LIHU‘E — A small group of about 25 people gathered Thursday to learn about alternative sources of financing at the Lihu‘e Business Association’s monthly meeting. Acquiring money is difficult these days, said Island Business & Commercial Brokerage President Jim Mayfield.
LIHU‘E — A small group of about 25 people gathered Thursday to learn about alternative sources of financing at the Lihu‘e Business Association’s monthly meeting.
Acquiring money is difficult these days, said Island Business & Commercial Brokerage President Jim Mayfield.
In one year, there was a 20 to 25 percent drop in commercial lending at local banks, he said. That’s “huge.”
In fact, it was the “genesis” of last week’s LBA discussion regarding different options to acquire funding for businesses, Mayfield said.
The U.S. Department of Agriculture Rural Development is an example of an organization which is currently offering more than 40 different loan programs, said the USDA’s Shirley Heatherly.
The government agency loans money for everything from airlines and aircrafts to the water park on O‘ahu, she said. “If you have a great project, it’s something we like to get involved in.”
Another financing option for small business only is through HEDCO Local Development Corporation.
The “majority of businesses in the state of Hawai‘i” fit the size criteria for small operations, said HEDCO’s Training and Marketing Manager Lori Hiramatsu. “We want to help those small businesses expand.”
Also, Kaua‘i Island Utility Cooperative offers a “revolving loan program” option for the “purposes of economic development, job retention and work force development,” said KIUC’s Ed Nakaya.
Currently the co-op has $220,000 available, he said.
“We meet the needs of one small part of what business organizations need,” Nakaya said.
Visit www.kiuc.coop, www.rurdev.usda.gov/rbs/index.html or www.hedcoldc.com for more information.
• Coco Zickos, business and environmental writer, can be reached at 245-3681 (ext. 251) or czickos@kauaipubco.com.
