have been affected by the economic downturn caused by COVID-19.
“This program is assisting many micro businesses throughout Maui County who are hard hit by COVID-19 on numerous levels,” Maui Chamber of Commerce President Pamela Tumpap said. “This program recognizes the importance of small businesses in our community and provides aid to those who might otherwise not survive these challenging times.”
Tumpap credited the program’s Loan Committee for working long hours to review the 100 loan applications they have received.
“At a time when all businesses are hurting as a result of COVID-19 and needing relief, determining those most affected and who best meet the program criteria is an extraordinarily tough job,” she said.
The Micro Business Loan Program provides five-year loans of $7,500 to $15,000 and seven-year loans of $15,001 to $25,000. Eligible businesses must have no more than 10 employees, must be located in Maui County for at least a year before March 4, 2020, and have sales revenue of $750,00 or less.
There are 35 applications currently pending with $86,000 remaining to award.
Applications and additional loan criteria and guidelines for applying are available at www.MauiChamber.com. For more information, please call Maui Chamber of Commerce at (808) 244-0081.